Ownership Structure and Timeliness of Financial Reporting by Listed Insurance Firms in Nigeria

Abstract

This study investigates the relationship between ownership structure and financial reporting timeliness among listed insurance firms in Nigeria. The financial statements of 18 listed insurance companies from 2017-2021 were examined to investigate the impact of institutional ownership, managerial ownership, and ownership concentration on the timeliness of financial reporting. Data obtained were analyzed using regression analysis to determine the associations between ownership structure variables and financial reporting timeliness, measured as the duration between the financial year-end and the date the financial statement is published to the public. Findings revealed that there was no statistically significant relationship between managerial ownership and reporting timeliness but there was a statistically significant relationship between institutional ownership, ownership concentration and reporting timeliness. It is recommended that firms adopt a more diversified ownership structure where ownership is not concentrated in few entities and there is a greater likelihood to prioritize adherence to reporting timelines.

Keywords: Managerial Ownership, Institutional Ownership, Ownership Concentration, Financial Reporting Timeliness