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A study on audit report timeliness: The Macedonian Stock Exchange

Dusica Stevcevska Srbinoska
Dusica Stevcevska Srbinoska
 y 
Igor Srbinoski
Igor Srbinoski
   | 07 sept 2021
International Journal of Management and Economics's Cover Image
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Article Category: Empirical Paper
Publicado en línea: 07 sept 2021
Páginas: 234 - 254
Recibido: 14 ago 2020
Aceptado: 27 jun 2021
DOI: https://doi.org/10.2478/ijme-2021-0015
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© 2021 Dusica Stevcevska Srbinoska et al., published by Sciendo
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Figure 1

Testing of the linear relationship between dependent and independent variables.
Testing of the linear relationship between dependent and independent variables.

Figure 2

Testing the normal distribution of the error terms.
Testing the normal distribution of the error terms.

Figure 3

Testing of the homoscedasticity assumption.
Testing of the homoscedasticity assumption.

Linear regression coefficients

Model 1 Unstandardized coefficients Standardized coefficients T Sig. Correlations Collinearity statistics
B Std. Error Beta Zero-order Partial Part Tolerance VIF
(Constant) 147.424 21.435 6.878 0.000
QAR 22.070 3.980 0.275 5.546 0.000 0.314 0.281 0.266 0.936 1.068
Big4 −1.934 7.062 −0.015 −0.274 0.784 −0.031 −0.014 −0.013 0.734 1.363
Loss 9.176 4.826 0.104 1.901 0.058 0.211 0.100 0.091 0.765 1.307
LnASSETS −3.398 1.595 −0.126 −2.130 0.034 −0.167 −0.112 −0.102 0.656 1.523
CR −0.733 0.258 −0.140 −2.839 0.005 −0.191 −0.148 −0.136 0.947 1.056
Leverage 0.123 0.165 0.040 0.747 0.456 0.075 0.039 0.036 0.820 1.220
ROE −10.009 6.604 −0.075 −1.515 0.131 −0.118 −0.080 −0.073 0.934 1.071
Manuf 8.646 4.075 0.107 2.122 0.035 0.050 0.111 0.102 0.909 1.100

Model summary

Model R R2 Adjusted R2 Std. Error of the estimate Change statistics Durbin-Watson
R2 change F change df1 df2 Sig. F change
1 0.417a 0.174 0.155 36.900 0.174 9.451 8 360 0.000 1.120

Audit opinions during the observation period

Year Unqualified audit opinion Unqualified audit opinion with paragraph(s) for emphasis of matter and other legal or regulatory requirements Modified opinion
No. % No. % No. %
2014 46 46.9 10 10.2 42 42.9
2015 45 49.5 5 5.5 41 45.1
2016 37 40.2 10 10.9 45 48.9
2017 34 38.6 10 11.4 44 50.0
Total 162 43.9 35 9.5 172 46.6

Pearson's correlation

Pearson correlation Lag QAR Big4 Loss LnASSETS CR Lev ROE Manufacturing
Lag 1,000
QAR 0.000* 1,000
Big4 −0.031* −0.095* 1,000
Loss 0.000* 0.000* 0.088* 1,000
LnASSETS 0.000* −0.093* 0.000* 0.000* 1,000
CR 0.000* 0.000* 0.000* −0.092* −0.059* 1,000
Lev 0.075 −0.074 0.000* 0.000* 0.000* −0.063* 1,000
ROE 0.000* −0.078 0.051* 0.000* −0.002* 0.030* 0.016* 1,000
Manufacturing 0.050 −0.097* 0.000* 0.000* 0.000* 0.000* 0.074 0.047* 1,000

Sample and selection procedure

Listed entities
Listed entities 109
Banks −8
Insurance entities −2
Nonfinancial entities 99
Observation period in number of years 4
Total number of observations 396
Observations with incomplete data −10
Incomplete observations: delisted entities −17
Total observations with complete data 369

Descriptive statistics, explanatory variables

Minimum Maximum Mean SD Total number
Dependent variable
Lag 43 374 117.50 40.146 369
Explanatory variables
LnASSETS 8 17 13.21 1.488 369
CR 0.00 74.60 3.9517 7.65888 369
Lever 0.00 180.87 1.6973 12.87412 369
ROE −2.38 1.75 0.0078 0.30137 369
n % n % Total number
Current-year loss Loss 108 29 Profit 261 71 369
Audit firm size BIG4 42 11.4 Non-BIG4 327 88.6 369
Company sector Manufacturing 57 57.6 Non-manufacturing 42 42.4 99
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Business and Economics, Political Economics, Economic Theory, Systems and Structures, Business Management, Management Accounting, Financial Controlling, Cost Calculation, Investment
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