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Audit Report Timeliness Before and During the COVID-19 Pandemic: Evidence from the Market Reaction

Jesslyn Yen
Jesslyn Yen
 et 
Antonius Herusetya
Antonius Herusetya
   | 11 avr. 2023
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Article Category: research article
Publié en ligne: 11 avr. 2023
Pages: 49 - 70
Reçu: 03 janv. 2023
Accepté: 23 févr. 2023
DOI: https://doi.org/10.2478/minib-2023-0004
© 2023 Jesslyn Yen et al., published by Sciendo
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Sample selection

Description Total
All listed firms in the IDX as of 2020 with audited financial statements 716
Less: firms in the financial industries (95)
Less: new listing firms during 2018–2020 (151)
Less: firms with non-IDR presentation in the financial statements (79)
Less: firms without complete financial statements during 2018–2020 (51)
Total number of companies 340
Total firm-year observations during 2018–2020 1,020
Less: data outliers from observations during 2018–2020 (43)
Final observations in firm-years 977

Correlation analysis

Variable CAR UE ARL Size LEV Grow Loss Big4 COVID
CAR 1.0000
UE 0.0543*0.0899 1.0000
ARL 0.1092***0.0006 0.00690.8289 1.0000
Size −0.01220.7038 0.00540.8671 0.2038***−0.0000 1.0000
LEV −0.0579*0.0705 0.0111−0.7300 0.0088−0.7846 0.0001 0.1278*** 1.0000
Grow 0.03410.2865 0.1252***−0.0001 0.0143−0.6543 0.04790.1350 −0.01130.7243 1.0000
Loss −0.01470.6457 0.03280.3050 0.3111***0.0000 −0.2570***0.0000 0.1117***0.0005 −0.0989***0.0020 1.0000
Big4 0.0534*0.0956 0.01270.6924 0.1474***−0.0000 0.4159***0.0000 0.04380.1718 0.01860.5614 −0.1282***0.0001 1.0000
COVID −0.2058***0.0000 0.1738***0.0000 0.1896***0.0000 0.00540.8653 0.03070.3375 −0.2018***0.0000 0.1651***0.0000 0.0345−0.2813 1.0000

Descriptive statistics

Variable Median Mean Standard deviation Minimum Maximum
CAR 0.2832 2.8348 9.1412 −2.3455 91.6957
UE 0.0001 0.0038 0.1565 −1.9196 1.8267
ARLD 87 97.2036 35.9895 29 330
ARL 4.4659 4.5156 0.3474 3.3672 5.7990
Assets (millions, IDR) 2,316,065 9,975,840 2.76e+07 3,266 3.52e+08
Size 14.6553 14.6636 1.7849 8.0913 19.6790
LEV 0.7373 1.2276 3.0730 −19.5617 39.0320
Grow 0.0032 0.0146 0.6570 −2.6167 8.5745
Loss 0 0.3275 0.4695 0 1
Big4 0 0.2620 0.4399 0 1
COVID 0 0.3439 0.4752 0 1

Hypothesis H2 testing result

Model 2
Independent variable Dependent variable: CAR
Prediction Coefficient t-test Probability
Constant ? 21.35*** 4.66 0.000
UE + 150.17* 1.84 0.067
UE*ARL − −33.44* −1.88 0.060
UE*ARL*COVID − 36.60* 1.69 0.092
UE*COVID − −184.07* −1.76 0.079
ARL*COVID − 2.61*** 2.88 0.004
UE*Size + 1.29 1.08 0.279
UE*LEV − −0.47 −1.48 0.139
UE*Grow + 2.33 1.35 0.178
UE*Loss − 3.07 0.73 0.466
UE*Big4 + 17.34 1.26 0.208
ARL − −3.16*** −3.62 0.000
COVID − −15.85*** −3.79 0.000
Size + −0.22* −1.69 0.090
LEV − −0.01 −0.12 0.907
Grow + −0.03 −0.07 0.943
Loss − 0.54 0.88 0.380
Big4 + 0.85 1.08 0.279
F-value 5.48
Probability > F 0.0000
R-squared 0.0933
Adjusted R-squared 0.0772
n 977

Hypothesis H1 testing result

Model 1
Independent variable Dependent variable: CAR
Prediction Coefficient t-test Probability
Constant ? 19.27*** 5.32 0.000
UE + 15.36 0.50 0.616
UE*ARL − −5.28 −1.26 0.206
UE*Size + 0.77 0.75 0.455
UE*LEV − −0.24 −1.45 0.148
UE*Grow + 0.63 0.97 0.333
UE*Loss − 3.84 0.85 0.394
UE*Big4 + 14.71 0.82 0.411
ARL − −2 84*** −4.85 0.000
Size + −0.26** −1.97 0.049
LEV − −0.16** −2.50 0.013
Grow + 0.67 1.56 0.120
Loss − 0.32 0.52 0.604
Big4 + 1.12 1.42 0.157
F-value 3.88
Probability > F 0.0000
R-squared 0.0351
Adjusted R-squared 0.0220
n 977
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