Financial Characteristic and Disclosure Delay of Annual Report: Evidence from Listed Companies in China

This paper empirically examines the relationship between financial characteristic and disclosure delay of annual report based on the data consisting of Chinese A-share listed companies from 2007 to 2009. We find that the financial Leverage has a significant negatively correlation with disclosure delay of annual report, performance loss, accounting complexity and non-standard audit opinion have significant positively correlation with disclosure delay of annual report. Moreover, this paper also empirically examines the relationship between disclosure delay of annual report and economic consequences. The results show that disclosure delay of annual report has significantly negative impact on the Resource allocation efficiency.