Can Financial Technology Reduce Reporting Lags?

Wu-Po Liu, Shih-Bin Wu (), Kung-Hong Shih (), Ken Y. Chen () and Hua-Wei Huang ()
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Wu-Po Liu: Department of Accountancy & Center for Innovative FinTech Business Models, National Cheng Kung University, No. 1, University Road, Tainan 701, Taiwan, R.O.C.
Shih-Bin Wu: Department of Accountancy, National Cheng Kung University, No.1, University Road, Tainan 701 Taiwan, R.O.C.
Kung-Hong Shih: Center for Innovative FinTech Business Models, National Cheng Kung University, No.1, University Road, Tainan 701 Taiwan, R.O.C.
Ken Y. Chen: Department of Accounting, National Taiwan University, No.1, Sec. 4, Roosevelt Rd., Taipei 106319, Taiwan, R.O.C.
Hua-Wei Huang: Department of Accountancy & Center for Innovative FinTech Business Models, National Cheng Kung University, No. 1, University Road, Tainan 701, Taiwan, R.O.C.

Review of Pacific Basin Financial Markets and Policies (RPBFMP), 2023, vol. 26, issue 03, 1-20

Abstract: We investigate whether firms with greater financial technology (FinTech) application experience a difference in audit and financial reporting’s timeliness from other firms. We also examine the extent to which FinTech’s application relates to reporting lags. Using 32,196 US-listed firm-year observations from 2012 to 2021, we find that the Top 25 FinTech firms experience greater reporting audit and financial lags than other firms, suggesting that strict financial regulations, cybersecurity concerns, and reconciling mixed transactions affect financial reporting’s timeliness. Moreover, higher-ranked Top 25 FinTech firms experience greater reporting lags than lower-ranked firms. Furthermore, higher-ranked FinTech firms have greater audit and financial reporting lags.

Keywords: FinTech; timeliness of financial reporting; audit reporting lag; financial reporting lag (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1142/S0219091523500170

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