The Impact of the Accelerated Filing Deadline on Timeliness of 10-K Filings

30 Pages Posted: 6 Jun 2005

See all articles by Lisa Kutcher

Lisa Kutcher

Colorado State University, Fort Collins - Department of Accounting

Emma Y. Peng

Fordham University - Accounting Area

Kristina Zvinakis

California State University, Northridge - David Nazarian College of Business and Economics

Date Written: July 2007

Abstract

We examine the determinants of late filings of the Form 10-K and assess the impact the accelerated filing deadline had on the ability of firms to timely file their 10-K. In response to provisions in the Sarbanes-Oxley Act, the SEC shortened the filing deadline for the Form 10-K from 90 to 75 days after year end. We compare 103 late-filing firms to a random sample of 82 timely-filing firms. On a univariate comparison, we find that late filers are more highly leveraged, less liquid, and less profitable than timely filers. In addition, late filers have weaker systems of internal control and longer audit completion times. Logistic analyses show that those firms that have higher leverage, are less profitable, have weak internal controls, have longer audit times, and are smaller are more likely to be a late filer. Our analysis of the accelerated filing deadline reveals that firms with weak internal control systems were more likely to miss the shortened deadline.

Keywords: Late filings, Accelerated filing deadline, SEC reporting regulations, Form 10-K

JEL Classification: G34, G38, M41

Suggested Citation

Kutcher, Lisa and Peng, Emma Y. and Zvinakis, Kristina, The Impact of the Accelerated Filing Deadline on Timeliness of 10-K Filings (July 2007). Available at SSRN: https://ssrn.com/abstract=735583 or http://dx.doi.org/10.2139/ssrn.735583

Lisa Kutcher (Contact Author)

Colorado State University, Fort Collins - Department of Accounting ( email )

Rockwell Hall
Fort Collins, CO 80523
United States

Emma Y. Peng

Fordham University - Accounting Area ( email )

1790 Broadway, 13th FL
New York, NY 10019
United States

Kristina Zvinakis

California State University, Northridge - David Nazarian College of Business and Economics ( email )

Northridge, CA 91330
United States

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