Abstract
Advocates suggest that firms receiving their financial outcomes earlier can enjoy better financial performance since the timely feedback on financial outcomes enables managers to take quick actions to enhance the financial performance. Academic research, however, has not investigated well whether early filers enjoy better financial performance. Using the number of days that firms take to issue their consolidated financial statements, this paper studies its impact on ROA. The empirical findings of this study indicate that early filers achieve better financial performance, suggesting the importance of timely feedback on financial outcomes.
