Determinants of Financial Reporting Quality in the Banking Sector

Determinants of Financial Reporting Quality in the Banking Sector

Erik Kartiko¹*, Verawati Suryaputra², Dida Farida Latipatul Hamdah³, Mira Susanti Amirrudin⁴

^{1, 3}Accounting Study Program, Faculty of Economics, Universitas Garut, Garut, Indonesia

 ^{1, 2, 3}Doctoral Program in Economics, Parahyangan Catholic University, Bandung, Indonesia

⁴Accounting Research Institute, Universiti Teknologi MARA, Malaysia

*Corresponding Author

DOI: https://dx.doi.org/10.47772/IJRISS.2025.908000342

Received: 07 August 2025; Accepted: 14 August 2025; Published: 10 September 2025

ABSTRACT

This study aims to identify and analyze the various factors influencing the quality of financial reporting in the banking sector. The research is motivated by the critical role of reliable financial reports in enhancing transparency, accountability, and the stability of the financial system. Employing a Systematic Literature Review (SLR) approach, this study synthesizes evidence from 45 empirical articles published between 2006 and 2024 in nationally and internationally reputable journals. The analysis reveals that the quality of financial reporting is significantly influenced by corporate governance structures, the effectiveness of internal control and internal audit functions, the level of IFRS and information technology adoption, bank performance and financial stability, transparency and non-financial disclosures, earnings management practices, auditor independence, as well as external contextual factors such as regulations and macroeconomic conditions. The findings suggest that the assessment of financial reporting quality requires a multidimensional and interdisciplinary approach. This study offers practical implications for regulators, bank management, and academics in designing more effective policies to enhance the quality of financial reporting and governance in the banking sector.

Keywords: financial reporting quality, banking sector, corporate governance, internal audit, IFRS

INTRODUCTION

The quality of financial reporting is a fundamental pillar in ensuring transparency, accountability, and public trust in the financial system, especially in the banking sector, which plays a strategic role in maintaining economic stability. High-quality financial statements provide relevant and reliable information to stakeholders, including investors, regulators, and the public.

In the banking sector, the complexity of financial products, regulatory pressure, and systemic risk exposures necessitate reliable and credible reporting systems. However, various cases of financial reporting manipulation and weak internal controls have led to trust crises in financial institutions across different countries.

As the business environment becomes more complex and digitally driven, the demand for transparency and integrity in financial information has grown significantly. This is especially true for the banking sector, which acts as a central intermediary in the economy and bears systemic responsibility for financial stability. In an era of globalization, economic uncertainty, financial technology (fintech) disruption, and increasing stakeholder pressure, banks face heightened challenges in delivering high quality financial statements.

Moreover, the globalization of capital markets has led to a growing need for harmonized reporting standards and cross border supervisory mechanisms. The adoption of IFRS has become essential for aligning financial disclosures across jurisdictions, facilitating comparability, and building investor confidence. In this context, financial reporting quality reflects not only internal governance but also a nation’s regulatory effectiveness and institutional readiness to ensure accountability in its banking sector. Cross country research thus becomes crucial to explore institutional and macroeconomic variations.

Additionally, financial statements serve as strategic tools for assessing bank performance and risk from both internal management and external oversight perspectives. When financial reporting quality is compromised due to earnings management or insufficient disclosures, economic decisions may become distorted. Therefore, understanding the determinants of financial reporting quality is critical for improving both policy formulation and managerial practices within banks.

However, there is still a gap in the local literature that explicitly and comprehensively examines the determinants of financial reporting quality in the banking sector using a systematic approach. Many Indonesian-based studies remain partial and fragmented whether in terms of governance, auditing, or external influences thus failing to offer a holistic understanding that can inform national policy development. Therefore, this research also addresses the need for an evidence based synthesis of empirical findings relevant to both the local and global contexts.

Given these considerations, this study carries both academic and practical urgency. It does not merely compile previous empirical findings, but also provides evidence-based insights for designing more resilient and adaptive reporting systems. Ultimately, this article makes a meaningful contribution to advancing transparency and accountability in banking—both in Indonesia and globally.

Empirical studies have identified multiple internal and external factors affecting financial reporting quality, such as corporate governance effectiveness, internal and external audits, ownership structure, IFRS adoption, board characteristics, and information technology usage. Nevertheless, previous findings remain inconsistent across geographical, institutional, and temporal contexts, making it difficult to derive a unified conclusion.

This study seeks to address that gap by employing a Systematic Literature Review (SLR) approach to analyze 45 empirical articles published between 2006 and 2024. The main objective is to identify and synthesize the key determinants of financial reporting quality in the banking sector across different countries and regulatory environments. This study is expected to provide both conceptual and practical contributions to enhancing financial reporting and governance practices in the banking industry.

This paper will continue with the literature review section to discuss prior studies and relevant theory. Next, the methodology section will describe research design and instrument used. After that, findings and discussions section will elaborate the results. Finally, the last section will conclude the overall study.

LITERATURE REVIEW

Before discussing the thematic synthesis of the reviewed literature, it is important to outline two main theoretical foundations underlying financial reporting quality: Financial Accounting Theory and Agency Theory. These are explained as follows.

Financial Accounting Theory provides a conceptual foundation to assess the quality of financial reporting, especially in complex and highly regulated sectors such as banking. According to Schroeder et al. (2014), financial reporting must provide relevant, reliable, and understandable information to various stakeholders, including investors, regulators, and the public.

Melville (2017) emphasized that the consistent application of accounting standards like IFRS is crucial to achieving transparency and reliability. Key qualitative characteristics such as comparability, faithful representation, and timeliness play a central role in ensuring decision-useful information. Several studies reviewed in this article highlight that the adoption of IFRS, accounting conservatism, and information systems significantly affect reporting quality.

Thus, Financial Accounting Theory serves as a solid theoretical basis for evaluating whether financial statements fulfill their intended purpose of informing economic decisions.

Agency Theory explains the relationship between principals (shareholders) and agents (managers), which is often marked by conflicts of interest and information asymmetry. Jensen and Meckling (1976) argue that managers may act in their own interest rather than that of the owners, particularly when oversight mechanisms are weak.

Evidence from the literature shows that financial reporting quality can be compromised due to opportunistic managerial behavior, especially in firms with ineffective governance. Hasan, Hossain, and Habib (2022) argue that strong corporate governance mechanisms, such as the effectiveness of the board and the active role of audit committees, significantly enhance financial reporting quality by reducing agency conflicts. This supports the theoretical premise that adequate internal oversight discourages opportunistic managerial behavior in financial disclosures.

Therefore, Agency Theory provides a clear explanation for deviations in financial reporting and supports the establishment of governance mechanisms to improve financial transparency and credibility.

Following the theoretical foundation provided by Financial Accounting Theory and Agency Theory, it is essential to examine how these concepts are reflected in empirical findings. The following section presents a synthesis of relevant studies that investigate the influence of internal and external factors on financial reporting quality in the banking sector. This thematic review is structured to highlight the complex, multidimensional nature of financial reporting quality determinants across various institutional and regulatory contexts.

Financial reporting quality serves as the cornerstone of reliable economic decision making, particularly in the banking sector, which is characterized by operational complexity and systemic risk exposure. According to Dechow et al. (2010), financial reporting quality reflects the extent to which accounting information faithfully represents a firm’s economic performance. In banking, it plays a vital role in maintaining public trust, enhancing market efficiency, and reducing information asymmetry among management, regulators, and investors (Beatty & Liao, 2014).

Prior studies have emphasized the role of corporate governance structures as a primary determinant of financial reporting quality. Board composition, audit committee effectiveness, and the presence of independent commissioners are key in supervising reporting practices (Aryani et al., 2024; Al-Hawtmeh, 2024). Effective internal controls and internal audits also enhance reliability in financial reports, as demonstrated by Jameel et al. (2024) and Susbiyani (2023).

The adoption of International Financial Reporting Standards (IFRS) and advances in information technology are also key drivers in enhancing reporting practices in banking. Several studies have indicated that IFRS adoption enhances the consistency and transparency of financial reporting across jurisdictions. Shubita (2020), in a study on MENA countries, found that IFRS adoption positively impacts the quality of accounting information. Meanwhile, Abu-Musa (2020) provided empirical evidence that the application of big data analytics within accounting information systems significantly improves the accuracy and relevance of financial reporting in the banking sector.

Financial performance and banking stability commonly measured by indicators such as ROA, NIM, and capital adequacy ratio also determine reporting quality (Al-Dmour, 2017; Bai et al., 2022). Meanwhile, earnings management practices and auditor independence remain challenges that can compromise the integrity of financial reports (Alhadab et al., 2019; Khaled et al., 2022).

External factors, including regulatory pressures, macroeconomic conditions, and central bank interventions, also influence reporting practices. For instance, financial authorities like the OJK and BI in Indonesia, or central banks in other jurisdictions, shape reporting through their regulatory mandates (Hasan et al., 2014; Ceccobelli et al., 2019).

Thus, this literature review indicates that financial reporting quality in the banking sector is a multidimensional construct influenced by both internal governance mechanisms and external regulatory and economic environments.

Based on the synthesis of previous studies, the following conceptual framework illustrates the interrelation among the key determinants of financial reporting quality in the banking sector.

Figure 1. Conceptual Framework of Determinants of Financial Reporting Quality in the Banking Sector

Source: Processed data from selected articles (2006–2024)

In addition to conventional determinants, two contemporary dynamics are increasingly relevant to financial reporting quality: ESG and digital disruption. Şeker & Şengür (2021) demonstrate that enhanced ESG performance significantly improves financial reporting quality across firms in 35 countries. Meanwhile, Roszkowska (2020) shows that fintech technologies such as blockchain, IoT, smart contracts, and AI can reinforce financial information reliability and support external auditing in fraud prevention. Together, these insights underscore the necessity for adaptability to digital innovation and sustainability to sustain high-quality financial reporting.

RESEARCH METHODOLOGY

This study adopts a Systematic Literature Review (SLR) approach to identify and analyze the key factors influencing the quality of financial reporting in the banking sector. The SLR method was selected for its capacity to synthesize empirical findings in a systematic, transparent, and replicable manner, enabling a comprehensive understanding of the research subject (Tranfield et al., 2003).

The initial step involved conducting a thorough literature search using reputable academic databases such as Scopus, ScienceDirect, Emerald Insight, and Google Scholar. The inclusion criteria were: (1) articles published between 2006 and 2024; (2) empirical articles using data from the banking sector; (3) articles published in journals indexed by Scopus or SINTA; and (4) studies focusing on financial reporting quality as a primary variable.

The selection of the 2006 to 2024 time frame was made strategically to cover a period marked by significant developments in the global and local banking sectors. The year 2006 represents a prelude to the 2008 global financial crisis, which profoundly transformed financial reporting and regulatory oversight practices in banking. Meanwhile, extending the scope to 2024 enables the inclusion of recent developments such as the acceleration of digital financial reporting, widespread IFRS adoption across jurisdictions, and the implications of the COVID-19 pandemic on financial transparency. This period allows the review to capture longitudinal structural and contextual changes in bank reporting practices, identify evolving trends and shifts, and highlight emerging research gaps over nearly two decades.

To expand and strengthen the search strategy, a combination of keywords such as “financial reporting quality”, “banking sector”, “earnings quality”, “corporate governance”, “audit committee”, and “internal control” was used, along with Boolean operators (AND, OR) to optimize search outcomes. This process was conducted iteratively to ensure the relevance and currency of the collected literature.

Next, the selection and quality assessment of articles were carried out meticulously. Articles that passed the initial screening stage were further evaluated based on methodological rigor, data validity, and relevance to the research topic. To maintain transparency throughout the selection process, the PRISMA diagram was utilized to illustrate the stages of identification, screening, eligibility, and inclusion of articles.

After the filtering and quality assessment process, a total of 45 articles that met the criteria were included in the analysis. The selected articles were then analyzed thematically, based on both internal and external factors affecting financial reporting quality, such as corporate governance, internal audit, IFRS adoption, and reporting transparency.

To facilitate the analysis process, all selected articles were organized into an evaluation matrix containing information on authorship, year of publication, research methodology, key variables, and major findings. This matrix helped in identifying patterns, research gaps, and the empirical contributions of each study.

This approach not only provides a synthesis of previous empirical findings but also highlights existing research gaps while offering both theoretical and practical contributions to the banking sector. Moreover, the rigorously implemented SLR method ensures that the results serve as a strong reference for future studies and improved financial reporting policies.

DISCUSSION

This study aims to identify the key determinants influencing financial reporting quality (FRQ) in the banking sector through a Systematic Literature Review (SLR) approach. The article selection process followed the PRISMA flow to ensure methodological transparency and replicability. The selection process is illustrated in Figure 1.

Figure 2. PRISMA Flow Diagram for Article Selection

Source: Processed data from selected articles (2006–2024)

The first step involved the search of articles using specific keywords, which are summarized in Table 1. This table outlines the databases used, keywords applied, and the number of initial articles retrieved before the screening process.

Table 1. General Information on Article Search

Source: Processed data from selected articles (2006–2024)

Next, the selected articles were published between 2006 and 2024. Table 2 presents the annual distribution of publications, highlighting a significant increase in research interest after 2020.

Table 2. Year of Publication and Number of Articles

Source: Processed data from selected articles (2006–2024)

To support the trend visually, Figure 2 illustrates the distribution of selected articles by year, confirming the growing attention to FRQ issues in the banking sector over the past two decades.

Figure 3. Distribution of Articles by Year of Publication

Source: Processed data from selected articles (2006–2024)

In terms of research methodology, the selected studies applied diverse approaches ranging from panel regression and experimental designs to DEA analysis. Table 3 summarizes the methodologies used.

Table 3. Research Methods Used in the Selected Articles

Source: Processed data from selected articles (2006–2024)

Beyond methodologies, the geographic scope of these articles is also important. Table 4 presents the countries or regions where the studies were conducted. Most research was conducted in Indonesia, the United States, and MENA countries.

Table 4. Research Location by Country/Region

Source: Processed data from selected articles (2006–2024)

To understand the thematic focus of each article, Table 5 lists the main research topics. This table serves as a bridge to the thematic discussion that follows.

Table 5. Main Research Topics in the Selected Articles

Source: Processed data from selected articles (2006–2024)

Based on the thematic synthesis of the 45 selected articles, the major research focuses can be grouped into six overarching themes. This categorization helps consolidate the various research perspectives and findings related to financial reporting quality in the banking sector.

Table 6. Thematic Categorization of Selected Articles

Source: Processed data from selected articles (2006–2024)

These six thematic areas indicate that the quality of financial reporting is influenced not only by internal factors such as governance, earnings management, and internal control but also by external and behavioral aspects, as well as developments in technology and regulatory frameworks. This highlights the importance of adopting a multidimensional approach to improving financial reporting quality in the banking industry.

To explore how each thematic category contributes to enhancing financial reporting quality in the banking sector, the following section summarizes key findings from relevant studies based on the six identified categories.

1. Earnings Management

Earnings management remains a primary issue that directly affects the reliability of financial reporting. Several studies indicate that this practice can compromise the integrity of financial statements, especially among banks facing profit pressures or capital regulation constraints (DeBoskey & Jiang, 2012; Elnahass et al., 2018; Salem et al., 2020).

1. Corporate Governance

Effective corporate governance structures play a vital role in enhancing transparency and accountability. Independent audit committees and robust boards of commissioners have been proven to mitigate earnings manipulation and improve the credibility of financial reports (Biswas et al., 2022; Jadiyappa et al., 2024).

1. Internal Control and Audit

A strong internal control system and active internal audit function are critical in detecting and preventing misstatements or distortions in financial statements. Arisandi et al. (2022) revealed that internal control disclosures significantly reduce the propensity for earnings management.

1. Disclosure, IFRS, and Technology

The adoption of IFRS and adequate disclosure practices reinforce the quality of financial reporting by promoting consistency and transparency. Furthermore, technological integration such as ERP systems, big data analytics, and digital audit tools enhances reporting efficiency and integrity (Setiawan et al., 2020; Nnadi et al., 2023).

1. Financial Performance and Risk

Financial performance and bank stability are critical determinants of reporting quality. Banks with higher profitability and operational efficiency tend to produce more reliable and less distorted financial statements (Proença et al., 2022; Cao, 2022).

1. External and Behavioral Factors

External factors such as regulatory policies, political pressure, economic crises, and natural disasters significantly influence financial reporting practices. In addition, behavioral elements such as managerial expectations and risk taking incentives also contribute to earnings management tendencies (Nakashima, 2015; Shi et al., 2023; Ahn & Gam, 2024).

Beyond the primary findings previously elaborated, this review further underscores the critical need to integrate both internal and external factors in shaping high quality financial reporting. For instance, the influence of corporate governance cannot be separated from the regulatory and supervisory environment, such as compliance with International Financial Reporting Standards (IFRS) and oversight by financial authorities. This indicates that reporting quality relies not only on the internal mechanisms of a company but also on the institutional context in which it operates.

Another notable finding is the increasing emphasis on transparency and non-financial disclosures, including sustainability and ESG (Environmental, Social, and Governance) reporting. These aspects are becoming key indicators of financial reporting quality as modern investors demand broader accountability. Several articles reviewed in this study highlight that non-financial transparency can enhance the perceived reliability of financial information.

In the context of developing countries, weaknesses in implementing internal audit and managerial controls remain major obstacles to achieving high-quality reporting. Therefore, the capacity of human resources in accounting and auditing, along with a strong governance culture, are essential prerequisites. The review also shows that high quality reporting is often associated with the adoption of advanced information technology systems, such as ERP and accounting digitalization, which help improve accuracy, consistency, and timeliness of information.

Accordingly, this discussion enriches both theoretical and empirical understanding of how structural, institutional, and technological dimensions can synergize to enhance financial reporting quality in the banking sector. These insights provide a critical foundation for designing more comprehensive and sustainable policies and strategies for improving financial reporting practices.

Ultimately, financial reporting quality in the banking sector is not only shaped by accounting standards and regulatory compliance, but also by the ethical conduct of financial professionals, the transparency of communication with stakeholders, and the adoption of evolving digital tools. A multi-layered approach that integrates professional judgment, internal governance, stakeholder engagement, and adaptive technology appears to be essential for long-term credibility and trust in financial reporting. This integrative perspective supports the notion that enhancing financial reporting quality is a shared responsibility involving firms, regulators, auditors, investors, and society at large.

In developing countries such as Indonesia, the enhancement of financial reporting quality faces substantial structural and institutional barriers. Despite formal adoption of International Financial Reporting Standards (IFRS), the actual impact on reporting practices remains heterogeneous across firms and industries. Wardhani, Rossieta, and Utama (2015) emphasize that differences in governance quality and institutional environments significantly moderate the effectiveness of IFRS convergence, limiting its ability to improve reporting quality across ASEAN economies. Moreover, Wahyuni (2020) highlights that while IFRS implementation has improved the relevance of accounting information in certain sectors, the overall outcomes are constrained by inconsistent enforcement, lack of readiness, and limited professional capacity. These contextual constraints suggest that regulatory convergence alone is insufficient to ensure high-quality financial reporting in emerging markets, and must be accompanied by capacity building, governance reform, and supervisory effectiveness in the banking sector.

CONCLUSION

This study concludes that financial reporting quality in the banking sector is influenced by the interaction of various internal and external factors. Based on a systematic review of 45 empirical articles published from 2006 to 2024, six primary categories of determinants were identified: corporate governance, internal control and internal audit, IFRS adoption and information technology, financial performance and stability, transparency and disclosure, as well as external pressure and macroeconomic environment. The findings reveal that strong governance structures, effective internal controls, compliance with international reporting standards, digital system integration, and financial efficiency significantly contribute to enhancing reporting quality. Moreover, voluntary disclosure practices and external regulatory oversight strengthen the accountability and credibility of financial information. Therefore, improving financial reporting quality in the banking sector requires a multidimensional approach that combines internal reforms with supportive external regulatory frameworks.

Furthermore, this study provides deeper insights into how structural, procedural, and contextual dimensions interact to shape financial reporting quality in the banking sector. The reciprocal influence between internal factors such as the effectiveness of internal and external audits and external pressures such as macroprudential regulations and global economic fluctuations emerges as a key insight from the review. The integration of technology-based accounting information systems with stringent corporate governance practices also appears to be a crucial synergy in advancing reporting quality.

These findings confirm the consistency of previous empirical literature and highlight how financial reporting quality serves as a vital indicator of institutional integrity in the banking industry. This reinforces the strategic role of banks as pillars of financial system stability. By anchoring its conclusion in theoretical frameworks such as Agency Theory and Financial Accounting Theory, this study offers a strong academic foundation for understanding the dynamics of transparent and accountable reporting practices.

While this review encompasses a wide range of geographical and methodological contexts, it must be acknowledged that differences in regulatory quality, technological infrastructure, and governance culture across countries pose limitations to the generalizability of the findings. Therefore, the conclusion should not be interpreted as definitive, but rather as a solid foundation for further exploration of context sensitive determinants of financial reporting quality at both the local and international levels.

Implication

The findings of this study offer multidimensional contributions to academia, banking practitioners, and policymakers. For the academic community, the results enrich the theoretical understanding of the determinants of financial reporting quality, particularly within the banking industry a sector characterized by complex operations, heavy regulation, and sensitivity to macroeconomic fluctuations. This study may also serve as a relevant reference in curriculum development at the tertiary education level, especially in courses related to financial reporting, corporate governance, auditing, as well as ethics and accounting technologies. Integrating empirical findings into teaching materials not only enhances academic relevance but also helps students grasp the real-world interplay between theoretical concepts and dynamic financial practices.

From a practical standpoint, this study underscores the importance of implementing robust corporate governance mechanisms, strengthening internal and external audit effectiveness, and ensuring compliance with financial reporting standards such as IFRS/PSAK as foundational pillars for improving reporting quality. Moreover, in the era of digital transformation, banking institutions are encouraged to adopt advanced technologies such as ERP systems, blockchain, and artificial intelligence (AI), which can significantly improve the accuracy, transparency, and efficiency of reporting processes. Ethical and transparent reporting practices are essential to mitigate earnings management and to build trust among investors, regulators, and the public at large.

For instance, Bank Mega in Indonesia has implemented Robotic Process Automation (RPA) in collaboration with solution provider UiPath since 2018 to automate back-office processes such as customer data updates and credit applications. This implementation has reduced process completion time from up to six hours to just a few minutes, significantly enhancing efficiency and reducing human error (UiPath, 2023).

Furthermore, a quantitative study of internal auditors from several major banks in Indonesia revealed that the application of RPA in the internal audit process helps accelerate evidence collection, establish more systematic workflows, and improve the effectiveness of internal control (Jovan, Michellin, & Riantono, 2022).

Nevertheless, full adoption of IFRS continues to pose challenges, particularly for small-scale banks in Indonesia. These institutions often lack the necessary technological infrastructure, skilled human resources, and training programs to implement IFRS effectively. The IMF (2023) reports that banks with limited assets and simplified reporting systems struggle to comply with the complex and technical nature of IFRS-based reporting. Therefore, adaptive transition strategies and sustained technical support from regulators are essential to ensure uniform reporting quality across the banking spectrum.

These practices are in line with broader findings that the use of digital technologies including AI and RPA can enhance financial reporting quality by improving transparency, accuracy, and reliability of information.

For regulators and policymakers, this review provides a solid empirical foundation for designing evidence-based policies that promote transparency and accountability in financial reporting. Regulatory efforts should go beyond formal compliance and focus on fostering an ecosystem of ethical financial practices, responsiveness to systemic risks, and adaptability to global developments. The harmonization of international accounting standards and strengthened cross-border regulatory cooperation are crucial to fostering long-term financial stability and public confidence in the banking sector.

Furthermore, strategic implementation of audit technologies is critical to enhancing financial reporting quality. Exploratory research indicates that AI usage in internal auditing significantly reduces audit cycle time and accelerates evidence collection (Taher & Alhosban, 2025). A critical review by Baharom (2025) also emphasizes AI’s transformative role in the design of control and internal audit procedures. In real-world practice, WestRock successfully integrated generative AI into internal audit operations, automating audit objective setting and audit program planning, yielding substantial gains in audit productivity and enabling auditors to focus on value-added work (WSJ via Deloitte, 2024). Such initiatives underscore the urgency for banks, auditors, and regulators to collaborate in developing audit infrastructures that are adaptive, accountable, and technology-enabled, all essential for ensuring credible and trustworthy financial reporting.

Moreover, regulatory compliance also plays a strategic role in maintaining financial reporting quality in the banking sector. The study by Ceccobelli and Giosi (2019) highlights that strict supervision and effective regulatory frameworks can mitigate earnings management practices and enhance transparency and accountability. This emphasizes the central role of regulators in fostering a sound and credible reporting environment, while encouraging adherence to internationally recognized reporting standards.

ACKNOWLEDGEMENT

The authors would like to express their gratitude to Universitas Garut and Parahyangan Catholic University for their academic support and research facilities provided during the preparation of this article. Appreciation is also extended to the Accounting Research Institute of Universiti Teknologi MARA, Malaysia.

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