Encarna Guillamon-Saorin
Voluntary Disclosure of Press Releases and the Importance of Timing: A Comparative Study of the UK and Spain
Guillamon-Saorin, Encarna; Sousa, Carlos M.P.
Authors
Carlos M.P. Sousa
Abstract
This paper investigates the effect of proprietary costs in relation to managers’ decisions to disclose information. Further, we look into the impact of factors affecting the timing of disclosures in a comparative study of Spain and the UK. Our investigation focuses on management earnings press releases discussing annual results. These press releases allow managers great discretion in terms of the decision to release and the timing. Our results show that the potential for growth is negatively related to the likelihood of a company voluntarily issuing a press release. Moreover, once the decision to voluntarily disclose is made, the timing is also relevant. We find significant differences in the timing of press releases between the two countries examined in this study. Also, significant differences between companies having or not having an investor relations department are evident. The existence of an investor relations function in the company seems to have a different impact depending on the country. Interestingly, even though corporate performance seems not to have a direct effect on the timing of the press release, this factor is moderated by the country where companies operate.
Citation
Guillamon-Saorin, E., & Sousa, C. M. (2014). Voluntary Disclosure of Press Releases and the Importance of Timing: A Comparative Study of the UK and Spain. Management International Review, 54(1), 71-106. https://doi.org/10.1007/s11575-013-0194-z
Journal Article Type | Article |
---|---|
Publication Date | Feb 1, 2014 |
Deposit Date | May 13, 2014 |
Publicly Available Date | May 15, 2014 |
Journal | Management International Review |
Print ISSN | 0938-8249 |
Electronic ISSN | 1861-8901 |
Publisher | Springer |
Peer Reviewed | Peer Reviewed |
Volume | 54 |
Issue | 1 |
Pages | 71-106 |
DOI | https://doi.org/10.1007/s11575-013-0194-z |
Keywords | Voluntary disclosure, Press releases, Timing, Investor relations department, Spain, UK. |
Public URL | https://durham-repository.worktribe.com/output/1455306 |
Files
Accepted Journal Article
(325 Kb)
PDF
Copyright Statement
The final publication is available at Springer via http://dx.doi.org/10.1007/s11575-013-0194-z.
You might also like
Marketing as an Investment in Shareholder Value
(2018)
Journal Article
Mood regulation, customer participation, and customer value creation in hospitality services
(2017)
Journal Article
Should I Stay or Should I Go? Exit and Re-entry Determinants of MNEs from Emerging Economies.
(2017)
Presentation / Conference Contribution
Downloadable Citations
About Durham Research Online (DRO)
Administrator e-mail: dro.admin@durham.ac.uk
This application uses the following open-source libraries:
SheetJS Community Edition
Apache License Version 2.0 (http://www.apache.org/licenses/)
PDF.js
Apache License Version 2.0 (http://www.apache.org/licenses/)
Font Awesome
SIL OFL 1.1 (http://scripts.sil.org/OFL)
MIT License (http://opensource.org/licenses/mit-license.html)
CC BY 3.0 ( http://creativecommons.org/licenses/by/3.0/)
Powered by Worktribe © 2024
Advanced Search