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Voluntary Disclosure of Press Releases and the Importance of Timing: A Comparative Study of the UK and Spain

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dc.affiliation.dptoUC3M. Departamento de Economía de la Empresaes
dc.contributor.authorGuillamon-Saorin, Encarna
dc.contributor.authorSousa, Carlos M. P.
dc.contributor.funderComunidad de Madrides
dc.date.accessioned2022-07-05T13:41:27Z
dc.date.available2022-07-05T13:41:27Z
dc.date.issued2014-02-01
dc.description.abstractThis paper investigates the effect of proprietary costs in relation to managers's 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.es
dc.description.sponsorshipEncarna Guillamón-Saorín acknowledges financial contribution from the Spanish Ministry of Science and Innovation (SEJ2007-880 67582-C02-02/ECON, ECO2010-19314), Comunidad Autonoma de Madrid (SEJ2008-00059-003) and the AECA Carlos Cubillo funding.en
dc.identifier.bibliographicCitationGuillamón-Saorín, E., & Sousa, C. M. P. (2014). Voluntary Disclosure of Press Releases and the Importance of Timing: A Comparative Study of the UK and Spain. Management International Review, 54, pp. 71–106en
dc.identifier.doihttps://doi.org/10.1007/s11575-013-0194-z
dc.identifier.issn0938-8249
dc.identifier.publicationfirstpage71es
dc.identifier.publicationissue1es
dc.identifier.publicationlastpage106es
dc.identifier.publicationtitleMANAGEMENT INTERNATIONAL REVIEWen
dc.identifier.publicationvolume54es
dc.identifier.urihttps://hdl.handle.net/10016/35400
dc.identifier.uxxiAR/0000014712
dc.language.isoenges
dc.publisherSpringer Natureen
dc.relation.projectIDGobierno de España. ECO2010-19314es
dc.relation.projectIDComunidad de Madrid. SEJ2008-00059-003es
dc.rights© Springer Naturees
dc.rights.accessRightsopen accessen
dc.subject.ecienciaEconomíaes
dc.subject.otherVoluntary disclosureen
dc.subject.otherPress releasesen
dc.subject.otherTimingen
dc.subject.otherInvestor relations departmenten
dc.subject.otherSpainen
dc.subject.otherUken
dc.subject.otherEarnings announcementsen
dc.subject.otherInstitutional investorsen
dc.subject.otherEmpirical-examinationen
dc.subject.otherCorporate disclosureen
dc.subject.otherSegment disclosuresen
dc.subject.otherConference callsen
dc.subject.otherInformationen
dc.subject.otherDeterminantsen
dc.subject.otherAssociationen
dc.subject.otherManagementen
dc.titleVoluntary Disclosure of Press Releases and the Importance of Timing: A Comparative Study of the UK and Spainen
dc.typeresearch article*
dc.type.hasVersionAM*
dspace.entity.typePublication
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