RT Journal Article
T1 Voluntary Disclosure of Press Releases and the Importance of Timing: A Comparative Study of the UK and Spain
A1 Guillamon-Saorin, Encarna
A1 Sousa, Carlos M. P.
AB This 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.
PB Springer Nature
SN 0938-8249
YR 2014
FD 2014-02-01
LK https://hdl.handle.net/10016/35400
UL https://hdl.handle.net/10016/35400
LA eng
NO Encarna Guillamón-Saorín acknowledges financial contribution from the SpanishMinistry of Science and Innovation (SEJ2007-880 67582-C02-02/ECON, ECO2010-19314), ComunidadAutonoma de Madrid (SEJ2008-00059-003) and the AECA Carlos Cubillo funding.
DS e-Archivo
RD 1 may. 2024