Press release disclosures in Spain and the UK |
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| Authors: | Encarna Guillamon-Saorin Carlos MP Sousa |
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| Institution: | 1. Department of Business Administration, University Carlos III de Madrid, C/Madrid, 126, 28903 Getafe, Madrid, Spain;2. Marketing Group, UCD Michael Smurfit Graduate Business School, University College Dublin, Blackrock, County Dublin, Ireland;1. Copenhagen Business School, Dalgas Have, 15, Frederiskberg 2000, Denmark;2. Queen Mary University of London, Mile End Rd, London E1 4NS, United Kingdom;1. College of Business and Management, American University of Sharjah, P.O. Box 26666, Sharjah, United Arab Emirates;2. Department of Accounting, School of Business Administration, Wayne State University, Detroit, MI 48202, United States;3. School of Accountancy, Fogelman College of Business and Economics, The University of Memphis, Memphis, TN 38158, United States;1. College of Arts and Sciences, Department of Criminology, Texas A&M-San Antonio, One University Way, San Antonio, TX 78224, United States;2. Faculty of Law, University of Montenegro, Podgorica, Montenegro;3. College of Criminal Justice, Institute for Legal Studies in Criminal Justice, Sam Houston State University, 816 17th Street, P.O. Box 2296, Huntsville, TX 77341-2296, United States |
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| Abstract: | Despite acknowledging the importance of different types of press releases in the accounting literature, researchers have conducted little systematic empirical research on this topic. To address this issue the present study examines the antecedents of a firm's decision to issue an Annual Results Press Releases (ARPRs) in a cross-national context, using Spain and the UK. The study investigates for the first time the relationship among ARPRs, earnings performance, the existence of an investor relations department (IRD), company size, and ownership concentration. Using a sample of 246 publicly traded Spanish and UK companies, this article shows that the two countries have significant differences in the disclosure of press releases. Moreover, size and the existence of an IRD were found to have a significant and direct effect on the disclosure of press releases. Finally, the results also indicate that ownership structure and company size play an important role as moderators to explain the effect on disclosure of press releases. Implications of these findings along with limitations and directions for further research are discussed. |
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