Managing the narrative: Investor relations officers and corporate disclosure

• 成果类型: Article
• 署名作者: Brown, Lawrence D.; Call, Andrew C.; Clement, Michael B.; Sharp, Nathan Y.
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Arizona State University; Arizona State University-Tempe; University of Texas System; University of Texas Austin; Texas A&M University System; Texas A&M University College Station
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2018.08.014
• 发表日期: 2019
• 关键词: regulation fair disclosure; buy-side analysts; CONFERENCE CALLS; INFORMATION; management; access; recommendations; determinants; performance; executives

摘要

Investor relations officers (IROs) play a central role in corporate communications with Wall Street. We survey 610 IROs at U.S. public companies and conduct 14 follow-up interviews to deepen our understanding of the role of IROs in corporate disclosure events. Three important themes emerge from our results: (i) the value, nature, and timing of private communication between IROs, analysts, and investors; (ii) the significant influence IROs have on corporate disclosures; and (iii) the degree of theater involved in public earnings conference calls, even the Q&A portion. We provide insights into the investor relations, analyst, institutional investor, and disclosure literatures.