ARPRAdvanced RAR Password Recovery
ARPRAcademy of Religion and Psychical Research
ARPRArcher Road Pet Resort (Archer, FL)
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Hypothesis 2: UK companies are likely to disclose an ARPR earlier than Spanish companies.
Hypothesis 3: Companies which have an investor relations department are more likely to issue an ARPR earlier than those which do not have one.
Hypothesis 3a: The relationship between the existence of an investor relations department and timing is moderated by the country where the company operates: Spanish companies with an investor relations department are likely to issue the ARPR later than UK companies.
Where the ARPR was not available from this source, the company website was searched.
To measure timing, we follow prior literature and define a variable name, LAG, which is the number of days between the date of the ARPR and the end of the fiscal year (Bamber and Cheon 1998; Sengupta 2004).
Our first model investigates the effect of proprietary costs on the decision to issue an ARPR.
Once management has decided to issue an ARPR the decision in relation to the date of disclosure must be addressed.
The basic logistic regression model (1) that examines empirically the relationship between the decision to issue an ARPR and the explanatory variables is the following:
As in prior research (Guillamon-Saorin and Sousa 2010), we observe a significant positive association between the decision to issue an ARPR and COUNTRY.
For the ARPRs included in this study, the mean of the number of days between the year-end and disclosure of an ARPR is 59 days, with a range that varies between a minimum of 3 days and a maximum of 145 days.
The results indicate that UK companies delay the release of the ARPR longer than the Spanish ones, which contradicts our hypothesis (H2).
For example, a positive ARPR may reflect quality-adjusted rental rates that are too high.