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This paper is based on a large and comprehensive survey of the investor relations process in large UK companies. The survey was primarily designed to investigate investor relations, secondarily to explore links between investor relations procedures and improvements in corporate governance. Of the independent variables, the size of company has the greatest association with measures of well organised and controlled investor relations. The use of a non–executive chairman also has a positive association. The proportion of non–executive directors does not appear to influence whether investor relations are well organised and successful.

Within the backdrop of comparative corporate governance research, we draw on the managerial reporting and impression management literatures to examine how the type, level, and nature of foreign shareholders, infused with their own governance logic, influence initial managerial earnings optimism and how foreign ownership shapes earnings guidance in a stakeholder-oriented setting. Drawing on Japanese data, and addressing endogeneity concerns, our results show that under the presence of foreign owners, managers are more optimistic in their initial earnings forecasts, but that in subsequent revisions they are more likely to provide timely adjustments of their earnings forecast and avoid making last-minute adjustments. This research illustrates how foreign practices travel across borders and contributes to understanding triggers to governance and strategic changes.