The DOI matches its Crossref record; 42 of the 42 references it cites were found in a registry or an index.
Investor Relations, Firm Visibility, and Investor Following
Abstract
We examine the actions and outcomes of investor relations (IR) programs in smaller, less-visible firms. Through interviews with IR professionals, we learn that IR strategies have a common goal of attracting institutional investors and that direct access to management, rather than increased disclosure, is viewed as the key driver of the strategy's success. We test for the effects of IR programs by examining small-cap companies that hired IR firms in a differences-in-differences research design with controls for changes in disclosure and determinants of the decision to initiate IR. Relative to a matched sample of control firms, we find that companies initiating IR programs exhibit greater increases in institutional investor ownership and a shift toward investors that normally would not follow the companies. We also find greater improvements in analyst following, media coverage, and the book-to-price ratio. Our results indicate that IR activities successfully improve visibility, investor following, and market value. Data Availability: All analyses are based on publicly available data.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
Preacher, K. J., & Hayes, A. F. (2008) · Behavior Research Methods · doi:10.3758/brm.40.3.879 · Cited by 34,117
Multiple Imputation for Nonresponse in Surveys
Rubin, D. B. (1987) · Wiley Series in Probability and Statistics · doi:10.1002/9780470316696 · Cited by 20,701
Healy, P. M., & Palepu, K. G. (2001) · Journal of Accounting and Economics · doi:10.1016/s0165-4101(01)00018-0 · Cited by 8,097
A Simple Model of Capital Market Equilibrium with Incomplete Information
MERTON, R. C. (1987) · The Journal of Finance · doi:10.1111/j.1540-6261.1987.tb04565.x · Cited by 5,811
Multiple imputation after 18+ years
Rubin, D. B. (1996) · Journal of the American Statistical Association · doi:10.1080/01621459.1996.10476908 · Cited by 4,072
Disclosure level and the cost of equity capital.
Botosan, C. A. (1997) · The Accounting Review · doi:10.2308/tar-9709240185 · Cited by 3,436
Home Bias at Home: Local Equity Preference in Domestic Portfolios
Coval, J. D., & Moskowitz, T. J. (1999) · The Journal of Finance · doi:10.1111/0022-1082.00181 · Cited by 2,870
Corporate Disclosure Policy and Analyst Behavior.
Lang, M. H., & Lundholm, R. J. (1996) · The Accounting Review · doi:10.2308/tar-9611271989 · Cited by 2,633
Investor Diversification and International Equity Markets
French, K., & Poterba, J. (1991) · National Bureau of Economic Research · doi:10.3386/w3609 · Cited by 2,512
Huberman, G. (2001) · Review of Financial Studies · doi:10.1093/rfs/14.3.659 · Cited by 1,910
Cited by
Doidge, C., Karolyi, G. A., & Stulz, R. M. (2017) · Journal of Financial Economics · doi:10.1016/j.jfineco.2016.12.002 · Cited by 380
Challenges for global supply chain sustainability: evidence from conflict minerals reports
Kim, Y. H., & Davis, G. F. (2016) · Academy of Management Journal · doi:10.5465/amj.2015.0770 · Cited by 293
Do Corporate Site Visits Impact Stock Prices?
Cheng, Q., Du, F., Wang, B. Y., & Wang, X. (2019) · Contemporary Accounting Research · doi:10.1111/1911-3846.12417 · Cited by 292
Metadata
- Authors
- Bushee, B. J., & Miller, G. S.
- Venue
- The Accounting Review
- Publisher
- American Accounting Association
- Published
- 2012-01-01
- Volume
- 87
- Issue
- 3
- Pages
- 867-897
- ISSN
- 0001-4826 (ISSN-L)
- 1558-7967
- OpenAlex
- W3125460699
- Cited by
- 538
- References
- 42
- FWCI
- 103.66
- Type
- journal article
- Language
- en
- Open access
- closed
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Investor Relations, Firm Visibility, and Investor Following. https://app.cochat.ai/papers/10.2308/accr-10211
- The paper
- Bushee, B. J., & Miller, G. S. (2012). Investor Relations, Firm Visibility, and Investor Following. The Accounting Review. https://doi.org/10.2308/accr-10211
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
