This paper aims to investigate the relation between internal control systems development and the improvement of timeliness of annual earnings announcements. Earnings announcements are one of the most important pieces of information for investors. Therefore, it is desirable that companies attain timely announcements to the extent possible. Furthermore, identifying firm- specific characteristics that drive the improvement of timeliness of these announcements is a significant research question. We focus on internal control systems as one such characteristic. This study estimates whether, how many times, and when companies revise their basic policy on internal control systems development, as established in accordance with the Japanese Companies Act, by utilizing companies' voluntary releases that announce the policy. These releases are implemented according to listing rules on timely disclosure of corporate information by issuers of listed securities. Thus, the present study enumerates corporate attitude toward internal control systems development.

Our results indicate that companies with a stronger attitude toward internal control systems development reduce the number of calendar days from fiscal year-end to the date of the annual earnings announcements to release them in a timely manner in the current period, compared with their previous accounting period. Further, we reveal that companies can release the announcements within 45 days, considered to be an appropriate period, or within 30 days, considered to be a more desirable period, of the end of the accounting period in their current period by developing internal control systems more enthusiastically, even if they were unable to release the announcements within such days in the previous year.

We examined the effect of the London Olympic Games on the changes of national images. Seven-hundred and eight Japanese participated in the web survey before and after the London Olympic Games. Before the Olympic Games, participants reported nine national images including Japanese. After the Olympic Games, they reported nine national images again, the degree of exposure to media coverage of the target nations and the target national athletes, and the degree of media use during the London Olympic Games. Some national images changed in a positive direction, but a few national images changed in a negative direction. Exposure to the media coverages of the target nations and the target national athletes made some national images positive. The television use made some national images positive. However, the Internet use made some national images negatively. These results suggested that the Olympic Games might have an effect on the change of national images, and that media coverage and media use were factors contributing to the change of national images.