Spain’s image in the world’s leading financial press

AbstractThe image of Spain, as generated and disseminated through the world’s most infl uential business publications, has undergone a steady and profound decline in recent years. Such is the conclusion reached by the author of the PhD thesis “La imagen de España en la Prensa económica de referencia mundial” (Spain’s image in the world’s leading fi nancial press), in which he analyses around 1,300 articles on Spain published in The Wall Street Journal and Financial Times in 2007, 2008, 2009 and 2010. By the end of 2007 Spain presented itself to the world as an attractive, dynamic and solvent country, especially due to the dynamism of its business sector, but over the ensuing years the picture changed dramatically and, according to the author, it is now seen in an unfavourable light. Spain’s image, therefore, has experienced a severe and rapid downturn that appears diffi cult to counteract over the medium term. Nevertheless, despite this general deterioration, Spanish companies such as Banco Santander, BBVA,

Telefónica and Iberia have managed to distance themselves from the country’s poor image by receiving neutral or even positive treatment by the two/three periodicals analysed.

Chapter SummaryWith a view to defi ning and contextualising the nature of the journalism practiced by The Wall Street Journal and Financial Times, the publications subject to study in this thesis, the author begins by analysing the characteristics and nature of the fi nancial and business press, conducting a review of the three data sources that make up today’s business journalism: economic information, fi nancial information and business information.

In the second chapter, the author analyses the background and describes the nature of The Wall Street Journal and Financial Times, and of their publishers: News Corporation and Pearson, respectively.

The image of Spain, as generated and disseminated through the world’s most infl uential business publications, has undergone a steady and profound decline in recent years.

Spain’s image in the world’s leading fi nancial press: Analysis of Spain’s presence in The Wall Street Journal and Financial Times

Reputation

Strategy DocumentsT02 / 2011Ricardo Leiva

Thesis

Document prepared by Corporate Excellence - Centre for Reputation Leadership, citing the doctoral thesis “Spain’s image in the world’s leading fi nancial press: Analysis of Spain’s presence in The Wall Street Journal and Financial Times” by Ricardo Leiva.

Thesis 2

Spain’s image in the world’s leading financial press: Analysis of Spain’s presence in The Wall Street Journal and Financial Times

The author shows the impact Spain’s image has had on the country’s economy (macro and micro) and analyses the state-of-the-art of the so-called “country of origin” effect. He runs through the conclusions reached by the main instances of research that have analysed how the image of nations and national stereotypes, disseminated, amplified and reinforced by the world’s press, may have very specific effects on world trade.

Since the first empirical research into national and cultural stereotypes in the United States in the 1930s, the press has been assigned a key role in the propagation and consolidation of mental images that end up having a real impact. The author follows on from this by relating the concept of national stereotype to the country of origin effect, which has a bearing on people’s perception of imported products and their responses to them. He also analyses studies and articles on Spain’s image abroad written by social scientists and economists.

In economics, the circumstances and attitudes of market players form a loop in which they feed back off each other, acquiring a life of their own. George Soros (2008) used the term reflexivity to describe this two-way connection between reality and thought: economic events and the personal interpretations of market players interweave and generate a new subjective reality, which nonetheless has objective and concrete consequences and repercussions. Market stakeholders base their decisions on their own perception of events and not on the real situation that appears before them. In view of this circularity, their decisions influence the real situation, which is once again interpreted personally.

This two-way interaction between economic and financial reality and the perception market players have involves several brokers. Among these, the media are beginning to be acknowledged as the most important ones. However, they do not only report events. They also re-shape them. They not only report on reality, as they also create it: “The way journalists portray themselves as merely messengers lacks consistency”, wrote Manuel Conthe, the former chairman of Spain’s Security and Investments Board, “they are not pizza delivery drivers, but rather pizza chefs”.

Robert J. Shiller would agree with Conthe. According to this economist, although the media like to present themselves as independent observers of market events, they are an integral part of these situations (Shiller, 2005). The media not only present the platform upon which market events are reported and discussed, they also play a crucial role in the gestation of those very events.

One field in which empirical research has been conducted into the role played by images and the

media as brokers influencing consumers’ decisions and perceptions is the so-called “country of origin” or “made in” effect. This is a phenomenon that was first addressed by scholarly marketing journals in the 1960s to refer to the specific economic impact that might arise through the identification of a product with its country of origin. It was noted at the time that national stereotypes, disseminated, amplified and reinforced by the press, could affect consumers’ purchasing decisions and perceptions regarding imported products. The political and economic authorities in a common market could go to great lengths to tear down trade barriers, for example, but if consumers continued to prefer local products out of mere ethnocentrism, such efforts would come to nothing.

It is due to the proven existence of the country of origin effect that over the course of the years attention began to be paid to the marketing of places and to the definition of a country image. If a country image improves, it may boost the export of products and services. If a country image worsens, it may be detrimental to those businesses seeking to sell their products and services abroad.

Based on this conceptual framework, the author asks the following questions: What is Spain’s current image abroad? To what extent has that image changed due to the economic crisis? How is Spain treated by the world’s most influential business newspapers?

In order to respond to these and other related questions, in Chapter IV of the aforementioned thesis, the author analyses all the articles published in The Wall Street Journal and Financial Times between 1 October and 31 December 2007, 2008, 2009 and 2010 that contained the words Spain or Spanish in the heading and/or in the first two paragraphs, referring to the printed or digital versions of each one of the two periodicals (www.wsj.com and www.ft.com).

Method usedRegarding methodology, the author explains that all the articles were collected by a daily review of the digital edition of the two periodicals in question and by trawling through the Lexis-Nexis Academic database and the Factiva subscriber browser provided by Dow Jones (publisher of The Wall Street Journal).

The result was the coding of a total of 1,299 units of information, or articles, discarding duplications (same content in the printed and online versions, for example, or the same content published by different international editions, as The Wall Street Journal and Financial Times have editions in the US, Asia and Europe that share a lot of their content).

Further discards involved those articles including the word Spanish to refer to the language or to

Thesis 3


the Hispanic community in the US. Only those articles published in English were coded. The outcome of this analysis was a league table of the Spanish companies, people and issues of greatest interest and importance according to The Wall Street Journal and Financial Times.

While the influence of the two newspapers analysed is undeniable in qualitative terms (they are the most trustworthy media according to numerous surveys, for example), as regards Spain the author also posits that their influence is also quite considerable in quantitative terms. Thus, among all the newspapers in the United States and United Kingdom, The Wall Street Journal and Financial Times are the newspapers allocating the most amount of copy and resources to reporting on Spanish affairs.

According to the royal institute, Real Instituto Elcano, which produces the quarterly Permanent Observatory on Spain’s Image Abroad in the International Press, over half the news items on Spain published in the United Kingdom appear in the pages of the Financial Times, which alone publishes more information on Spain that all the other British newspapers together. Likewise, The Wall Street Journal is the one that provides the most coverage on Spain in the United States: one in three articles on Spain published by the US press appear in the pages of The Wall Street Journal.

Each article, or unit, underwent a strictly quantitative analysis, being classified as positive, negative or neutral, or a mixture of these. If the presence was clearly detected of an opportunity and/or strength regarding Spain, the unit was coded as positive. If, on the other hand, a weakness and/or threat were clearly singled out, it was classified as negative. If no clear identification was made of a strength, weakness, opportunity or threat, it was codified as neutral. If the same article mentioned a strength or opportunity and also a weakness or threat, it was considered mixed.

Within the countries in the eurozone, Spain is one of those of greatest interest to The Wall Street Journal and Financial Times. As shown in Table 1, until 2007 there was a close relationship between the size of each economy and the volume of information eurozone countries generated in the world’s most influential business publications. The three largest economies in the eurozone were, respectively, the ones heading the leader board of countries with the highest news coverage1. Nevertheless, Spain at that time received less coverage than it deserved in view of the size of its economy: it was the fifth country in the eurozone most often mentioned by The Wall Street Journal and Financial Times, behind countries with a larger GDP (Germany, France and Italy, respectively) and also behind the Netherlands, which nonetheless had a lower GDP than Spain.

Table 1: Coverage of eurozone countries in WSJ and FT

CountryPosition by GDP (1)

News coverage in 2007 (2)

Position by news coverage

in 2007

News coverage in 2010 (2)

Position by news coverage

in 2010

Germany 1 2,124 1 3,181 1

France 2 1,828 2 1,765 3

Italy 3 1,101 3 1,302 6

Spain 4 857 5 1,757 4

The Netherlands 5 969 4 735 8

Belgium 6 189 8 229 10

Austria 7 176 9 177 11

Greece 8 176 9 3,089 2

Finland 9 243 7 256 9

Portugal 10 143 10 817 7

Ireland 11 388 6 1,675 5

Slovakia 12 22 12 33 14

Luxemburg 13 66 11 79 12

Cyprus 14 21 13 61 13

Malta 15 19 14 9 15

(1) GDP 2009. Source: World Bank(2) Number of articles published throughout the whole year by WSJ, FT and The Economist with the names of each country in the heading and/or in the first two paragraphs, following the method described in the thesis.

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In the last quarter of 2010, however, The Wall Street Journal and Financial Times paid a great deal more attention to those countries with a sovereign debt crisis, and relatively ignored some of those nations that had received greater coverage because of the size of their economies.

Greece, the eighth largest economy in the eurozone, is the most significant case in this respect. Until 2007, Greece generated an interest that was commensurate with its economic size. In 2010, however, with the debt crisis and the financial rescue, Greece became the second country in terms of news coverage, leapfrogging over much larger economies, such as France, Italy and Spain.

Ireland is another significant case: it has the eleventh largest economy in the eurozone, yet in 2010 it stood in fifth position in terms of news coverage. The same applied to Portugal: it is the tenth largest economy in the eurozone, but in 2010 it was the seventh country most mentioned by the two/three business publications analysed.

Spain followed the same trend, although its rise was less pronounced: it rose from fifth position in 2007 to third in 2010 in the country ranking according to news coverage.

Table 2 confirms that news interest in Spain rose sharply in 2010: there was a 91% increase in news items as regards 2009. Today, Spain is a much more important country for The Wall Street Journal and Financial Times than it was in 2007. In the last quarter of 2010, the Financial Times published almost twice as many articles on Spain as in the same period in 2007. In the case of The Wall Street Journal, the increase was even more significant, as in 2010 alone the periodical published more news items on Spain than in the three previous years combined.

The considerable increase regarding Spain, shown especially by The Wall Street Journal and Financial Times, is explained largely by the repeated mention of Spain in the news in the last quarter of 2010 referring to the debt crisis in Portugal, Ireland and Greece. Whenever there was a report on what was happening in Portugal, Ireland and Greece, there was also a mention of the possible contagion that might be affecting Spain.

Spain’s future was symbolically linked to the fate of those other countries that were being bailed out financially. On 22 October 2010, for example, The Wall Street Journal published an article called “Portugal Faces Growing Pains” (Barley, 2010) and its first paragraph mentioned Spain as one of the countries that was also causing concern in the region. The same association was made on 29 November 2010, when the Financial Times published the article “Ministers sign off on €85bn Ireland deal”, in which it was said that the agreement was signed “in a bid to head off further contagion affecting borrowing for Portugal and Spain” (Tait, Chaffin, Peel & Brown, 2010).

The most mentioned companiesTable 3 shows that in the last quarter of 2010 Moody’s was the company most often mentioned in the news on Spain, thereby temporarily taking pole position from Banco Santander, the Spanish company with the greatest international recognition and presence during the previous four years analysed.

On 15 December 2010, the US credit rating agency Moody’s announced that it was reviewing its rating of Spain’s government debt. From then on, whenever The Wall Street Journal or Financial Times reported on Spain’s macroeconomic situation they reminded their readers, for contextualisation purposes, that Moody’s was reassessing its rating of Spain’s government debt and that the outlook for this examination was negative. Spain’s fate became directly linked not only to the situation in Portugal, Ireland and Greece, but also to the downgrading that Moody’s was applying to those countries in the eurozone with the highest levels of risk.

For example, on 22 December 2010 The Wall Street Journal published an article called “Moody’s Warns on Portugal”, in which it said that Moody’s was considering downgrading its rating on Portugal’s government debt. The second paragraph in the article also reminded readers that a week earlier the rating agency had also decided to do the same with Spain. The Wall Street Journal and Financial Times did the same dozens of times during that period: reminding readers that Spain was being exposed to a threatening test and that this examination might constitute a serious blow

Table 2: Articles on Spain, its companies and people

Newspaper 2007 2008 2009 2010 TOTAL

FT 168 165 186 304 823

WSJ 56 49 90 232 427

Economist 7 22 10 10 49

TOTAL 231 236 286 546 1,299

Thesis 5


to investors’ trust in the eurozone. Something similar, albeit less significant in quantitative terms, occurred in 2009, when Standard & Poor’s (S&P) announced it was also reassessing Spain’s ability to repay its debt. Finally, in 2009 the S&P rating agency became the second most cited company in news on Spain (occupying the same position as BBVA). The following year, however, S&P did not have such a high position, and it is to be expected that the same will apply to Moody’s when the news coverage in 2011 is analysed.

Leaving aside the one-off nature of Moody’s appearance, it is clear that Banco Santander is the Spanish company with the greatest international presence, followed at some considerable distance by the next two, namely, BBVA and Telefónica.

The individual presence of Spanish companies in the world’s most influential media is tightly focused on three, or at the most, five companies, which means that, according to the author, this ambit appears to harbour a phenomenon that mirrors the football championship, where only between three and five Spanish teams are in a position to seriously compete at European level, and the same number of companies feature prominently in the three most influential business media on the planet. The rest are a long way behind and highly dispersed.

The vast majority of the mentions are listed under “other domestic” or “other non-domestic” companies and “none”. The category “other domestic” contains those Spanish companies that appear sporadically and momentarily in the WSJ and FT. These are, for example, Metrovacesa, la

Caixa, Caja Madrid and Sacyr, among many others. The category “other non-domestic” includes those companies with interests, business or plans in Spain, such as British Airways (due to its merger with Iberia) or more recently Hochtief (as it is in the sights of Spain’s ACS). This category also includes analyst and consultancy firms that are cited as sources because they give their opinion on the economic or business situation in Spain and Europe.

The large number of articles that fail to mention any company at all is explained by the extremely high number of macroeconomic articles that do not refer to any one company in particular.

The most mentioned peopleBanco Santander’s major presence in the most respected media in the United States and United Kingdom is endorsed by the position of its chairman, Emilio Botín as the second Spanish national most often mentioned in articles about Spain, second only to the country’s Prime Minister, José Luis Rodríguez Zapatero, and ahead of the Deputy PM for the Economy of the moment (Pedro Solbes first and then Elena Salgado), as can be seen in Table 4.

The wide variety of people featuring in the articles on Spain or called upon as sources is also very high: only five Spanish people have a significant presence in the most influential media. Among these, two represent Banco Santander, who are also joined by the bank’s CEO, Alfredo Sáez, in eighth position. The Santander’s three senior executives are, respectively, the top three Spanish nationals

Table 3: Companies most often mentioned in articles on Spain

Company 2007 2008 2009 2010 TOTAL

Santander 14 40 13 31 98

Moody’s 0 0 1 47 48

BBVA 2 3 11 16 32

Telefónica 12 4 10 6 32

Iberia 7 4 5 3 19

Ferrovial 4 2 7 5 18

S&P 1 0 11 5 17

Iberdrola 7 1 4 4 16

Repsol 2 5 2 6 15

ACS 0 0 0 13 13

Zara 2 2 4 2 10

Endesa 5 1 1 0 7

Other non-domestic 80 74 104 217 475

Other domestic 37 34 53 54 178

None 58 66 60 137 321

TOTAL 231 236 286 546 1,299

Thesis 6


linked to the business world appearing on the list, which shows how important Banco Santander is for The Wall Street Journal and Financial Times. It should be remembered that Banco Santander has investments in both the US and UK and it is the largest bank in the eurozone.

It is somewhat surprising to note that the fourth Spanish national most often mentioned in the articles analysed is the late dictator Francisco Franco, who still features quite frequently in the world’s press, especially when attempts are made to explain the political and cultural context of modern Spain. This shows just how difficult it is for the media to put the images and icons of the past behind them.

A considerable number of reports on Spain mention non-nationals, such as the president of France, Nicolas Sarkozy. A further large group of articles does not mention anyone (especially when reporting on macroeconomic affairs or business results, for example). The non-national analysts and consultants who frequently appear giving an opinion on the state of affairs in Spain are listed in their respective category (non-national analyst). Another group contains the sporadic appearance of Spanish nationals who are not linked to the economy or business sector, but who occasionally feature in articles about tourism, cuisine or culture, such as the chef Ferrán Adrià, for example. A further category has also been provided for those Spanish authorities who appear from time to time

in the pages of The Wall Street Journal or Financial Times, within the context of a specific news item related to terrorism or politics, as in the case of another Deputy PM, Alfredo Pérez Rubalcaba.

The most mentioned topicsAs can be seen in Table 5, in 2007 only 6% of the news published by The Wall Street Journal, The Economist and Financial Times on Spain referred to the country’s macroeconomic situation. A clear majority of the news at that time (52%) reported on business developments. Spain’s macroeconomic situation in 2007 was not an issue of any great interest to the newspapers analysed, who focused on what Spanish companies were doing: what they were buying or selling, how indebted they were, what new markets or industries they were exploring, and what investment or divestment programmes they were announcing or developing.

Interest in the property and real estate market was also very low in 2007. Much greater attention was being paid to Spain’s beaches and cities, its restaurants and wine, its celebrities and its architects.

The thematic bias in the three publications changed the following year, as can be seen in Table 5. In the last quarter of 2008, the macro economy became the second most important topic, displacing matters of culture-tourism-cuisine and politics. There was also an increase in the news coverage of the property sector. The situation was

Table 4: The people most cited in articles on Spain

Person 2007 2008 2009 2010 TOTAL

J. L. R. Zapatero 7 21 9 32 69

E. Botín (Santander) 7 7 1 3 18

P. Solbes / E. Salgado 0 2 1 10 13

F. Franco 4 5 1 2 12

A. Horta-Osorio (Santander) 2 2 1 5 10

J. C. Trichet 0 1 0 8 9

A. Merkel 0 0 1 8 9

A. Sáenz (Santander) 0 2 3 3 8

C. Alierta (Telefónica) 6 0 0 1 7

HM The King 5 0 2 0 7

M. A. F. Ordóñez 0 0 6 1 7

Another non-national 75 78 103 225 481

No-one 73 52 65 107 297

Another Spanish business person 30 37 52 42 161

A non-national analyst 6 10 15 69 100

A non-business related Spanish national 10 12 19 15 56

Another Spanish authority 6 7 7 15 35

TOTAL 231 236 286 546 1,299

Thesis 7


repeated the following year, through to the last quarter of 2010, when macroeconomic news items rose sharply and for the first time took over from business articles. The insistence on associating Spain with the crisis in Greece, Portugal and Ireland goes a long way to explaining the situation described. Nevertheless, considering the figures for the four years, business news continues to prevail, as can be seen in Graph 1.

The tone of the newsThe image of Spain projected through The Wall Street Journal and Financial Times varied considerably between 2007 and 2010. As Graph 2 and Table 6 show, most of the news on Spain published in 2007 was either neutral or positive in tone (with the focus being on strength or opportunity).

In 2008, however, this situation was completely reversed and most of the articles began to adopt a negative tone, that is, they focused on a threat or weakness. The situation worsened over the following years until the last quarter of 2010 when one out of two articles was negative in tone. This is a very high proportion of negative articles, as normal practice involves newspapers giving a neutral or impartial treatment to the groups or entities they cover, as occurred with Spain up 2007.

When only business news items are considered, however, Table 7 shows that the volume of positive and negative articles is quite evenly distributed. Most of the business articles in 2007 had a neutral or positive tone, while in 2008 and 2009 there was a sharp increase in negativity, returning to a

Table 5: The most interesting topics for WSJ, FT and The Economist

Topics 2007 2008 2009 2010 TOTAL

Businesses Mentions 120 84 122 155 481

% copy 52 36 43 28 37

Economy Mentions 13 45 58 256 372

% copy 6 19 20 47 29

Culture, Tourism and Cuisine Mentions 37 34 40 60 171

% copy 16 14 14 11 13

Domestic and International Politics Mentions 29 23 41 26 119

% copy 13 10 14 5 9

Property Market Mentions 6 18 6 8 38

% copy 3 8 2 1 3

Terrorism Mentions 8 3 2 7 20

% copy 3 1 1 1 2

Other topics Mentions 18 29 17 34 98

% copy 8 12 6 6 8

TOTAL Mentions 231 236 286 546 1,299

% copy 100 100 100 100 100

Graph 1: The most interesting topics for WSJ, FT and The Economist (2007-2010)

36%

29%

13%

9%

8%3%2% Business

Economy

Culture, Tourism and Cuisine

Domestic and International Politics

Property Market

Terrorism

Other matters

Graph 2: Tone of the articles on Spain (% of annual coverage)

–

–

–

–

–

–

–

–

–

–

–

100%90%80%70%60%50%40%30%20%10%0%

2007 2008 2009 2010

2338 43

5024

24 2122

4228 23 15

11 11 13 13 Mixed

Neutral

Positive

Negative

Thesis 8


more balanced situation in 2010 with a perfect tie between positive and negative news.

Regarding macroeconomic matters, however, there is no question about the hegemony of negative news in all the years analysed, as can be seen in Table 8. In 2010, for example, 7 out of 10 articles on Spain’s macro economy had a negative tone; in other words, they highlighted a weakness or threat. This extremely high volume of articles includes all the mentions of the situation in Spain when referring to the crisis in Portugal, Ireland or Greece, or the downgrading of Spain’s sovereign debt by Moody’s. Although the general outlook in macroeconomic terms can be defined as simply appalling, it is worth noting that 2010 witnessed an increase in positive news with regard to 2009, due mainly to the news on the economic measures put in place by the government headed by José

Table 6: Tone of the articles on Spain between 2007 and 2010

Tono 2007 2008 2009 2010 TOTAL

Neutral Mentions 97 65 65 84 311

% copy 42 28 23 15 24

Positive Mentions 55 56 61 122 294

% copy 24 24 21 22 23

Negative Mentions 54 89 122 271 536

% copy 23 38 43 50 41

Mixed Mentions 25 26 38 69 158

% copy 11 11 13 13 12

TOTAL Mentions 231 236 286 546 1,299

% copy 100 100 100 100 100

Luis Rodríguez Zapatero to revert the crisis. They all highlighted a strength or opportunity regarding Spain.

General ConclusionsThis analysis leads to the conclusion that Spain’s image abroad has undergone a steady and profound decline in recent years. Whereas towards the end 2007 the country showcased itself abroad as attractive, dynamic and solvent, especially due to the drive of its companies, in 2008, 2009 and 2010 the picture can only be described as disastrous. The fact that Spain has been included in the group of countries referred to as PIGS (Portugal, Ireland, Greece and Spain), being the only one that has so far not required bailing out by the rest of Europe, and that the company mentioned most often in articles on Spain in 2010 is Moody’s, proves that Spain has now become, in figurate terms, a member

Table 7: Tone of the articles on businesses between 2007 and 2010

Tone 2007 2008 2009 2010 TOTAL


% copy 22 39 36 38 34


% copy 30 26 27 38 31


% copy 37 24 20 8 21


% copy 12 11 16 15 14

TOTAL Mentions 120 84 122 155 481

% copy 100 100 100 100 100

Thesis 9

Spain’s image in the world’s leading fi nancial press: Analysis of Spain’s presence in The Wall Street Journal and Financial Times

of the club of countries in trouble; a label that it will take a long time to shake off.

The general deterioration in Spain’s image, however, has not greatly affected the country’s businesses, which have managed to distance themselves from their country of origin. Companies such as Banco Santander, BBVA, Telefónica and Iberia appear to confi rm they are now global brands, being recognised in their own right and not having to lever themselves through

their country of origin to obtain international visibility. Nevertheless, it is very likely that, even if only slightly, Spain’s image is weighing down on these companies’ reputation.

A good image always follows on in the wake of sound policy. A positive perception tends to be the outcome of a good performance. If Spain is to restore its image, it will fi rst have to rebuild its macro and microeconomic foundations and credibility.

Table 8: Tone of the articles on the macro economy between 2007 and 2010

Tono 2007 2008 2009 2010 TOTAL


% copy 85 58 79 73 73


% copy 8 18 12 13 13


% copy 8 16 7 6 7


% copy 0 9 2 8 7

TOTAL Mentions 13 45 58 256 372

% copy 100 100 100 100 100

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