Investor Relations

Статья посвящена вопросам формирования особой сферы корпоративных коммуникаций-отношений с инвесторами (investor relations, IR) в мировой и российской практике. Обсуждаются особенности формирования предметного поля и организации профессиональной деятельности в области IR, ее задачи и функции, модели взаимодействия компаний с инвестиционным сообществом. Рассмотрены особенности институциализации профессиональной деятельности и современное состояние IR в России по сравнению с другими странами. В первой части статьи дается обзор особенностей и основных этапов развития отношений с инвесторами в зарубежных компаниях; обсуждаются практики организации IR в бизнесе, основные направления и результаты академических исследований в этой области. Вторая часть статьи посвящена российскому дискурсу отношений с инвесторами: обсуждаются проблемы организации профессиональной деятельности, образования и академических публикаций в области IR в нашей стране; обобщаются данные о структуре и содержании информации, представляемой службами IR крупнейших российских компаний. Информационной базой эмпирической части исследования служат Интернет-сайты первых ста крупнейших по объему реализации продукции за 2014 год российских компаний, входящих в рейтинг RAEX-600. В работе показано, что: (1) профессиональное сообщество специалистов в области ШК в России находится в стадии формирования, хотя институциональная основа его функционирования (профессиональные ассоциация и журнал, а также ряд специальных дисциплин в образовательных программах ведущих московских вузов) уже созданы; (2) интерес к академическим исследованиям за период 2003-2015 гг. вырос весьма незначительно, а в публикационной динамике выявлено влияние финансового кризиса 2008-2009 гг.; (3) практики представления информации для инвесторов на сайтах российских компаний не стандартизированы, наблюдаются заметные различия в структуре и объеме представляемой информации; (4) содержание информации, предназначенной инвесторам крупнейших российских компаний на их сайтах, в целом соответствует мировой практике IR. Ключевые слова: связи с инвесторами, отношения с инвесторами, инвестиционное сообщество, связи с общественностью, корпоративные коммуникации, АРФИ.
The article discusses the evolution and the state of the art of IR (Investor Relations) in Western and Russian companies. IR is considered as a particular area of corporate communicational practice and a field of academic research. Author reviews the history and stages of IR as corporate activity, IR functions and models of company's interaction with an investment community. The

Günümüzde küreselleşmenin etkisiyle yaşanan hızlı gelişmeler ve değişimler doğrultusunda ilaç sektöründe de hızlı gelişmeler gerçekleşmiştir. Dünya ilaç sektöründeki gelişmelere bağlı olarak Türk firmaları da geri kalmamış, dünyayla rekabet edebilir hale gelmiştir. Bu firmaların başında ise DEVA Holding gelir. Yapılan çalışmada ilaç sektörü detaylı bir şekilde incelenerek DEVA Holding'in sektördeki yeri ve genel yapısı incelenmiştir. 2003-2012 yılları arası faaliyet raporları incelenerek bir zaman serisi analizi yapılmış ve 2013-2014 yılları için bazı öngörülerde bulunulmuştur. Çalışma SWOT analiziyle zenginleştirilerek işletmenin güçlü yanları, zayıf yanları, fırsatları ve tehditleri de ifade edilmiştir. Son olarak Oran Analizleri yapılarak 2011 ve 2012 yılları arasındaki yüzdelik ifadelere yer verilmiştir. Sonuç bölümünde ise; DEVA Holding hem yatırımcı, hem de kreditör bakış açılarıyla değerlendirilerek, işletmeyi yatırımcıların niçin tercih etmeleri gerektiğiyle beraber dezavantajları da ifade edilmiştir. İncelenen finansal göstergeler neticesinde; DEVA Holding istikrarlı büyümesini sürdürmekte olup, aynı büyümeyi 2013 ve 2014 yılları için de göstermesi beklenmektedir.

The number one truck maker in the world, Ford Motor Company, and tire maker Bridgestone/Firestone are involved in a massive recall of faulty Firestone tires used mostly on the Ford Explorer vehicle.  Reports of numerous deaths and serious injuries indicated that the tire' treads had separated from their bases, causing vehicles to roll over.  Congressional hearings began while consumers were left to replace tires.

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Investor relations officers say that one of the biggest challenges of their work is proving to the senior management that investor relations contributes value to the organization. This study provides an initial step in evaluating investor relations' contribution to an organization's bottom line. The study first offers a theoretical overview of academic and professional literature dealing with the contribution of investor relations to the organizational bottom line. Second this theoretical overview serves as a starting point for an empirical investigation organized as a Delphi panel. Investor relations officers from corporations and investor relations agencies were recruited to participate in the panel and share their practical insights in response to the theoretically identified indicators of investor relations value. As a result, the study found 4 key areas of investor relations contribution: fair share price, improved liquidity of stock, enhanced analyst coverage, and building and maintaining investor relationships.

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International research in the D&I field is not very common – according to an assessment of Alain Klarsfeld, editor of a handbook in this very area. While our research in the field of Diversity Management takes a specific practical perspective, we belief it will be of interest to you to have an overview of our studies at hand.

Our new research compendium provides descriptions of surveys, studies and analyses that we completed from 2001 to 2016. While the individual studies provide insight into European Diversity practices or global trends, the overview also allows seeing the overall trends and developments of D&I over decades.

The document includes a number of links to our unique knowledge portal, the Diversity Mine http://en.DiversityMine.eu which we hosts more than 1,800 articles.

We are looking forward to feedback and comments on the information provided.

The thesis has explored the role of positive corporate communication and equity storytelling in voluntary, non-regulated investor relations material. The research focused on whether positive practices such as talking about people, competence, culture, values, diversity and the use of narrative equity storytelling is present in non-regulated investor relations and if so, in what formats and to which extent.

Using data-driven content analysis, most recent Capital Markets Day and similar events’ power point presentations from companies of the OMX Nordic 40 index were analyzed for their transparency, content, tone, positive expressions and visual as well as textual positive practices. Findings showed that intangible assets as well as emotional and social capital were marginally represented in Nordic non-regulated investor presentations. These results are in clear conflict with recent studies on the importance of such intangible elements in investors’ decision-making process.

Consequently, five concepts of positive communication in equity stories were defined: People, Competence, Culture and values, Diversity and Narrative storytelling. Out of these only Narrative storytelling could be viewed as a result of positive equity storytelling while the other four were defined as demands for a positively operating environment.

The research suggests that instead of reducing information gap, the primary goal of positive equity storytelling in non-regulated IR presentations is to manage stakeholder’s expectations by building a positive investor story through the use of positive corporate communication. Communicating about a genuinely flourishing working environment manifests itself externally through equity stories that are both compelling and credible, without the need for self-appraisal or exaggeration.

In response to recent calls for a better understanding of the connection between social enterprises and their environments , we focus on the influence of funding relationships on social impact measurement in social enterprises in Vietnam. We utilize resource dependence theory and take a multiple case study approach to explore the issue. The findings suggest that in order to understand and explain the social impact measurement behaviours of social enterprises and funding organizations, it is critical to understand the interdependence of the parties rather than focus on the technical issue of measurement alone. The paper contributes to the relatively scant but burgeoning theoretical foundations of the social impact measurement and social entrepre-neurship domains. Résumé En réponse aux récents appels pour une meilleure compré-hension du lien entre les entreprises sociales et leurs environnements, cet article s'intéresse surtout à l'influence que les relations de financement ont sur le mesure de l'impact social au sein des entreprises basées au Vietnam. Il s'appuie sur la théorie de la dépendance des ressources et sur l'étude de cas multiples. Les résultats révèlent que pour pouvoir comprendre et expliquer les comportements liés à la mesure de l'impact social des entreprises sociales et des organismes de financement, il est crucial de prendre en compte l'interdépendance des parties au lieu de se focaliser uniquement sur l'aspect technique de la mesure. L'article contribue aux fondements théoriques relativement jeunes, mais prometteurs, de la mesure de l'impact social et aux domaines de l'entrepreneuriat social.

The study aims to analyse how investors communicate and build relationships in the “new” Social webs. In addition, the paper aims to identify several kinds of technologies which individual investors use in the online context. To this end, the paper first shows an overview about the impacts that new finance websites have on investor relations (IR) online and then it presents an examination of expert investment communities. Finally, the paper focuses on the main implications of the investment relations management, considering the fact that they are strongly influenced by the increasing importance of interpersonal communication in web 2.0.

To cite this article: Tomasz Gackowski (2017) The idea of investor relations in the modern economy: a communication approach, Economic Research-Ekonomska Istraživanja, 30:1, 1-13, ABSTRACT The main goal of this article is to present systematic deduction of the idea of Investor Relations (IR) in a communication perspective. I have made a several specific distinctions to introduce the current concept of IR and how it has changed over the years. Moreover, I try to identify the most important aims of IR, as well as differentiate between its obligatory and optional aspects. The article includes comments on different sorts of information that is conveyed by companies to the financial community. The article present the differences between various definitions of IR. Furthermore, the article describes in what way the concept of IR originated and how it has evolved over the course of time – what kind of factors led to the changes in the significance of IR. Moreover, the article also outlines the basic tasks of an IR department, explaining the difference between IR and public relations (PR) and determining what is more powerful when it comes to shaping the opinions of the financial community: non-financial factors or financial factors. Consequently, the article presents a new reputational approach to the idea of IR in the modern economy.

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Corporate website is the first point of research by investors, analyst and the public at large. It is cost efficient to design and maintain while providing effective exposure and accessibility to the public. A good corporate website should be evaluated using the following criteria.

This book introduces the marketing & disclosure techniques which enable listed corporations to engage effectively with financial markets. These techniques are part of the discipline of Investor Relations (IR) which is the corporate function responsible for advising the senior officers of a listed company on the relationship between the company and the market for corporate stock. As a corporate function IR is very young in the UK but since the 1980s it has rapidly penetrated the highest levels of corporate management as its value becomes clearer. The marketing of corporate stock is a key part of the value of effective IR, although the highly regulated nature of the world’s leading stock markets means that a specialised form of marketing is required. Digital channels present great but under-utilised potential to contribute to ever more effective investor relations. Online platforms offer fast, comprehensive, economical, flexible and regulation-compliant methods of disclosing corporate information to investors, analysts and other relevant parties in the investment evaluation and decision making process. After establishing a marketing paradigm for information disclosure, the book examines the reasons for the very limited use of online technologies in corporate communications with investors. The book then documents the very sparse academic literature relating to online investor relations and describes ways in which digital mechanisms can facilitate publicly listed organisations building transparent, mutually-beneficial and lasting relationships with investors and financial analysts (“the City”) using both established and emerging online platforms and tools, within the constraints of the UK and US regulatory contexts, and financial markets’ traditions.  The problems with using “social media” in particular for disclosure are discussed and a number of risks connected with use of the new media are explored. The book concludes by summarising the key challenges facing investor marketing in the next decade.

Online communication has become one of the most frequently used tools for organizations to communicate with their stakeholders. Investor relations’ professionals are challenged to disseminate CSR and crisis situations in a manner that promotes satisfactory company reputation. This study aimed to analyze the effects of traditional and social media in crisis and routine messages of Dutch IR stakeholders. In an experiment, 57 participants evaluated either two traditional media messages (press releases) or two social media messages, one concerning a crisis situation and the other one concerning a CSR (routine) situation. Results indicated that responses towards the crisis messages held less positive attitudes towards the company and the message. Also, crisis messages had significant negative effects on intention to invest. No significant differences in preferences were found between traditional and social online media. IR stakeholders depended their actions on the types of messages of organizational situations rather than type of media. This study contributes to IR research areas concerning media preferences and differences in crisis communications. IR professionals should further elaborate on communication strategies that will diminish negative responses towards crisis messages.

Executive pay became a much discussed issue during the recent global financial crisis. Substantial research has been done in the United States and United Kingdom, while research in Australia is still limited, especially in terms of using the data for the financial crisis. This paper will investigate the relationship between Australian executives’ remuneration and their companies’ performance during the global financial crisis. Two approaches were used to examine the relationship: firstly, an investigation of the pay-for-performance relationship that existed during the global financial crisis; and secondly, checking the robustness test by using one year before-and-after data. The sample is taken from the Top 200 companies from the Australian Stock Exchange (ASX) list for 2007 and 2008. In order to achieve a better understanding of this relationship, a conceptual model has been developed. Results show that Australia’s business reward system is quite effective because executives’ remuneration were reduced by their respective companies when they underperformed during this particular crisis.

Overall, this study concludes that there is a positive and significant relationship between executives’ remuneration and company performance during the global financial crisis, with higher sensitivity to market-based performance measures than accounting-based performance measures.

In this fast-moving digital landscape, individual investors contemplate whether to be loyal to a specific company brand or not because of the proliferation of online financial communications. Hence, companies have to be attentive of the implications of the current marketing trend and the influence of the new media towards investors' behavior. With the increasing prominence of philanthropic marketing and online generated content, this study intends to understand which factors will influence individual investors' behavior in terms of their brand attitude and brand loyalty. Findings from this study will facilitate companies to improve their communication online and subsequently boost brand loyalty. Finally, this study will contribute to the theory of reasoned action (TRA) by integrating the signaling theory and consumer-company identification (C-C identification) concept within the financial communications perspective as limited studies have been steered using these theories and concept in trying to explain investors' brand loyalty.

Empirical evidence indicates that companies that reduce information asymmetry by
increased voluntary disclosures achieve several benefits, such as lower cost of capital,
improved pricing, and liquidity of their shares. Despite the possibility of such benefits,
many studies report varying degrees of voluntary disclosure behaviour that is
attributable to various factors. Recent studies indicate that investors’ investment
horizon has a significant effect on actions taken by management. Companies with
predominantly short-horizon investors spend less on research and development, invest
in shorter-term projects that are less profitable than longer-term projects, and are more
likely to manipulate earnings to meet short-term earnings expectations. This study
investigates whether investors’ investment horizon has an effect on the quality of
companies’ information environment.
Long-horizon investors should be familiar with their investee company’s risks and
rewards, using both their own internal information gathering processes and the
cumulative information disclosed by management over time. Moreover, over the
course of a long-term relationship, they can become familiar with management’s
capability to deliver long-term sustainable returns. Long-horizon investors should
therefore be less concerned with short-term fluctuations of earnings and
management’s public explanations and disclosures thereof. I hypothesise that higher
(lower) proportions of long-horizon investors are associated with lower (higher) quality
voluntary disclosure.
The shareholder familiarity hypothesis was tested in this study, using an ordinary least
squares regression. Voluntary disclosures were observed via the channel of
companies’ websites. A checklist was compiled of best practices for online investor
relations, and content analyses were conducted on the websites of 205 companies
listed on the Johannesburg Stock Exchange. Shareholder familiarity was proxied by
shareholder stability, measured over nine years. The stability measure was lagged by
one year to create a temporal difference between the shareholder profile and
disclosure behaviour. I found that companies with a profile of unstable investors that
are larger, younger, dual-listed and have a Big4 auditor have higher quality online investor relations practices. The hypothesis of a negative association between
shareholder familiarity and voluntary disclosure quality is therefore accepted.
This study extends the theory on information asymmetry and voluntary disclosure by
providing evidence supporting the argument that investor horizon is a predictor of
voluntary disclosure quality. The dictum of more is better does not hold in all scenarios.
It is important for financial directors and investor relations officers to establish the
investment horizon profile of their respective companies’ shareholders before they
embark on extensive disclosure programmes.

The purpose of the work is to establish a relationship between the information
asymmetry and the level of enterprise’s willingness to disclose information and between the
asymmetry index of investor relation (AIR) and the metrics describing the value of investors’
expectations in companies listed on the Warsaw Stock Exchange. Publicly traded companies
have a major influence over the indices of information asymmetry in relations to external
shareholders. For this reason, for the purpose of this study an asymmetry index of investor
relations (AIR) has been constructed. This metric represents a company’s ability to convey
information about its operations. AIR was based solely on the guidelines of value reporting as
proposed in the IC Rating™ Model [Jacobsen et al. 2005]. Adopting the IC Rating Model as
a basis for the AIR allowed to encompass all the information voluntarily disclosed by companies
to the market, and not only the disclosures required by legal regulations. As the metrics
describing the value of investors’ expectations were used: cost of equity (CE), future EVA
growth (FGV) and threshold market value added (threshold MVA). The study has been based
on stock market data, financial reports, and an analysis of the information published on the
websites of companies listed on the Warsaw Stock Exchange within the continuous trading
system, and for which all data necessary for the relevant calculations were available. As it has
been revealed there exist statistically significant correlations between asymmetry indicators
and investors’ expectations. Companies with a high willingness to disclose information are
more capable of creating investors’ expectations. There are also statistically significant correlations
between the indicators that represent the level of information asymmetry in investor
relations (AIR) and companies’ results

Investor relations and financial communication are an ongoing challenge for a company's governance. Good communication and a close relationship with the investors contribute to strengthening the company's image and confidence of all stakeholders. Research on this topic has identified the requirements underlying the effective communication of companies, namely the existence of a department on investor relations, communication strategy, practices used, the content of the communication and its effects. The purpose of the paper is to make an assessment of the level of communication registered by the Romanian companies listed on the main market at the Bucharest Stock Exchange, starting from the assessment made by the Romanian Investor Relations Association in correlation with factors that may influence communication, respectively the trading category in which the company is listed, profitability, dividends paid, form of ownership of the majority shareholder, existence of non-financial reporting. From the proposed econometric model, it resulted that all the variables tested influence the level of communication, of which the trading category and the existence of non-financial reporting are most closely related. The level of communication with investors of Romanian companies is still low, but it has an upward evolution over time, so that at the next evaluation it will be possible to ascertain the amplitude of this evolution and other influencing factors will be identified.

Purpose-The purpose of this paper is to determine whether companies recognised for the quality of their sustainability reporting are also adopting investor relations (IR) best practices for their IR webpages. Quality communications to all stakeholder groups may then speak to organisational transparency and integrated corporate communication management (CCM). Design/methodology/approach-An ordinary least squares regression model was developed to test the hypothesis that companies with quality sustainability reporting also adopts best practices in online IR. Sustainability reporting quality was signalled by inclusion of the company in a socially responsible investment (SRI) index. IR quality was proxied by disclosure scores compiled from content analyses of investor relations webpages. Findings-This study find that inclusion in the SRI Index was positively and significantly associated with online IR quality, while controlling for other variables associated with voluntary disclosure behaviour. Practical implications-For retail and institutional investors in SRI Index companies, cost of information discovery is reduced as they can use the investor relations webpages as comprehensive source. Originality/value-This study contributes to the literature on corporate transparency by operationalising reporting "transparency" in that it considers the combined communications output to both financial and non-financial stakeholder groupings. A 2 Â 2 conceptual framework for corporate disclosures is proposed that reconciles legitimacy theory and voluntary disclosure theory as motivations. It also contributes to the paucity of research on the links between public relations and investor relations in corporate communications by demonstrating a joint contribution to transparency.

IR manager has faced strong resistance and negative attitude from capital market players. The analyst has given negative sell comments and confirmed gloomy prospect of the company as large restructuring and failed acquisition have led to significant losses and even the best performing division are now in red ink. Investors have lost faith of UT which could not keep its promise to increase profits and have talked about the same promise for the past 6 years during press release. The Wall Street has not been able to find a reasonable valuation of the company as there is no comparables to benchmark.

Executive remuneration has been the subject of close scrutiny, huge public outcries and criticisms in the recent past in South Africa. This has invariably attracted unprecedented research interest across different sectors of the economy. Various studies on executive remuneration versus corporate performance have been conducted across South African companies with no finite consensus. This study joins the debate with the hope of reaching common understanding on the relationship between the two variables. The study seeks to investigate the relationship between CEO remuneration and company performance on the Johannesburg Stock Exchange Listed (JSE) Companies from 2010 to 2015. In particular, the focus of the study was to determine if these two constructs were correlated and aligned with the corporate governance principles. The study, employed a deductive methodological approach, based on a longitudinal, descriptive quantitative design. Purposive sampling technique was used to select the...

Recent behavioural research indicate that non-textual cues are relayed during investor and analyst presentations that influences investors' judgement. The first objective of this study was to investigate to what extent Johannesburg Stock Exchange (JSE) listed companies provide media from these presentations on their investor relations webpages. A second objective was to determine whether industry differences exist in the availability and usability of these presentations on the webpages. Findings indicate that although many companies provided PDFs of slides and handouts of presentations, very few provided audio or visual recordings of these events. No significant industry association could be discerned, although Basic Resources companies performed best. This study highlights that JSE-listed companies were not making the most of available investor communication channels to convey subtle non-textual information cues. Institutional investors and analysts participating in presentations have informational advantages over retail investors who have to rely on textual reports, if any.

Investors form an integral part of a company, and therefore the way a company communicates to its investors is crucial to their success. The aim of this study is to shed a light on the reactions of Dutch investors towards crisis and routine communication; incorporating both media channel selection and the influence of years of investment experience to obtain a clearer understanding of investor relation communication. Participants of this study were divided into two groups, one group saw a crisis and a routine press-release and the other group saw a crisis and a routine tweet. Results indicated that the media channel made almost no difference in the reaction of the respondent towards crisis or routine communication. Investment experience did seem to make a difference in the investor’s attitude towards the company, more experience yielded less significant results between crisis and routine communication. Therefore it could be stated that Dutch investors with more years of investing experience are less affected by the crisis message of a company they have invested in.