investor relations 2.0 international benchmark study 2011 / university of leipzig
TRANSCRIPT
1 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Investor relations 2.0 – An international benchmark study
Kristin Koehler, M.A. University of Leipzig | Institute of Communication and Media Studies | August 2011
2 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Content
Outline of the study
Research design
Empirical insights
Best practices
Summary of findings
3 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Outline of the study
_ Online content analysis of top 30 listed businesses in the United States (Dow Jones Industrial Average), Germany (DAX), UK (FTSE), France (CAC) and Japan (Nikkei)
_ In addition, comparison of the IR 2.0 engagement of German companies listed in DAX, MDAX, TecDAX and SDAX
_ Longitudinal design for German and U.S. indices: first IR 2.0 study conducted in 2009 (see DIRK research edition, vol. 17, Köhler, K. (2010): Investor relations and social media)
_ Organized by the University of Leipzig, Kristin Koehler, M.A.
_ Thanks to Melanie Gerasch and Isabel Reinhardt for their support
4 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Outline of the study
Aims and focus
_ Monitoring the status quo in the field of investor relations 2.0 in an international context
_ Identifying trends and developments for German and U.S. businesses
_ Identifying best practices
_ Comparing use of social media for IR purposes in different countries and cultural settings
5 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Research design
_ Online content analysis of 280 listed companies in GER, USA, GB, FRA, JPN: Investor relations websites and presence with IR topics on Facebook, Twitter, YouTube and SlideShare
_ Analysis included platforms and tools, predominant functions, topics, ratio between obligatory information and published news via social media, possibility for feedback and dialogue with stakeholders
_ Ranking in regard to investor relations 2.0 engagement index
_ Period of analysis: December 2010 – May 2011
_ Independent variables: industrial sector, sales market, index membership
_ Methods of empirical research, descriptive and analytical analysis (using SPSS for statistical analysis)
See Koehler (2011) for further readings.
6 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Overview obligatory and optional online investor relations
Source: Own display in reference to Köhler, 2010; Weber, 2009
8 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Investor relations 2.0 engagement index
IR 2.0 engagement index (IIR2.0) comprises internal and external IR 2.0 engagement. Internal = Social media on the IR website; External = external social networks or platforms, here: Twitter, Facebook, YouTube, or SlideShare. Index values for the overall score ranged from 0 to 1,280 with low engagement on a level of 0 !"IIR2.0 !#$$%"&'()*&"'+,-,'&'+."/+"-"0'1'0"/2"#$$"!"IIR2.0 !3$$"-+("4),4"'+,-,'&'+."/+"-"0'1'0"of IIR2.053$$6
Engagement index
9 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
U.S. and German companies outperform
RANKING IR2.0ENGAGEMENT
Companies
Ranking IR 2.0 / internal (in comparison to 2009)
Ranking IR 2.0 / external (in comparison to 2009)
Ranking IR 2.0 / overall (in comparison to 2009)
1 Cisco Systems Inc. (4) DJIA Alcoa Inc. (1) DJIA Cisco Systems Inc. (5) DJIA
2 General Electric Co. (1) DJIA BASF SE (30) DAX General Electric Co. (1) DJIA
3 SAP AG (2) DAX Deutsche Bank AG (10) DAX SAP AG (2) DAX
4 HewlettPackard Co. (3) DJIA BMW AG (13) DAX HewlettPackard Co. (7) DJIA
5 AT&T Inc. (66) DJIA Chevron Corp. (15) DJIA AT&T Inc. (22) DJIA
6 Intel Corp. (6) DJIA SAP AG (4) DAX Intel Corp. (10) DJIA
7 Alcoa Inc. (25) DJIA AlcatelLucent SA () CAC Alcoa Inc. (3) DJIA
8 BAYER AG (12) DAX Cisco Systems Inc. (6) DJIA BAYER AG (23) DAX
9 Daimler AG (10) DAX Lafarge SA () CAC Daimler AG (12) DAX
10 Boeing Co. (43) DJIA Daimler AG (9) DAX BASF SE (27) DAXN = 150. Comparison could only be conducted for German DAX listed and U.S. DJIA listed companies. Changes in: DAX: sorted out: Salzgitter AG, new: HeidelbergCement
AG; DJIA: no changes. For the 2009 research results cf. Köhler, 2010 (N = 190; indices analysed: DAX, DJIA, MDAX, SDAX, TecDAX).Score IR 2.0 / internal = ((no. of dialogical
tools *3) + (no. of tools * 2) + (no. of social media publications on IR website * functions (1‐4) * degree of implementation (0‐3)) + (no. of social media publications with
feedback or comment function on IR website * 3) + (no. of social media publications on IR website / no. of IR releases traditionally published)). Score IR 2.0 / external =
((no. IR channels * 3) + (no. of channels with IR topics * 2) + (no. of social media publications on external platforms) + (no. of social media publications on external
platforms / no. of IR releases traditionally published)). Score IR 2.0 / overall = ((Score IR 2.0 / internal) + (Score IR 2.0 / external)).
10 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
U.S. blue chips even more engaged than German DAX; social networks remain underrepresented
Mean values scores
11 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
95 per cent use social media on their IR website; webcast and RSS feed on top position
N = 142. Number of companies using the mentionend applications on IR website. Other: e.g. social media survey, live stream without filing, instant messaging reminder, skype, virtual shareholder magazines. Share button includes Facebook “like” button and tweet button.
0
5
10
15
20
25
30RSS feed
Podcast
Webcast
Video cast
Weblog
Chat
Wiki
Share button
IR app
Other
Overview applications on IR website
DJIA DAX FTSE CAC NIKKEI
12 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Companies increasingly link to external platforms from their IR website
N = 142 (no. of companies with social media on IR website). Number of companies with links to external social media platforms from their IR website. Other: e.g. LinkedIn, Scibd, Dailymotion, FourSquare.
12
17
10
2
3
3
4
7
4
3
2
2
2
7
4
0
1
2
5
5
4
0
1
1
0
0
0
0
0
0
0 5 10 15 20
Link to Facebook
Link to Twitter
Link to YouTube
Link to SlideShare
Link to FlickR
Link to other
NIKKEI CAC FTSE DAX DJIA
12
17
10
2
4
6
4
0
4
7
4
3
2
7
3
0
0 5 10 15 20
Link to Facebook
Link to Twitter
Link to YouTube
Link to SlideShare
DAX 2009 DAX 2011 DJIA 2009 DJIA 2011
No. of companies with links to external platforms
13 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Majority is still sceptical and does not experiment with more than 5 different tools
0
5
10
15
20
25
30DJIA
DAX
FTSECAC
NIKKEI
Overview no. of different tools on IR website
15 different tools 610 different tools More than 10 different tools
N = 142 (no. of companies with social media on IR website). Number of companies using different tools on IR website.
14 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
American blue chips are most engaged; Japanese companies lack behind
N = 142 (no. of companies with social media on IR website). Number of publications via social media (e.g. videos, audio recordings, audiovisual presentations) on IR website.
29
126
199
249
213
0 0
140
0 1
22
108
133
157
33
0 115
11017
34
105
67
100 0
54
1 2
237
95
21 20
0 0
25
0 717
618
3 0 0 0
36
0 40
50
100
150
200
250
300
RSS feed Podcast Webcast Video cast Weblog Chat Wiki Share button
IR app Other
Comparison no. of publications via social media
DJIA DAX FTSE CAC NIKKEI
15 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
DJIA: Increased social media usage in comparison to 2009; especially blogs gain importance
N = 30 (no. of DJIA listed companies using different tools on IR website).
2518
28
134 0 0
90
29
1426
1710
0 014
0
25
85
221
281
4 0 09
0
29
126
199
249
213
0 0
140
00
50
100
150
200
250
300
RSS feed Podcast Webcast Video cast Weblog Chat Wiki Share button IR app
DJIA 2009 to 2011 / Social media on IR website
DJIA (no. of companies 2009) DJIA (no. of companies 2011)
DJIA (no. of publications 2009) DJIA (no. of publications 2011)
16 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
DAX: Podcast lost ground; no significant improvements in IR 2.0 practice
N = 29 (no. of DAX listed companies using different tools on IR website).
2115
26
13
2 1 06
0
22
13
27
12
3 0 1
15
1
21
138
109
123
2 1 06
0
22
108
133
157
33
0 1
15
10
20
40
60
80
100
120
140
160
180
RSS feed Podcast Webcast Video cast Weblog Chat Wiki Share button IR app
DAX 2009 to 2011 / Social media on IR website
DAX (no. of companies 2009) DAX (no. of companies 2011)
DAX (no. of publications 2009) DAX (no. of publications 2011)
17 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
On a low level, dialogical approaches are on the rise
N = 142 (no. of companies with social media on IR website). Number of tools and publications via social media on IR website.
240
14
47
8
28
2
28
1
2
0
0 100 200 300
Publications with feedback or comment
function
Tools with feedback or comment function
Overview no. of dialogical tools on IR
website
NIKKEI CAC FTSE DAX DJIA
240
14
61
3
47
8
4
3
0 200 400
Publications with feedback or comment
function
Tools with feedback or comment function
DJIA / DAX 2009 to 2011
DAX 2009 DAX 2011 DJIA 2009 DJIA 2011
18 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Most blue chips communicate on at least one of the social networks with IR participation
N = 118. Number of companies within the sample on external platforms (here: Facebook, Twitter, YouTube, or SlideShare); all topics.
3
7
11
22
1
29
2
7
11
17
2
28
0
6
13
18
0
22
0
3
8
14
0
24
0
1
2
6
0
15
0 10 20 30 40
IR engagement on all 4 platforms
IR engagement on 3 platforms
IR engagement on 2 platforms
IR engagement on at least 1 of the external platforms
Specific IR channel/account on at least 1 of the external platforms
Company’s presence on at least 1 of the external platform (all topics)
Overview external engagement
NIKKEI CAC FTSE DAX DJIA
2
7
11
17
2
28
0
1
6
16
2
28
3
7
11
22
1
29
0
3
2
20
0
26
0 20 40
IR engagement on all 4 platforms
IR engagement on 3 platforms
IR engagement on 2 platforms
IR engagement on at least 1 of the external
platforms
Specific IR channel/account on at least 1 of the external
platforms
Company’s presence on at least 1 of the external platform (all
topics)
DJIA / DAX 2009 to 2011
DJIA 2009 DJIA 2011 DAX 2009 DAX 2011
19 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Twitter and YouTube as top channels for the publication of IR relevant topics regarding no. of companies
34
3
0 01
0 0 0 0
14
11
13
8
4
0 0 0 0 0
18
14
16
13
4
0
2
0 0 0
7 7
54
10 0 0 0 0
0
2
4
6
8
10
12
14
16
18
20
DJIA DAX FTSE CAC NIKKEI
Overview IR presence in social networks
IR presence on SlideShare IR SlideShare channelIR presence on YouTube IR YouTube channelIR presence on Twitter IR Twitter channelIR presence on Facebook IR Facebook channel
N = 77. Number of companies on external platforms with IR topics (here: Facebook, Twitter, YouTube, or SlideShare).
20 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
However, specific IR channels remain at a low level
N = 39. Number of DJIA and DAX companies on external platforms with IR topics (here: Facebook, Twitter, YouTube, or SlideShare).
3
1
14
0
18
0
7
00 0
5
0
9
0
4
0
4
0
11
0
14
2
7
01
0
9
0
12
2 2
00
2
4
6
8
10
12
14
16
18
20
IR presence on SlideShare
IR SlideShare channel
IR presence on YouTube
IR YouTube channel
IR presence on Twitter
IR Twitter channel
IR presence on Facebook
IR Facebook channel
Comparison DJIA & DAX / IR presence in social networks
DJIA 2011 DJIA 2009 DAX 2011 DAX 2009
21 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Most intense use of Twitter and Facebook regarding no. of publications
N = 77 (No. of companies on external platforms with IR topics). Number of publications on external platforms (here: Facebook, Twitter, YouTube, or SlideShare).
598
18
84
375
121
531
7
70
326
128
242
2
24
195
21
185
0
17
148
20
70
0
1
69
0
0 100 200 300 400 500 600 700
Publications on external platforms
Presentations on SlideShare
Videos on YouTube
Tweets and retweets on Twitter
Posts and comments on Facebook
NIKKEI CAC FTSE DAX DJIA
18
84
375
121
0
35
447
55
7
70
326
128
2
38
440
14
0 100 200 300 400 500
Presentations on SlideShare
Videos on YouTube
Tweets and retweets on Twitter
Posts and comments on Facebook
DAX 2009 DAX 2011 DJIA 2009 DJIA 2011
Overview no. of publications on external platforms
22 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Social media are used for information and interpretion; networking remains marginally considered
15
93
22
111
95
45
107
28
33
11
17
9
7
1
4
2
0 20 40 60 80 100 120
Basic functions of social media on the IR website: information
Basic functions of social media on the IR website: structuring
Basic functions of social media on the IR website: interpretation
Basic functions of social media on the IR website: networking
Basic functions of social media (no. of companies)
fully applicable (100 per cent) largely applicable (5075 per cent) partly applicable (2550 per cent) not applicable (0 per cent)
Basic functions of social software, see Zerfaß & Sandhu, 2008: information (e.g., RSS feeds), structuring (e.g., social bookmarks, wikis), interpretation (e.g., podcasts, video casts, and blogs) and networking (e.g., social communities). Category in content analysis: Degree to which each function is fulfilled: 3 = fully applicable (to 100 per cent appropriate), 2 = largely applicable (to 5075 per cent appropriate), 1 = partly applicable (to 2550 per cent appropriate), 0 = not applicable (to 0 per cent appropriate). N = 142 (category analyzed for companies using social media on the IR website).
23 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Differences between indices: FTSE and CAC use social media for interpretation, Nikkei only for information, DJIA and DAX are most balanced on a low level
Countryspecific characteristics of investor relations 2.0
Social media function N Average SD F p
Information DAX 30 1.30 0,651 3.806 0.006DJIA 30 1.47 0.681FTSE 30 1.10 0.607CAC 30 0.87 0.507NIKKEI 30 1.33 0.802
Structuring DAX 30 0.67 0.661 3.266 0.013DJIA 30 0.63 0.718FTSE 30 0.47 0.776CAC 30 0.43 0.568NIKKEI 30 0.13 0.434
Interpretation DAX 30 1.07 0.450 10.758 < 0.001DJIA 30 1.33 0.711FTSE 30 1.23 0.504CAC 30 0.97 0.414NIKKEI 30 0.50 0.572
Networking DAX 30 0.50 0.861 16.616 < 0.001DJIA 30 1.00 0.743FTSE 30 0.10 0.305CAC 30 0.10 0.305NIKKEI 30 0.03 0.183
Basic functions of social software, see Zerfaß & Sandhu, 2008: information (e.g., RSS feeds), structuring (e.g., social bookmarks, wikis), interpretation (e.g., podcasts, video casts, and blogs) and networking (e.g., social communities). Category in content analysis: Degree to which each function is fulfilled: 3 = fully applicable (to 100 per cent appropriate), 2 = largely applicable (to 5075 per cent appropriate), 1 = partly applicable (to 2550 per cent appropriate), 0 = not applicable (to 0 per cent appropriate). N = 150 (category analysed for companies using social media on the IR website). Average = mean score; SD = standard deviation; F = Fratio for oneway ANOVA Ftest statistic. Results significant for p < 0.05. Rounded figures. Significant differences between groups (here: indices) according to social media functions found. Post hoc tests revealed further insights, see Koehler (2011).
24 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Financials, CSR and nonstandard issues as most common topics
Topics
25 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Software, technology and telecommunications outperform, but no significant correlation between industrial sector and IR engagement could be found
Mean values industrial sector
Oneway ANOVA tests found no significant differences between the groups (p > 0.05).
26 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Surprisingly, B2B more engaged in social media when it comes to financial communications
Mean values sales market
Oneway ANOVA tests found no significant differences between the groups (p > 0.05).
27 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Within German companies, DAX outperforms but smaller indices significantly gain ground
N = 115 (2011) / 95 (2009). Number of companies with internal IR 2.0 engagement, German indices only.
29
41
20
25
29
35
16 15
0
5
10
15
20
25
30
35
40
45
DAX MDAX TecDAX SDAX
Social media usage on IR website
Social media on IR website 2011 Social media on IR website 2009
28 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Findings for German indices correspond with data for international usage: screencasts on top
N = 115 (2011) ) / 95 (2009). Number of companies with internal IR 2.0 engagement, German indices only. Other: e.g. social media survey, live stream without filing, instant messaging reminder, skype, virtual shareholder magazines. External link: Link to external social media platforms (e.g. FourSquare, LinkedIn, Facebook, Twitter).
051015202530RSS feed
Podcast
Webcast
Video cast
Weblog
Chat
Wiki
Share button
External link
IR app
Other
Feedback tools
Overview applications on IR
website 2011
DAX MDAX TecDAX SDAX
051015202530RSS feed
Podcast
Webcast
Video cast
Weblog
Chat
Wiki
Share button
External link
IR app
Other
Feedback tools
Overview applications on IR
website 2009
DAX MDAX TecDAX SDAX
29 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
German IROs gradually pay attention to external platforms, also among small and mid caps
N = 51 (2011) / 27 (2009). Number of companies with IR 2.0 engagement on external platforms (here: YouTube, Twitter, Facebook, SlideShare); German indices only.
4
1
3
1 1
0
1
00 0 0 0 0 0
1
0
11
9
4
0
3
2
1 1
0 0 0 0 0 0
1
0
14
12
14
4
8
4
7
3
2 2 2
1
2
1 1 1
7
2
7
2
3
1
3
1
0 0
2
1
0 0
1
00
2
4
6
8
10
12
14
16
DAX 2011 DAX 2009 MDAX 2011 MDAX 2009 TecDAX 2011 TecDAX 2009 SDAX 2011 SDAX 2009
Overview IR presence in social networks
IR presence on SlideShare IR SlideShare channel IR presence on YouTube IR YouTube channel
IR presence on Twitter IR Twitter channel IR presence on Facebook IR Facebook channel
30 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
However, specific IR channels are not yet perceived valuable for financial communications at large; improvements within small and mid caps
N = 51 (2011) / 27 (2009). Number of companies with IR 2.0 engagement on external platforms (here: YouTube, Twitter, Facebook, SlideShare); German indices only. Specific IR channels: YouTube: Gesco AG (SDAX); Twitter: Deutsche EuroShop AG, HHLAG (both MDAX), Qiagen, QSC AG (both TecDAX), Balda AG (SDAX); Facebook: Deutsche EuroShop AG, HHLAG (both MDAX), C.A.T. oil AG (SDAX); SlideShare: Balda AG (SDAX).
2
01
0 0 0 0 0
7
1
3
12
10 0
11
67
2
4
2 2
0
1716
15
4
9
4
10
4
2 2 21
21
21
0
2
4
6
8
10
12
14
16
18
DAX 2011 DAX 2009 MDAX 2011 MDAX 2009 TecDAX 2011 TecDAX 2009 SDAX 2011 SDAX 2009
Overview no. of publications on external platforms
IR engagement on all 4 platforms
IR engagement on at least 3 platforms
IR engagement on at least 2 platforms
IR engagement on at least 1 of the external platforms
Specific IR channel/account on at least 1 of the external platforms
32 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
BASF (DAX) as IR 2.0 pioneer
33 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Allianz (DAX) offers investor relations app
34 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Online shareholder meeting by Walmart (DJIA)
35 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
elringklinger (MDAX) introduced live chat with CEO
36 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Surprisingly, Deutsche Bank (DAX) canceled present live chat with retail investors in 2011
37 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Bayer (DAX) interested in shareholders‘ social media demands
38 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Deutsche EuroShop (MDAX) launched IR blog
39 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
AlcatelLucent (CAC) with no specific IR blog but corporate one deals with IR topics
40 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
IBM (DJIA) offers RSS feeds for specific IR occasions
41 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Deutsche Beteiligungs AG (SDAX) includes feedback function in webcast presentation
42 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Munich RE (DAX) with specific shareholders‘ portal
43 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Mitsubishi (Nikkei) with investors‘ newsroom
44 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
SABMiller (FTSE) with special IR website on takeover
45 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Deutsche Boerse (DAX) and Nyse Euronext provide similar online services
46 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Even though highly sensitive, social media seem applicable to accompany M&A transactions / AT&T (DJIA) with videos, blog posts, webcasts
47 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
SAP (DAX) investor relations Twitter channel
48 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Deutsche Euroshop (MDAX) proves that broad social media engagement does not necessarily demands high personal ressources
49 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Summary of findings
_ Social media gained importance within investor relations departments
_ Internationally, U.S. blue chips are on the forefront
_ However, German companies outperform in comparison to French, Japanese or British ones
_ Social media networks and other external platforms are still underrepresented in online IR
_ Most companies employ different social media tools on their IR website and support their online financial communications in regard to interactive features, multimedia, but not shareholder dialogue or networking
_ Best practices prove adaptability of social media within investor relations
_ Further research is dedicated to focus on users‘ demands: Are social media really appropriate for investor relations purposes? Which would be the right channels? Which would be the appropriate type of communication?
_ Countryspecific differences within the recent study are critical for further analysis (cultural differences as well as characteristics of the occupational field, online usage patterns, etc.)
50 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
References
_ Köhler, K. (2011). Investor relations 2.0 – Status quo of online financial communications. Paper presented at EUPRERA annual conference, Leeds, UK, September 2011.
_ Köhler, K. (2010). Investor Relations und Social Media. Benchmarkstudie zur Praxis der Finanzkommunikation im Web 2.0 bei börsennotierten Unternehmen in Deutschland [Investor relations and social media]. DIRK Forschungsreihe, Vol. 17. Mu !nchen: Going Public Media AG.
_ Weber, C. (2009). OnlineFinanzkommunikation [Online financial communications]. In K. R. Kirchhoff & M. Piwinger (Eds.) Praxishandbuch Investor Relations. Das Standardwerk der Finanzkommunikation [Handbook investor relations], (2nd rev. Ed.) (pp. 393414). Wiesbaden: Gabler.
_ Zerfaß, A. & Sandhu, S. (2008). Interaktive Kommunikation, Social Web und Open Innovation. Herausforderungen und Wirkungen im Unternehmenskontext [Interactive communication, social web and open innovation. Challenges and effects for organizations]. In A. Zerfaß, M. Welker & J. Schmidt (Eds.) Kommunikation, Partizipation und Wirkungen im Social Web. Band 2: Strategien und Anwendungen: Perspektiven für Wirtschaft, Politik, Publizistik [Communication, participation and effects of the social web. Volume 2: Perspectives for business, politics and the media] (pp. 283310). Köln: Herbert von Halem Verlag.
51 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Appendix: Index composition
_ Each index represents the top listed companies in the respective country/at the respective stock exchange.
_ From each index, the top 30 constituent companies according to weight within size indices were chosen to enable a comparative design: The German DAX and the U.S. DJIA both consist of 30 values. The Japanese Nikkei comprises 225, the French CAC 40 and the UK based FTSE 100 the 100 most highly capitalized listed companies. DJIA and NIKKEI are priceweighted stock market indeces; DAX, CAC and FTSE are marketvalueweighted indeces.
_ Index composition according to January 6, 2011.
_ DJIA: 3M Co., Alcoa Inc., American Express Co., AT&T Inc., Bank of America Corp., Boeing Co., Caterpillar Inc., Chevron Corp., Cisco Systems Inc., CocaCola Co., E.I. DuPont de Nemours & Co., Exxon Mobil Corp., General Electric Co., HewlettPackard Co., Home Depot Inc., Intel Corp., International Business Machines Corp., Johnson & Johnson, JPMorgan Chase & Co., Kraft Foods Inc., McDonald's Corp., Merck & Co. Inc., Microsoft Corp., Pfizer Inc., Procter & Gamble Co., Travelers Cos. Inc., United Technologies Corp., Verizon Communications Inc., WalMart Stores Inc., Walt Disney Co.
52 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Appendix: Index composition cont‘d
_ DAX: adidas AG, Allianz SE, BASF SE, Bayer AG, Beiersdorf AG, BMW AG, Commerzbank AG, Daimler AG, Deutsche Bank AG, Deutsche Börse AG, Deutsche Lufthansa AG, Deutsche Post AG, Deutsche Telekom AG, E.ON AG, Fresenius Medical Care AG & Co. KGaA, Fresenius SE, HeidelbergCement AG, Henkel AG & Co. KGaA, Infineon Technologies AG, K+S AG, Linde AG, MAN SE, Merck KGaA, Metro AG, Münchener Rück AG, RWE AG, SAP AG, Siemens AG, ThyssenKrupp AG, Volkswagen AG
_ FTSE: Anglo American plc, AstraZeneca plc, Aviva plc, BAE Systems plc, Barclays plc, BG Group plc, BHP Billiton plc, BP plc, British American Tobacco plc, BT Group plc, Centrica plc, Diageo plc, GlaxoSmithKline plc, HSBC Holdings plc, Imperial Tobacco Group plc, Lloyds Banking Group plc, National Grid plc, Prudential plc, Reckitt Benckiser Group plc, Rio Tinto Group plc, RollsRoyce Holdings plc, Royal Dutch Shell plc, SABMiller plc , Scottish and Southern Energy plc, Standard Chartered plc, Tesco plc, Tullow Oil plc, Unilever plc, Vodafone Group plc, Xstrata plc
53 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Appendix: Index composition cont‘d
_ CAC: Air Liquide SA, AlcatelLucent SA, Alstom SA, Arcelormittal SA, AXA SA, BNP Paribas SA, Carrefour SA, Credit Agricole SA, Danone SA, EADS, Essilor Intl. SA, France Telecom SA, GDF Suez SA, L'Oréal SA, Lafarge SA, LVMH SA, Michelin SCA, Pernod Ricard SA, PPR SA, Renault SA, Saint Gobain SA, SanofiAventis SA, Schneider Electric SA, Societe Generale SA, Total SA, UnibailRodamco SA, Vallourec SA, Veolia Environ. SA, Vinci SA, Vivendi SA
_ Nikkei: Canon Inc., Denso Corp., East Japan Railway Co., Fanuc Corp., Hitachi Ltd., Honda Motor Co. Ltd., Inpex Corp., Japan Tobacco Inc., KDDI Corp., Komatsu Ltd., Kyocera Corp., Mitsubishi Corp., Mitsubishi Electric Corp., Mitsubishi Estate Co. Ltd., Mitsubishi UFJ Financial Group Inc., Mitsui & Co. Ltd., Mizuho Financial Group Inc., Nippon Steel Corp., Nissan Motor Co. Ltd., NTT Corp., Panasonic Corp., Seven & I Holdings Co. Ltd., ShinEtsu Chemical Co. Ltd., Softbank Corp., Sony Corp., Sumitomo Corp., Takeda Pharmaceutical Co. Ltd., Tokyo Marine Holdings Inc., Toshiba Corp., Toyota Motor Corp.
(Weighting of Nikkei 225 index's components according to market capitalisation)
54 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Appendix: Index composition cont‘d
_ German indixes TecDAX, MDAX and SDAX are marketvalueweighted indeces.
_ Index composition according to January 6, 2011.
_ All companies within each German index were part of analysis.
_ MDAX: Aareal Bank AG, Aurubis AG, Axel Springer AG, BayWa AG, Bilfinger Berger SE, Brenntag AG, Celesio AG, Continental AG, Demag Cranes AG, Deutsche EuroShop AG, Deutsche Wohnen AG, Douglas Holding AG, ElringKlinger AG, EADS, Fielmann AG, Fraport AG, Fuchs Petrolub AG, GAGFAH S.A., GEA Group Aktiengesellschaft, Gerresheimer AG, Gildemeister AG, Hamburger Hafen und Logistik AG, Hannover Rückversicherung AG, Heidelberger Druckmaschinen AG, Hochtief AG, Hugo Boss AG, IVG Immobilien AG, Kabel Deutschland Holding AG, Klöckner & Co. SE, Krones AG, LANXESS AG, Leoni AG, MTU Aero Engines Holding AG, Praktiker Bau und Heimwerkermärkte Holding AG, ProSiebenSat.1 Media AG, Puma AG, Rational AG, Rheinmetall AG, RHÖNKLINIKUM AG, Salzgitter AG, SGL Carbon SE, Sky Deutschland AG, STADA Arzneimittel AG, Südzucker AG, Symrise AG, Tognum AG, TUI AG, Vossloh AG, Wacker Chemie AG, WINCOR NIXDORF Aktiengesellschaft
55 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Appendix: Index composition cont‘d
_ TecDAX: ADVA Optical Networking, Aixtron AG, BB Biotech AG, Bechtle AG, Carl Zeiss Meditec AG, centrotherm photovoltaics AG, Conergy AG, Dialog Semiconductor plc, Drägerwerk AG & Co. KGaA, Drillisch AG, EVOTEC AG, Freenet AG, Jenoptik AG, Kontron AG, Manz Automation AG, MorphoSys AG, Nordex AG, Pfeiffer Vacuum Technology AG, Phoenix Solar AG, QCells SE, Qiagen, QSC AG, Roth & Rau AG, Singulus Technologies, SMA Solar Technology AG, Software AG, SolarWorld AG, STRATEC Biomedical Systems AG, United Internet AG, Wirecard AG
_ SDAX: Air Berlin PLC, alstria office REIT AG, Amadeus Fire AG, Balda AG, Bauer AG, Bertrandt AG, Biotest AG, C.A.T. oil AG, CENTROTEC Sustainable AG, CeWe Color Holding AG, Colonia Real Estate AG, comdirect bank AG, Constantin Medien AG, CTS Eventim AG, Delticom AG, Deutsche Beteiligungs AG, DEUTZ AG, DIC Asset AG, Dürr AG, elexis AG, Gerry Weber International AG, Gesco AG, GfK SE, Grammer AG, GRENKELEASING AG, H&R WASAG AG, Hawesko Holding AG, Highlight Communications AG, Homag Group AG, Hornbach Holding AG, Indus Holding AG, Jungheinrich AG, Koenig & Bauer AG, KUKA AG, KWS SAAT AG, Medion AG, MLP AG, MVV Energie AG, PATRIZIA Immobilien AG, Pfleiderer AG, SAF Holland S.A., Sixt AG, SKW StahlMetallurgie Holding AG, Ströer Outofhome Media AG, TAG Immobilien AG, TAKKT AG, Tipp24 SE, TOM TAILOR Holding AG, VTG AG, Wacker Neuson SE
56 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Copyright and reproduction of results
_ The material presented in this document represents empirical insights and interpretation by the author. It is intellectual property subject to international copyright. Publication date: August 2011.
_ You are welcome to quote from the content of this survey and reproduce any graphics, subject to the condition that the source including the internet address is clearly quoted and depicted on every chart.
_ Suggested citation for this document (APA style)
Koehler, K. (2011): Investor relations 2.0. An international benchmark study (Chart Version). Leipzig: University of Leipzig (available at: http://www.slideshare.net/communicationmanagement)
57 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de
Contact
Kristin Koehler, M.A.
University of Leipzig, Germany
Research AssistantInstitute of Communication and Media StudiesDepartment Communication Management and Public Relations(Prof. Dr. Ansgar Zerfass)
kristin.koehler@unileipzig.dewww.communciationmanagement.de