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Studieninformationstag 2010 Investor relations 2.0 – An international benchmark study Kristin Koehler, M.A. University of Leipzig | Institute of Communication and Media Studies | August 2011 1 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de Content Outline of the study Research design Empirical insights Best practices Summary of findings 2 / 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 3 / 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 4 / 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. 5 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de Overview obligatory and optional online investor relations Source: Own display in reference to Köhler, 2010; 6 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de Weber, 2009 Empirical insights 7 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de Investor relations 2.0 engagement index 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 8 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de U.S. and German companies outperform RANKING IR­2.0­ENGAGEMENT Companies Ranking IR 2.0 / internal (in Ranking IR 2.0 / external (in Ranking IR 2.0 / overall (in comparison to 2009) comparison to 2009) 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) DAX N = 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)). 9 / 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 10 / 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 Overview applications on IR website RSS feed 30 Other 25 Podcast 20 15 IR app 10 Webcast 5 0 Share button Video cast Wiki Weblog Chat DJIA DAX FTSE CAC NIKKEI 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. 11 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de Companies increasingly link to external platforms from their IR website No. of companies with links to external platforms 0 1 Link to other 2 2 3 0 3 0 Link to SlideShare 1 0 Link to FlickR 1 2 2 3 3 4 0 Link to YouTube 0 4 Link to SlideShare 0 10 3 2 7 7 0 Link to Twitter 4 6 Link to YouTube 4 17 4 10 2 4 Link to Facebook 0 4 5 12 Link to Twitter 7 7 17 0 5 10 15 20 0 5 DAX 2009 DAX 2011 DJIA 2009 DJIA 2011 Link to Facebook 2 4 12 0 5 10 15 20 NIKKEI CAC FTSE DAX DJIA 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 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de Majority is still sceptical and does not experiment with more than 5 different tools Overview no. of different tools on IR website DJIA 30 25 20 15 NIKKEI 10 DAX 5 0 CAC FTSE 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. 13 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de American blue chips are most engaged; Japanese companies lack behind Comparison no. of publications via social media 300 249 250 213 199 200 157 150 140 133 126 108 105 95 100 67 54 50 36 29 34 33 22 23 21 25 17 17 18 20 15 7 6 10 10 7 3 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 1 2 4 0 RSS feed Podcast Webcast Video cast Weblog Chat Wiki Share IR app Other button DJIA DAX FTSE CAC NIKKEI N = 142 (no. of companies with social media on IR website). Number of publications via social media (e.g. videos, audio recordings, audio­ visual presentations) on IR website. 14 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de DJIA: Increased social media usage in comparison to 2009; especially blogs gain importance DJIA 2009 to 2011 / Social media on IR website 300 281 249 250 221 213 199 200 150 140 126 100 85 50 2529 2529 2826 1814 17 14 13 10 9 9 4 4 0 0 0 0 0 0 0 0 0 0 0 0 0 RSS feed Podcast Webcast Video cast Weblog Chat Wiki Share button IR app DJIA (no. of companies 2009) DJIA (no. of companies 2011) DJIA (no. of publications 2009) DJIA (no. of publications 2011) N = 30 (no. of DJIA listed companies using different tools on IR website). 15 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de DAX: Podcast lost ground; no significant improvements in IR 2.0 practice DAX 2009 to 2011 / Social media on IR website 180 160 157 138 140 133 123 120 108 109 100 80 60 40 33 2627 2122 2122 15 15 15 20 13 1312 6 6 3 2 2 1 0 1 0 0 1 0 1 0 1 0 1 0 RSS feed Podcast Webcast Video cast Weblog Chat Wiki Share button IR app DAX (no. of companies 2009) DAX (no. of companies 2011) DAX (no. of publications 2009) DAX (no. of publications 2011) N = 29 (no. of DAX listed companies using different tools on IR website). 16 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de On a low level, dialogical approaches are on the rise Overview no. of dialogical tools on IR DJIA / DAX 2009 to 2011 website 0 3 1 8 Tools with feedback or Tools with feedback or 2 comment function comment function 8 3 14 14 2 4 28 47 Publications with Publications with feedback or comment 28 feedback or comment function function 47 61 240 240 0 100 200 300 0 200 400 NIKKEI CAC FTSE DAX DJIA DAX 2009 DAX 2011 DJIA 2009 DJIA 2011 N = 142 (no.
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