The aim of this contribution is to gain insights into how Italian listed companies define their investor relations (IR) communication strategies. The analysis is based on the FTSE MIB benchmark index, i.e., the forty most highly-traded companies on the Borsa Italiana (Milan Stock Exchange). As an initial step, the website of each company was perused to (1) identify the overall nature of IR communication practices and (2) collect textual data indicative of IR communication strategies. In line with an established trend among major companies worldwide (Deller et al. 1999), all the FTSE MIB companies present well-articulated webpages dedicated to IR, containing various types of financial performance documentation in English, both mandatory (e.g., annual reports) and voluntary (e.g., conference call presentations in pdf form). In contrast, specific information about IR communication policy, guidelines and underlying principles is often less accessible, in many cases embedded sporadically and inconsistently in other website texts (e.g., corporate governance report, code of ethics, guide for investors), thus pointing to the lack of a well-defined disclosure policy genre in the Italian context. The policy-related textual data identified on the websites was then compiled into the Italian subcorpus of the IRCS for micro-linguistic analysis using various types of corpus tools (e.g., part-of-speech and semantic tagging). Preliminary findings indicate the presence of linguistic features linked to the principles of transparency and trust. However, to optimize this message, companies should provide clearly accessible information about IR communication policy on their websites, especially in light of the importance that stakeholders attribute to clear and consistent disclosure practices.
Analyzing IR communication strategies of Italian listed companies: Issues and perspectives
CRAWFORD, BELINDA BLANCHE
2015-01-01
Abstract
The aim of this contribution is to gain insights into how Italian listed companies define their investor relations (IR) communication strategies. The analysis is based on the FTSE MIB benchmark index, i.e., the forty most highly-traded companies on the Borsa Italiana (Milan Stock Exchange). As an initial step, the website of each company was perused to (1) identify the overall nature of IR communication practices and (2) collect textual data indicative of IR communication strategies. In line with an established trend among major companies worldwide (Deller et al. 1999), all the FTSE MIB companies present well-articulated webpages dedicated to IR, containing various types of financial performance documentation in English, both mandatory (e.g., annual reports) and voluntary (e.g., conference call presentations in pdf form). In contrast, specific information about IR communication policy, guidelines and underlying principles is often less accessible, in many cases embedded sporadically and inconsistently in other website texts (e.g., corporate governance report, code of ethics, guide for investors), thus pointing to the lack of a well-defined disclosure policy genre in the Italian context. The policy-related textual data identified on the websites was then compiled into the Italian subcorpus of the IRCS for micro-linguistic analysis using various types of corpus tools (e.g., part-of-speech and semantic tagging). Preliminary findings indicate the presence of linguistic features linked to the principles of transparency and trust. However, to optimize this message, companies should provide clearly accessible information about IR communication policy on their websites, especially in light of the importance that stakeholders attribute to clear and consistent disclosure practices.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
