INVESTOR RELATIONS 2.0 – GLOBAL BENCHMARK STUDY 2012Financial Communications, Online Dialogue and Mobile Information      ...
IMPRINT                                                                          CONTENTS                                 ...
ABOUT THIS STUDYInvestor Relations 2.0 – Global Benchmark Study 2012               3
INVESTOR RELATIONS 2.0 – GLOBAL BENCHMARK STUDY 2012Key Facts   Empirical study by the University of Leipzig with insight...
BACKGROUND AND RESEARCH QUESTIONSFinancial markets are experiencing turbulent times. An atmosphere of high uncertainty is ...
METHODOLOGY AND SAMPLEInvestor Relations 2.0 – Global Benchmark Study 2012                      6
METHODOLOGYMethod   Content analysis of companies’ investor relations websites and external social media platforms within...
METHODOLOGYStatistical Analysis   Statistical analyses based on the methods of social sciences (descriptive and analytica...
SOCIAL MEDIA TOOLS INVESTIGATED IN THIS STUDYAnalysis includes online activities on corporate websites and external platfo...
SAMPLECorporations and stock indices within this study    Listed companies in the US, Germany, UK, France, Japan          ...
SAMPLE IN DETAIL: INTERNATIONAL LARGE-CAPSStudy includes companies listed in DJIA, DAX, FTSE, CAC, and NIKKEI             ...
SAMPLE IN DETAIL: US SMALL- AND MID-CAP COMPANIESStudy includes companies listed in Russell Midcap and Russell 2000       ...
INVESTOR RELATIONS 2.0:                                                         SOCIAL MEDIA ACTIVITIESInvestor Relations ...
SOCIAL MEDIA USE IN INVESTOR RELATIONSSocial media established on IR website / External platforms less targeted           ...
SOCIAL MEDIA TOOLS ON CORPORATE INVESTOR RELATIONS WEBSITESNumber of companies using social media nearly unchanged from 20...
ONLINE TOOLS ON IR WEBSITES: INTERNATIONAL LARGE-CAPSRSS feed and webcast used by most corporations / Variety of tools inc...
ONLINE TOOLS ON IR WEBSITES: US AND GERMAN MID-/SMALL-CAPS Top Russell companies already turn quite actively to specific t...
ONLINE TOOLS ON IR WEBSITES: GLOBAL COMPARISON 2011/2012Larger range of social media tools applied on IR websites in 2012 ...
DJIA (USA): SOCIAL MEDIA USE ON IR WEBSITES 2009–2012Among US large-caps, use of social media buttons and links increased ...
DAX (GERMANY): SOCIAL MEDIA USE ON IR WEBSITES 2009–2012Notable rise in the number of mobile applications and IR apps, but...
NUMBER OF PUCLICATIONS ON THE IR WEBSITE: INTERNATIONAL LARGE-CAPS DJIA corporations most intensely release information vi...
NUMBER OF PUBLICATIONS ON IR WEBSITES: CORRELATION WITH TOOLS Most corporations use webcasts, but less intensely than shar...
TOPICS OF SOCIAL MEDIA PUBLICATIONS ON THE IR WEBSITEFinancials most common topic overall, followed by CSR, AGM & other IR...
CORRELATIONS BETWEEN TOPICS AND TOOLS ON THE IR WEBSITEBlogs seem to be most suitable for CSR topics / Financials connecte...
USE OF EXTERNAL SOCIAL MEDIA PLATFORMS: GLOBAL LARGE-CAPSPresence with IR topics increased among all indices / Specific IR...
USE OF EXTERNAL PLATFORMS: US AND GERMAN MID-/SMALL-CAPSUS mid- and small-caps active with corporate topics / IR issues le...
USE OF EXTERNAL PLATFORMS: CORPORATE CHANNELS AT A GLANCELinkedIn and Twitter with the highest adoption rates among intern...
USE OF EXTERNAL PLATFORMS: SPECIFIC IR CHANNELS AT A GLANCE    Corporate use of micro blog StockTwits slightly exceeds oth...
NUMBER OF PUBLICATIONS ON EXTERNAL PLATFORMS: GLOBAL LARGE-CAPSUS and German corporations release most IR topics via exter...
NUMBER OF PUBLICATIONS ON EXTERNAL PLATFORMS: CORRELATIONSTwitter and StockTwits most intensely used / Flickr related to W...
TOPICS OF SOCIAL MEDIA PUBLICATIONS ON EXTERNAL PLATFORMSFinancials no. 1 topic as on IR website / AGM more convenient for...
CORRELATIONS BETWEEN TOPICS AND EXTERNAL PLATFORMSCSR best communicated via SlideShare and YouTube, Financials via StockTw...
INTENSITY OF USE: IR WEBSITES VS. EXTERNAL PLATFORMS 2011-2012CAC tops FTSE with number of publications via social media i...
TOPICS ON THE IR WEBSITE RANKED BY INTENSITY OF USE 2011-2012AGM, sustainability and corporate governance with highest gro...
TOPICS EXTERNALLY RANKED BY INTENSITY OF USE 2011-2012Annual shareholders‘ meeting as no. 1 social media topic in relation...
TOPICS IN SOCIAL MEDIA: GLOBAL COMPARISON AMONG LARGE-CAPSNo significant differences among indices in reference to topics ...
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
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Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
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Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
Investor Relations 2 0 -  Global Benchmark Study 2012 - University of Leipzig
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Empirical study investigating how corporations in the United States, Germany, United Kingdom, France, and Japan use social media for financial communications, both on their own websites and on external platforms including mobile channels. Global benchmark of 190 companies including the 150 largest firms listed on DJIA (Dow Jones Industrial Average, USA), FTSE (Financial Times London Stock Exchange Index, UK), CAC (Cotation Assistée en Continu quarante, France), DAX (Deutscher Aktien-Index, Germany), NIKKEI (Nihon Keizai Shimbun Index, Japan), as well as the top 10 companies in regard to market cap, and the top 10 companies in regard to performance of the US mid- and small-cap indices Russell Midcap and Russell 2000. As the third annual study in a row, this research provides longitudinal data and in-depth analysis based on content analysis and statistical evaluation. Authors: Ansgar Zerfass and Kristin Koehler, University of Leipzig, Germany

Published in: Business, Economy & Finance

Investor Relations 2 0 - Global Benchmark Study 2012 - University of Leipzig

  1. 1. INVESTOR RELATIONS 2.0 – GLOBAL BENCHMARK STUDY 2012Financial Communications, Online Dialogue and Mobile Information Investor Relations 2.0 – Global Benchmark Study 2012 1
  2. 2. IMPRINT CONTENTS About this study 03 Methodology and sample 06 IR 2.0: Social media activities 13 Social media use in investor relations 14 Intensity of social media use 33 Social media activity index and summary 37 Best practices for IR 2.0 activity 42 IR 2.0: Dialogue and relationship building 51 Dialogic approach on IR websites 54 Dialogic approach on external platforms 59Ansgar Zerfass & Kristin Koehler Social media dialogue index and summary 67 Best practices for IR 2.0 dialogue 70Investor Relations 2.0 – Global Benchmark Study 2012:Financial Communication, Online Dialogue and Mobile Information IR 2.0: Mobile applications 82Leipzig: University of Leipzig, 2012. Mobile applications in investor relations 83 Social media mobility index and summary 87With special thanks to Anika Mueller and Isabel Reinhardt for their Best practices for mobile applications 89great support.The use of the charts and data from this report in own presentations and IR 2.0: Management summary 95publications is permitted when quoting the source “© University of Global benchmark and summary of findings 96Leipzig / Investor Relations 2.0 – Global Benchmark Study 2012” with Independent variables 99every figure and reference. Digital distribution and publishing of this Implications for investor relations practice 104report as well as storing the file on online platform by third parties isprohibited. About the authors 107This document is available for free at www.slideshare.net/communicationmanagement. References 111© June 2012 by the authors. All rights reserved. Appendix 114 Investor Relations 2.0 – Global Benchmark Study 2012 2
  3. 3. ABOUT THIS STUDYInvestor Relations 2.0 – Global Benchmark Study 2012 3
  4. 4. INVESTOR RELATIONS 2.0 – GLOBAL BENCHMARK STUDY 2012Key Facts Empirical study by the University of Leipzig with insights into how investor relations officers (IROs) in the United States, Germany, United Kingdom, France, and Japan are using social media to enhance their investor relations programs. Annual study, conducted for the third year in a row. Analysis of 190 global corporations including the 150 largest companies listed on DJIA (Dow Jones Industrial Average, USA), FTSE (Financial Times London Stock Exchange Index, UK), CAC (Cotation Assistée en Continu quarante, France), DAX (Deutscher Aktien-Index, Germany), NIKKEI (Nihon Keizai Shimbun Index, Japan), the top 10 companies in regard to market cap, and the top 10 companies in regard to performance of the US mid- and small-cap indices Russell Midcap and Russell 2000.Topics of the Study Current state of Investor Relations (IR) 2.0 in an international context, especially how DJIA, FTSE, NIKKEI, DAX, and CAC-listed companies are engaging online (tools, platforms, applications). Benchmark of large-cap companies in different major markets and emerging best practices for online IR. IR 2.0 trends and potential developments and opportunities for large-caps as well as small- and mid-cap companies. Relevance of social media in financial communications, e.g. impact on volatility, share performance, trading volume, foreign investment, free float, retail shareholders, or shareholder activism. Investor Relations 2.0 – Global Benchmark Study 2012 4
  5. 5. BACKGROUND AND RESEARCH QUESTIONSFinancial markets are experiencing turbulent times. An atmosphere of high uncertainty is prevalent amonginvestors and other stakeholders within the financial community. Even more, the internet and especially socialmedia are increasing the amount of information and rumors distributed.Listed companies are facing the challenge of engaging in a digital dialog to (re-)build reputation and gain trustin a highly volatile communication environment. However, financial communications in practice still focus oninvestor relations websites as previous studies have shown (Koehler 2011, Köhler 2010). A strategic approachtowards an IR 2.0 engagement is still missing for most companies worldwide, even so it offers the possibility ofgreater transparency, increased interaction with a broader public and the potential for new financial stakeholders(Koehler & Zerfass 2011).The study at hand closes the research gap within investor relations and social media by analyzing IRdepartments’ social media engagement. Research questions comprise the three areas of social media activity,online dialogue and mobile information, and concentrate on differences within the five major markets US,Germany, UK, France and Japan.* Due to the longitudinal design, developments within IR 2.0 can bedemonstrated and trends named which are especially seen within a dialogic approach towards shareholdersonline. A new framework implements dialogic features and the relationship-building potential of IR 2.0 andoffers the possibility for an international benchmark and a strategic approach for companies towards online IR.* Social media and equity culture obviously act as intervening variables (comScore 2011, DAI 2011). Investor Relations 2.0 – Global Benchmark Study 2012 5
  6. 6. METHODOLOGY AND SAMPLEInvestor Relations 2.0 – Global Benchmark Study 2012 6
  7. 7. METHODOLOGYMethod Content analysis of companies’ investor relations websites and external social media platforms within a sample of 190 global companies including the 150 largest companies listed on DJIA (USA), FTSE (UK), CAC (France), DAX (Germany), NIKKEI (Japan), the top 10 companies in regard to market cap, and the top 10 companies in regard to performance of the US mid- and small-cap indices Russell Midcap and Russell 2000. Analysis included platforms and tools, predominant functions, topics, ratio between obligatory information and published news via social media, possibility for feedback, dialogue and relationship building with stakeholders, mobile applications, number of users, links, and service features. Period of analysis: December 2011 – March 2012 (independent variables: January 31, 2012). Content analysis of IR websites covered three months, plus last annual general meeting (AGM), last two quarterly earnings announcements, one analyst conference (obligatory measures). Content analysis for external platforms covered one month (but not within quiet period) plus obligatory measures as for the IR websites. Independent variables: industrial sector, sales market, index membership, free float, percentage of retail shareholders, number of employees within the IR department or staff responsible for IR, analyst coverage, foreign investors, volatility, share performance, trading volume (domestic market, US market), shareholder activism. Investor Relations 2.0 – Global Benchmark Study 2012 7
  8. 8. METHODOLOGYStatistical Analysis Statistical analyses based on the methods of social sciences (descriptive and analytical statistics), using SPSS software tools. Results have been statistically evaluated by Pearsons chi-square (x²), Monte Carlo, Kruskal Wallis or Wilcoxon tests and are classified as significant (p ≤ 0.05) where appropriate. Statistically significant group differences were tested with variance analyses, and dependencies were tested via correlations. For this purpose, the correlation coefficient was determined for each instance, either Pearsons or Spearmans Rho, depending on the data volume. The higher these values, the stronger the correlation – with a maximum value of 1 with an overall probability value of α = 0.05. Significant facts are listed in the footnotes. Development of Investor Relations 2.0 indices for ranking and benchmarking the companies included within the sample (see Koehler 2011, Köhler 2010 for the conceptual framework and indices in previous years). Investor Relations 2.0 indices 2012:  Social Media Activity Index (based on social media use and intensity of use, p. 37 of this report)  Social Media Dialogue Index (p. 67 of this report; see also Droller 2012, Koehler 2011, Linke & Mahnke 2012, Murtarelli & Invernizzi 2011, Köhler 2010, Habermas 1990 for theoretical background and applications in communication research)  Social Media Mobility Index (p. 87 of this report). Investor Relations 2.0 – Global Benchmark Study 2012 8
  9. 9. SOCIAL MEDIA TOOLS INVESTIGATED IN THIS STUDYAnalysis includes online activities on corporate websites and external platforms Tools on companies‘ IR websites External social media platforms RSS feed Content sharing platforms Podcast Webcast SlideShare Flickr Video/Vodcast Weblog YouTube Scribd Social media newsroom Microblogs Chat Wiki Social bookmark Twitter StockTwits Tagcloud Facebook buttons / Like Social communities Twitter buttons / Tweet Google+ buttons / Plus one Facebook Google+ Share buttons (different platforms) Links to external platforms Business platforms Mobile website IR app Virtual and hybrid shareholder meeting XING LinkedIn Online voting of shares (before AGM takes place) Text message (SMS) service IR related platforms QR code Rating function Retail Investor Conferences StockTwits Feedback functionStockTwits can be used both as a micro blog and as IR related platform. Investor Relations 2.0 – Global Benchmark Study 2012 9
  10. 10. SAMPLECorporations and stock indices within this study Listed companies in the US, Germany, UK, France, Japan Listed companies in the US (large-caps) (large-, mid- and small-caps) 30 30 20 30 30 30 20 30 DJIA DAX FTSE CAC NIKKEI DJIA Russell Midcap Russell 2000N = 190 (no. of top 30 listed companies in DAX, DJIA, FTSE, CAC, NIKKEI and top 10 market cap & top 10 performance of Russell Midcap and Russell 2000). Investor Relations 2.0 – Global Benchmark Study 2012 10
  11. 11. SAMPLE IN DETAIL: INTERNATIONAL LARGE-CAPSStudy includes companies listed in DJIA, DAX, FTSE, CAC, and NIKKEI Independent variables Industrial sector (mean values) (no. of companies in %) Employees in IR department (no. of Automobile 5.3% Insurance 3.3% 8 employees) Banks 8.7% Media 2% Free float (in %) 78.7 Basic Resources 11.3% Pharma/Healthcare 7.3% No. of retail shareholders (in %) 15.2 Chemicals 4% Retail 3.3% Analyst coverage (no. of analysts) 21 Construction 2% Software 1.3% No. of foreign investors (in %) 45.6 Consumer 13.3% Technology 5.3% Trading volume – domestic market 13,579,442.3 Financial Services 2.7% Telecommunication 6% (no. of shares traded daily) Trading volume – US-market (no. of Food/Beverages 4.7% Transportation 3.3% 665,180.1 shares traded daily) Industrial 10% Utilities 6% Volatility (in %) 32.8 Sales market Share performance (in %) -3.9 (no. of companies in %) Shareholder activism (no. of B2B B2C Both resolutions supported by less than 90% 2.8 of shareholder votes during last AGM) 30.7% 16.7% 52%Free float: percentage of shareholders owning less than 5% of shares outstanding; retail shareholders (or small investors): no. of individual shareholders who purchase relatively small lots of stocks forown portfolio (in contrast to institutional investors); trading volume domestic market: no. of overall shares traded on a daily basis at domestic stock exchange (mean values for 52 weeks, Japan: 200days); trading volume US market: mean values for direct listings or American Depositary Receipt ADR (for 52 weeks, Japan: 200 days; without DJIA); volatility, share performance: mean values fordomestic market (stock exchange) within last 250 trading days; shareholder activism: see Hoffmann et al. 2011 for theoretical background. N=150 for sales market, industrial sector, free float(standard deviation SD = 78.7), trading volume domestic market (SD = 28,825,899.4); N = 149 for share performance (SD = 20.5), volatility (SD = 11.0); N = 144 for analyst coverage (SD =10.8); N = 129 for shareholder activism (SD = 3.2); N = 112 for trading volume US market (SD = 1,524,785.2); N = 74 for retail shareholders (SD = 10.7); N = 72 for foreign investors (SD =19.4); N = 52 for employees in IR (SD = 4.7). Rounding errors may occur within a permitted context. Investor Relations 2.0 – Global Benchmark Study 2012 11
  12. 12. SAMPLE IN DETAIL: US SMALL- AND MID-CAP COMPANIESStudy includes companies listed in Russell Midcap and Russell 2000 Independent variables Industrial sector (mean values) (no. of companies in %) Employees in IR department (no. of (–) Basic Resources 12.5% Media 5% employees) Free float (in %) 76.5 Chemicals 10% Pharma/Healthcare 22.5% No. of retail shareholders (in %) (–) Analyst coverage (no. of analysts) 15 Consumer 17.5% Retail 2.5% No. of foreign investors (in %) (–) Financial Services 2.5% Software 7.5% Trading volume – domestic market 1,957,646.8 (no. of shares traded daily) Industrial 7.5% Technology 2.5% Trading volume – US-market (no. of (–) shares traded daily) Insurance 2.5% Utilities 7.5% Volatility (in %) 54.5 Sales market Share performance (in %) 9.3 (no. of companies in %) Shareholder activism (no. of B2B B2C Both resolutions supported by less than 90% 1.9 of shareholder votes during last AGM) 40% 22.5% 37.5%Free float: percentage of shareholders owning less than 5 % of shares outstanding; retail shareholders (or small investors): no. of individual shareholders who purchase relatively small lots of stocksfor own portfolio (in contrast to institutional investors); trading volume domestic market: no. of overall shares traded on a daily basis at domestic stock exchange (mean values for 52 weeks, Japan:200 days); trading volume US market: mean values for direct listings or American Depositary Receipt ADR (for 52 weeks, Japan: 200 days; without DJIA); volatility, share performance: mean valuesfor domestic market (exchange) within last 250 trading days; shareholder activism: see Hoffmann et al. 2011 for theoretical background. N = 40 for sales market, industrial sector; N = 39 for freefloat (SD = 17.6); N = 38 for volatility (SD = 28.86), share performance (SD = 52.0); N = 37 for shareholder activism (SD = 2.1); N = 32 for analyst coverage (SD = 7.4). N = 2 for employeesin IR department, retail shareholders (no mean values provided due to small data base); N = 0 for foreign investors, trading volume US market. Rounding errors may occur within a permittedcontext. For German small- and mid-caps see Koehler 2011. Investor Relations 2.0 – Global Benchmark Study 2012 12
  13. 13. INVESTOR RELATIONS 2.0: SOCIAL MEDIA ACTIVITIESInvestor Relations 2.0 – Global Benchmark Study 2012 13
  14. 14. SOCIAL MEDIA USE IN INVESTOR RELATIONSSocial media established on IR website / External platforms less targeted Companies using social media Companies using external on the IR website social media platforms 4.2% 13% 4% 42% 95.8% 41% no. of companies using social media on IR website (in %) no. of companies using external platforms (in %) no. of companies not using social media on IR website (in %) no. of companies using external platforms with IR topics (in %) no. of companies using external platforms with IR channels (in %) no. of companies not using external platforms at all (in %)N = 190 (no. of top 30 listed companies in DAX, DJIA, FTSE, CAC, NIKKEI, top 10 market cap & top 10 performance of Russell Midcap and Russell 2000). All companies with at least one socialmedia tool on IR website or being present with IR topics/specific IR channel on at least one external platform analyzed within this study (see p. 10 for an overview). Presence on IR channels refers tospecific accounts on which only IR topics are published. Presence on platforms with IR topics includes corporate accounts on which other topics are published as well. Investor Relations 2.0 – Global Benchmark Study 2012 14
  15. 15. SOCIAL MEDIA TOOLS ON CORPORATE INVESTOR RELATIONS WEBSITESNumber of companies using social media nearly unchanged from 2011 - 2012 100% 97% 100% 100% 80% 77% 95% 100% 100% (30) (30) (30) (30) (30) (30) (20) (29) (29) (19) 80% (24) (23) 60% 40% 20% 0% DJIA DAX FTSE CAC NIKKEI Russell Russell Midcap 2000N = 190 (no. of top 30 listed companies in DAX, DJIA, FTSE, CAC, NIKKEI and top 10 market cap & top 10 performance of Russell Midcap and Russell 2000).Number in brackets shows absolute number of companies with at least one social media tool on IR website. Investor Relations 2.0 – Global Benchmark Study 2012 15
  16. 16. ONLINE TOOLS ON IR WEBSITES: INTERNATIONAL LARGE-CAPSRSS feed and webcast used by most corporations / Variety of tools increased in 2012 2012 RSS feed Other 30 Podcast 25 2011 Blog Video 20 RSS feed Wiki 15 Webcast Other 30 Podcast 10 Blog 20 Video Mobile 5 External links website 0 10 Wiki Webcast IR app Tagcloud 0 Mobile External website links SMS service Like button Like IR app QR code Tweet button button Plus One Share Tweet Share button button button button DJIA DAX FTSE CAC NIKKEIN = 143 (2012); 142 (2011) (no. of companies listed in DAX, DJIA, FTSE, CAC, NIKKEI using the mentioned applications on their IR website). Other: e.g. social media survey, virtual shareholdermagazines, interactive annual reports, personalized websites. Share button within the 2011 study included like and tweet button. New tools within the survey compared to last year: tagcloud, plus onebutton, QR code and SMS service. Monte Carlo significance test showed significant differences between groups (here: indices) for the following tools: podcast, webcast, external links, tagcloud, sharebutton, text message (SMS) service, mobile website and blog. Investor Relations 2.0 – Global Benchmark Study 2012 16
  17. 17. ONLINE TOOLS ON IR WEBSITES: US AND GERMAN MID-/SMALL-CAPS Top Russell companies already turn quite actively to specific tools on the IR website USA 2012 RSS feed Other 100% Podcast Germany 2011 80% Blog Video RSS feed 60% 100% Mobile Other Podcast 40% Webcast 80% website 20% 60% Blog Video External 40% IR app 0% links 20% Mobile 0% Webcast websiteSMS service Tagcloud External IR app QR code Like button links Plus One Tweet Share Like button button button button Share Tweet button button DJIA Russell Midcap Russell 2000 DAX MDAX SDAX N = 30 for DJIA (2012); N = 20 for Russell Midcap (2012); N = 20 for Russell 2000 (2012); N = 30 for DAX (2011); N = 50 for MDAX (2011); N = 50 for SDAX (2011) (no. of companies within sample using the mentioned tools on IR website in percent). New tools within the survey in comparison to last year: tagcloud, plus one button, QR code and text message (SMS) service. Pearson chi- square and Monte Carlo significance test found significant differences between groups (here: US indices) according to the following tools: video, podcast, external links, tagcloud, like button (Facebook application), tweet button (Twitter application) and IR blog. Investor Relations 2.0 – Global Benchmark Study 2012 17
  18. 18. ONLINE TOOLS ON IR WEBSITES: GLOBAL COMPARISON 2011/2012Larger range of social media tools applied on IR websites in 2012 2012 DAX 30 25 2011 DAX 20 30 15 10 20NIKKEI DJIA 5 10 0 NIKKEI DJIA 0 CAC FTSE CAC FTSE 1-5 6-10 11-20 more than 20 different applicationsN = 143 (2012); 142 (2011) (no. of companies listed in DAX, DJIA, FTSE, CAC, NIKKEI using the mentioned applications on IR website). Other: e.g. social media survey, virtual shareholdermagazines, interactive annual reports, personalized websites. Share button 2011 included like and tweet button. SAP AG with 22, BASF SE with 21 social media tools. Pearson chi square and MonteCarlo significance test showed no significant differences between groups (here: indices). Investor Relations 2.0 – Global Benchmark Study 2012 18
  19. 19. DJIA (USA): SOCIAL MEDIA USE ON IR WEBSITES 2009–2012Among US large-caps, use of social media buttons and links increased significantly 30 2930 28 28 26 2525 2420 18 18 18 17 17 14 14 14 1315 12 12 10 1010 9 8 6 6 5 5 4 4 3 3 3 2 2 2 1 1 0 0 0 DJIA (no. of companies 2012) DJIA (no. of companies 2011) DJIA (no. of companies 2009)N = 30 (no. of DJIA listed companies using different tools on IR website). Index composition has remained unchanged since 2009. New tools in this year´s study: plus one button, social medianewsroom, QR code, virtual and hybrid shareholder meeting (no virtual shareholder meeting held by analyzed DJIA companies). Investor Relations 2.0 – Global Benchmark Study 2012 19
  20. 20. DAX (GERMANY): SOCIAL MEDIA USE ON IR WEBSITES 2009–2012Notable rise in the number of mobile applications and IR apps, but still on a low level 2930 28 27 2625 22 2120 16 15 14 15 1415 13 13 12 11 11 1110 9 88 8 8 7 6 6 6 5 5 4 3 3 2 3 3 2 1 0 0 0 DAX (no. of companies 2012) DAX (no. of companies 2011) DAX (no. of companies 2009)N = 30 (no. of DAX listed companies using different tools on IR website). Index composition changed between 2009 and 2011 (Salzgitter AG replaced by HeidelbergCement AG), but remainedunchanged since 2011 study. New tools in this year´s study: plus one button, social media newsroom, QR code, virtual and hybrid shareholder meeting (no virtual shareholder meeting held byanalyzed DAX companies). Investor Relations 2.0 – Global Benchmark Study 2012 20
  21. 21. NUMBER OF PUCLICATIONS ON THE IR WEBSITE: INTERNATIONAL LARGE-CAPS DJIA corporations most intensely release information via social media on IR website 321350300250 202 202200 141 125 122 118150 68 97 95 91 90 86 81100 75 73 99 60 60 56 55 55 50 49 47 45 45 45 44 41 41 37 34 2950 26 24 23 21 19 19 16 16 14 11 9 8 7 7 5 4 3 2 1 0 0 0 DJIA DAX FTSE CAC NIKKEI N = 143 (no. of companies with social media on IR website listed in DAX, DJIA, FTSE, CAC, NIKKEI). Number of publications via the mentioned social media tool on IR website. Other: e.g. social media survey, virtual shareholder magazines, interactive annual reports, personalized websites. Tools within the study not shown above: Wiki (SAP AG as the only company with wiki on IR website), IR app, mobile website, QR code, AGM online voting, virtual shareholders meeting and text message (SMS) service (understood as mobile applications within study, for an overview and specific results see pp. 82 –94). Monte Carlo significance test found significant differences between groups (here: indices) for the following variables: publications via podcast, publications via webcast and external links. Kruskal Wallis H-Test found significant differences between groups (here: indices) for the following variables: publications via podcast, publications via webcast , publications via share button, publications via IR blog and external links. Investor Relations 2.0 – Global Benchmark Study 2012 21
  22. 22. NUMBER OF PUBLICATIONS ON IR WEBSITES: CORRELATION WITH TOOLS Most corporations use webcasts, but less intensely than share buttons or blogs 900 Share button 800(no. of publications via social media tool 700 Webcast USE / PUBLICATIONS 600 on the IR website) 500 Tweet button Like button 400 300 Plus One button Blog Video 200 Podcast 100 Social media 0 newsroom 0 50 100 150 200 USE / COMPANIES (no. of companies using social media tool on the IR website) N = 182 (no. of companies with social media on IR website). Bubble size represents the overall usage for each tool on the IR website by displaying the number of publications via the mentioned social media tool in relation to the number of companies using the mentioned social media tool. Correlation analysis (Spearman`s rho) confirms significant dependencies between no. of publications and videos (r = 0.539), share button (r = 0.516), Like button (r = 0.497), IR blog (r = 0.492), Tweet button (r = 0.477), podcast (r = 0.435), Plus One button (r = 0.403), webcast (r = 0.317) and social media newsroom (r = 0.170). Investor Relations 2.0 – Global Benchmark Study 2012 22
  23. 23. TOPICS OF SOCIAL MEDIA PUBLICATIONS ON THE IR WEBSITEFinancials most common topic overall, followed by CSR, AGM & other IR related issues Financial figures 814 433 Other 465 315 CSR 324 76 Annual general meeting 317 30 243 F&E, new products, inventions, patents 192 Cooperation, joint ventures, strategic partnerships 205 162 Strategic company decisions 169 186 107 M&A´s 143Change in board of management, important personal decisions 78 152 44 Dividend 74 21 Corporate actions 183 19 Litigations 116 Corporate governance 13 4 Liquity problems, debt overload 5 2 Director´s dealings 0 100 0 200 400 600 800 1000 no. of social media publications on IR website no. of IR releases traditionally published on IR websiteN = 182 (no. of companies with social media on IR website). Topics refer to mandatory information to be published by the issuer (the listed company). Traditionally published releases means all ad hocor other IR releases on IR website. Topic “Other” refers to non-mandatory IR related topics and includes e.g.: appearance of the company on external conferences, important awards/achievements forthe company, general introduction of the company, its products, employees etc. Pearson chi square and Monte Carlo significance test found significant differences between groups (here: social mediapublications and IR releases traditionally published) according to the topics “Mergers & Acquisitions”, “Cooperation”, “Strategic company decisions”, “Corporate governance” and “F&E”. Investor Relations 2.0 – Global Benchmark Study 2012 23
  24. 24. CORRELATIONS BETWEEN TOPICS AND TOOLS ON THE IR WEBSITEBlogs seem to be most suitable for CSR topics / Financials connected with diverse tools IR blog Like button  Strongest significant correlation between IR blog and  Strong correlations exist with the topics sustainability topic (r = 0.676) sustainability (r = 0.528) and F&E (r = 0.465)  Correlations also found with the following topics: cooperation (r = 0.532), litigations (r = 0.473) and Tweet button changes in board of management (r = 0.473)  F&E (r = 0.487) correlates highest with tweet button Video  Sustainability (r = 0.474) follows on second rank  Various correlations found; financial figures (r = 0.497) and cooperation (r = 0.437) on top Plus One button Podcast  Strongest correlation with sustainability (r = 0.463)  Highest results for financial figures (r = 0.494) and  F&E (r = 0.406) correlates as well dividends (r = 0.345) Webcast Share button  Correlations only exist for financial figures  Sustainability (r = 0.450) and financial figures (r = 0.446) correlate strongest with share (r = 0.318) and AGM (r = 0.242) buttonsN = 182 (no. of companies with social media on IR website). Correlation analysis with Spearman`s Rho confirms significant correlations between tools on IR website and topics as indicated withintable. Investor Relations 2.0 – Global Benchmark Study 2012 24
  25. 25. USE OF EXTERNAL SOCIAL MEDIA PLATFORMS: GLOBAL LARGE-CAPSPresence with IR topics increased among all indices / Specific IR online channels still rare 35 30 29 30 30 29 30 30 30 30 30 30 24 25 22 22 20 17 18 14 15 15 11 10 10 7 6 4 5 2 1 1 0 0 0 0 0 0 DJIA 2012 DAX 2012 FTSE 2012 CAC 2012 NIKKEI 2012 DJIA 2011 DAX 2011 FTSE 2011 CAC 2011 NIKKEI 2011N = 131 (2012);118 (2011) (no. of companies within sample on external platforms, here: SlideShare, Twitter, YouTube, Facebook (2011); XING, LinkedIn, RIC, SlideShare, YouTube, Facebook,Twitter, Flickr, Scribd, Stocktwits or Google+ (2012). Comparison of presence with corporate topics, presence with IR topics, presence with specific IR channel on external platforms. Monte Carlo testshows significant differences between the indices for XING and Facebook (p ≤ 0.05). Investor Relations 2.0 – Global Benchmark Study 2012 25
  26. 26. USE OF EXTERNAL PLATFORMS: US AND GERMAN MID-/SMALL-CAPSUS mid- and small-caps active with corporate topics / IR issues less targeted 35 30 29 30 30 24 25 20 17 15 15 15 13 12 10 10 7 3 5 2 2 1 0 DJIA 2012 Russell Midcap 2012 Russell 2000 2012 MDAX 2011 SDAX 2011N = 30 for DJIA (2012); N = 20 for Russell Midcap (2012); N = 20 for Russell 2000 (2012); N = 50 for MDAX (2011); N = 50 for SDAX (2011) (no. of companies within sample on externalplatforms with IR topics, here: SlideShare, YouTube, Facebook, Twitter (2011); RIC, SlideShare, YouTube, Facebook, Twitter, Flickr, Scribd, Stocktwits or Google+, XING, LinkedIn (2012)).Comparison of presence with corporate topics, presence with IR topics, presence with specific IR channel on external platforms. Monte Carlo test shows significant differences between the indices (forYouTube, Twitter, Facebook, p ≤ 0.05). Investor Relations 2.0 – Global Benchmark Study 2012 26
  27. 27. USE OF EXTERNAL PLATFORMS: CORPORATE CHANNELS AT A GLANCELinkedIn and Twitter with the highest adoption rates among international large-caps 2012 Flickr 30 XING 25 SlideShare 2011 20 SlideShare 15 25 LinkedIn YouTube 10 20 15 5 10 0 5 RIC Scribd Facebook 0 YouTube StockTwits Facebook Twitter Google+ Twitter DJIA DAX FTSE CAC NIKKEIN = 130 (2012); 77 (2011) (no. of companies with IR 2.0 engagement on external platforms, here: SlideShare, YouTube, Twitter, Facebook (2011); RIC, XING, LinkedIn, SlideShare, YouTube,Twitter, Facebook, Flickr, Scribd, StockTwits or Google+ (2012)). Monte Carlo test shows significant differences between the indices (for XING and Facebook, p ≤ 0.05). Investor Relations 2.0 – Global Benchmark Study 2012 27
  28. 28. USE OF EXTERNAL PLATFORMS: SPECIFIC IR CHANNELS AT A GLANCE Corporate use of micro blog StockTwits slightly exceeds other platforms 2012 7 6 IR StockTwits 2011 5 7no. of companies 6 4 no. of companies 5 3 IR Twitter IR StockTwits 4 3 2 RIC IR StockTwits 2 IR Twitter 1 IR SlideShare RIC IR Slide 1 IR Scribd IR StockTwits Share 0 0 DJIA DAX FTSE CAC NIKKEI Russell Midcap Russell 2000 N = 12 (2012) / 3 (2011) (no. of companies with specific IR channels on external platforms, here: SlideShare, YouTube, Twitter, Facebook (2011) / RIC, XING, LinkedIn SlideShare, YouTube, Twitter, Facebook, Flickr, Scribd, StockTwits or Google+ (2012)). Due to sample size (N=12) no statistical tests were conducted. Investor Relations 2.0 – Global Benchmark Study 2012 28
  29. 29. NUMBER OF PUBLICATIONS ON EXTERNAL PLATFORMS: GLOBAL LARGE-CAPSUS and German corporations release most IR topics via external social media platforms 600 527 478 469 500 400 314 268 300 200 98 98 90 66 62 100 58 52 46 44 43 30 24 14 12 11 10 10 9 8 7 6 6 6 3 2 0 0 0 0 0 0 0 0 0 0 0 DJIA DAX FTSE CAC NIKKEIN =131 (no. of companies within sample on external platforms with IR topics, here: RIC, SlideShare, YouTube, Facebook, Twitter, Flickr, Scribd, Stocktwits or Google+, XING, LinkedIn (2012)).Number of publications via the mentioned tool. Monte Carlo test shows no significant differences between the indices according to number of publications (p ≤ 0.05). Investor Relations 2.0 – Global Benchmark Study 2012 29
  30. 30. NUMBER OF PUBLICATIONS ON EXTERNAL PLATFORMS: CORRELATIONSTwitter and StockTwits most intensely used / Flickr related to Wal-Mart’s publications 1,800 Twitter (no. of publications via external platforms) 1,600 1,400 USE / PUBLICATIONS 1,200 1,000 800 Flickr 600 StockTwits 400 Facebook 200 Google+ Scribd YouTube 0 0 10 20 30 40 50 60 70 80 90 100 SlideShare USE / COMPANIES (no. of companies using external platforms for IR purposes)N = 97 (no. of companies with IR 2.0 engagement on external platforms, here: SlideShare, YouTube, Twitter, Facebook, Flickr, Scribd, StockTwits or Google+). Bubble size represents the intensity ofusage by displaying the number of publications via the mentioned external platform in relation to the number of companies using the mentioned social media platform. Wal-Mart (DJIA) on Flickr with527 published photos (Standard deviation SD for number of publications via Flickr: 46.4). Companies present on Scribd with IR topics: Chevron Corp., AT&T Inc., Hewlett-Packard Inc. and CiscoSystems Inc. (IR channel). Kruskal Wallis test showed no significant differences between groups (here: indices). Correlation analysis (Spearman`s rho) confirms significant dependencies between no. ofpublications and SlideShare (r = 0.205), YouTube (r = 0.248), Flickr (r = 0.337), StockTwits (r = 0.218) and Google+ (r = 0.193). Investor Relations 2.0 – Global Benchmark Study 2012 30
  31. 31. TOPICS OF SOCIAL MEDIA PUBLICATIONS ON EXTERNAL PLATFORMSFinancials no. 1 topic as on IR website / AGM more convenient for external platforms Financial figures 1184 433 Annual general meeting 815 30 Other 247 315 CSR 160 76 Translations 0 123 Cooperation, joint ventures, strategic partnerships 91 162 F&E, new products, inventions, patents 71 192 Strategic company decisions 66 186Change in board of management, important personal decisions 58 152 M&A´s 26 143 Dividend 19 74 Litigations 7 116 Corporate actions 6 183 Liquity problems, debt overload 1 2 Director´s dealings 1 100 Corporate governance 04 0 500 1000 1500 no. of social media publications via external platforms no. of IR releases traditionally published on IR websiteN = 97 (2012); 77 (2011) (no. of companies with IR presence on external platforms, here: SlideShare, YouTube, Twitter, Facebook (2011); SlideShare, YouTube, Twitter, Facebook, Flickr, Scribd,StockTwits or Google+ (2012)). “Translations”: publications with the same content translated e.g. from French or German in English. Investor Relations 2.0 – Global Benchmark Study 2012 31
  32. 32. CORRELATIONS BETWEEN TOPICS AND EXTERNAL PLATFORMSCSR best communicated via SlideShare and YouTube, Financials via StockTwits and Twitter SlideShare Flickr  Strongest correlation with sustainability (r = 0.469),  Dependencies between Flickr and financial figures followed by financial figures (r = 0.453) (r = 0.339)  F&E (r = 0.260) is also correlated to Flickr YouTube  Again, strongest correlation with sustainability Scribd (r = 0.336), but weaker as with SlideShare  Strongest correlation with F&E (r = 0.441)  Significant, but medium correlations with other IR  Litigations (r = 0.310) correlated as well related topics (r = 0.311) and financials (r = 0.308) StockTwits Twitter  Strongest correlation with financial figures  Financials as strongest correlated topic (r = 0.407) (r = 0.540)  Others (r = 0.393) and strategic decisions are also  Cooperation (r = 0.474) and other IR related topics picked out as central themes on Twitter (r = 0.333) (r = 0.452) are also strongly related Facebook Google+  Sustainability on top (r = 0.325), followed by  Significant correlation with other IR related topics financials (r = 0.312) (r = 0.337), change in board of management  Surprisingly, other IR related topics with relatively (r = 0.299) and strategic decisions (r = 0.252) weak correlation (r = 0.276)N = 97 (no. of companies with IR presence on external platforms, here: SlideShare, YouTube, Twitter, Facebook, Flickr, Scribd, StockTwits or Google+). Correlation analysis with Spearman`s Rhoconfirms significant correlations as indicated within table . For Flickr, the high standard deviation due to Wal Mart’s (DJIA) individual performance have to be taken into account when interpreting theresults; for Scribd, the low presence of companies (only four DJIA companies use Scribd, AT&T Inc and Chevron Corp. as well as Cisco Systems Inc., influence results as well. Investor Relations 2.0 – Global Benchmark Study 2012 32
  33. 33. INTENSITY OF USE: IR WEBSITES VS. EXTERNAL PLATFORMS 2011-2012CAC tops FTSE with number of publications via social media in relation to IR releases 2.79 3 2.54 2.49 2.21 no. of IR releases traditionally published 2.5 (no. of social media publications / 1.69 2 INTENSITY OF USE 1.45 1.41 1.18 1.5 on average) 1.03 1.03 0.85 0.85 0.79 0.69 0.67 1 0.63 0.63 0.58 0.57 0.54 0.56 0.43 0.12 0.19 0.5 0 All indices DJIA DAX FTSE CAC NIKKEIN = 143 (IR website 2012); 142 (IR website 2011); 97 (external platforms, here: SlideShare, YouTube, Twitter, Facebook, Flickr, Scribd, StockTwits, Google+, 2012), 77 (external platforms, here:SlideShare, YouTube, Twitter, Facebook, 2011) (no. of companies). Intensity of use = number of social media publications on IR website or on external platforms / number of IR releases traditionallypublished (ad hoc releases, IR news) on average. Kruskal Wallis test confirms significant differences between the indices for intensity of use between IR website 2012 and external platforms 2012, (p ≤0.05). Investor Relations 2.0 – Global Benchmark Study 2012 33
  34. 34. TOPICS ON THE IR WEBSITE RANKED BY INTENSITY OF USE 2011-2012AGM, sustainability and corporate governance with highest growth 12 10 no. of social media publications on 8 the IR website / no. of IR releases traditionally published 2012 6 no. of social media publications on 4 the IR website / no. of IR releases 2 traditionally published 2011 0N = 143 (2012); 142 (2011) (no. of companies listed in DAX, DJIA, FTSE, CAC, NIKKEI). Index composition for DJIA and DAX has remained unchanged since 2011. Changes regarding indexcomposition for FTSE, CAC and NIKKEI have been applied (see appendix for more details). Investor Relations 2.0 – Global Benchmark Study 2012 34
  35. 35. TOPICS EXTERNALLY RANKED BY INTENSITY OF USE 2011-2012Annual shareholders‘ meeting as no. 1 social media topic in relation to ad hoc and IR releases 30 no. of social media publications 25 via external platforms / no. of IR 20 releases traditionally published 2012 15 no. of social media publications 10 via external platforms / no. of IR releases traditionally published 5 2011 0N = 97 (2012); 77 (2011) (no. of companies with IR presence on external platforms, here: SlideShare, YouTube, Twitter, Facebook (2011); SlideShare, YouTube, Twitter, Facebook, Flickr, Scribd,StockTwits or Google+ (2012)). Investor Relations 2.0 – Global Benchmark Study 2012 35
  36. 36. TOPICS IN SOCIAL MEDIA: GLOBAL COMPARISON AMONG LARGE-CAPSNo significant differences among indices in reference to topics released in social media DJIA DAX FTSE CAC NIKKEI IR website External IR website External IR website External IR website External IR website External Rank (internal) platforms (internal) platforms (internal) platforms (internal) platforms (internal) platforms Financial Financial Financial Financial Financial Financial Financial Financial Financial 1 AGM figures figures figures figures figures figures figures figures figures Other Financial Sustain- Sustain- Other Trans- Inventions, Inventions, 2 AGM AGM topics figures ability ability topics lations F&E F&E Sustain- Other Other Other Other Coopera- 3 AGM AGM AGM AGM ability topics topics topics topics tionInternal: N = 143 (no of companies with social media on IR website listed in DJIA, DAX, FTSE, CAC and NIKKEI). Kruskal Wallis test confirms significant differences between the indices according tothe topics “financial figures”, “annual general meeting”, “dividends”, “change in board of management”, “cooperation”, “strategic company decisions” and other IR related topics (p ≤ 0.05).Correlations analysis with Eta confirms significant dependencies between the indices according to the topics “financial figures” (η = 0.368, p < 0.001), “annual general meeting” (η = 0.381, p <0.001), “dividends” (η = 0.393, p < 0.001), “change in board of management” (η = 0.341, p < 0.001), “M&A`s” (η = 0.262, p = 0.040), “cooperation” (η = 0.350, p < 0.001), “strategicdecisions” (η =0.305, p = 0.006), “CSR” (η = 0.306, p = 0.006) and other IR related topics (η = 0.374, p < 0.001).External: N = 97 (no. of companies with IR engagement on external platforms, here: SlideShare, YouTube, Twitter, Facebook, Flickr, Scribd, StockTwits or Google+). Kruskal Wallis test confirmssignificant differences between the indices according to the topics “annual general meeting”, “cooperation”, “F&E”, “others” and “translations” (p ≤ 0.05). Correlations analysis with Eta confirmssignificant dependencies between index and “financial figures” (η = 0.306, p = 0.006), “dividends” (η = 0.283, p = 0.016), “cooperation” (η = 0.251, p = 0.05), other IR related topics (η =0.381, p < 0.001), “translations” (publications with the same content translated e.g. from French or German in English) (η = 0.340, p = 0.001). Investor Relations 2.0 – Global Benchmark Study 2012 36
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