1.
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

2.
Content
Outline of the study
Research design
Empirical insights
Best practices
Summary of findings
2 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

3.
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

4.
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

5.
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

6.
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

7.
Empirical insights
7 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

8.
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

9.
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

10.
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

11.
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

12.
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
0 3
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

13.
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

14.
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 34 36
29 33
22 23 21 20 25
17 17 18 15
76 10 10 7
3 0 00000 01000 01100 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

15.
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
1317 10 9
14
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

16.
DAX: Podcast lost ground; no significant improvements
in IR 2.0 practice
DAX 2009 to 2011 / Social media on IR website
180
157
160
138
140 133
123
120
108 109
100
80
60
40 33
26 27
21 22 21 22
20 15 13 13 12 15 15
6 6
2 3 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

17.
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. of companies with social media on IR website). Number of tools and publications via social media on IR website.
17 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

18.
Most blue chips communicate on at least one of the social
networks with IR participation
Overview external engagement DJIA / DAX 2009 to 2011
Company’s presence 26
15
Company’s presence on at least 1 of 24 on at least 1 of the 29
22 external platform (all
the external platform (all topics) 28 28
29 topics) 28
0 Specific IR 0
Specific IR channel/account on at 0 channel/account on at 1
0 least 1 of the external
least 1 of the external platforms 2 2
1 platforms 2
6 IR engagement on at 20
IR engagement on at least 1 of the 14 22
18 least 1 of the external
external platforms 17 16
22 platforms 17
2 2
8 IR engagement on 2 11
IR engagement on 2 platforms 13
11 platforms 6
11 11
1 3
3 IR engagement on 3 7
IR engagement on 3 platforms 6
7 platforms 1
7 7
0 0
0 IR engagement on all 4 3
IR engagement on all 4 platforms 0
2 platforms 0
3 2
0 10 20 30 40 0 20 40
NIKKEI CAC FTSE DAX DJIA DJIA 2009 DJIA 2011 DAX 2009 DAX 2011
N = 118. Number of companies within the sample on external platforms (here: Facebook, Twitter, YouTube, or SlideShare); all topics.
18 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

19.
Twitter and YouTube as top channels for the publication
of IR relevant topics regarding no. of companies
Overview IR presence in social networks
20
18
18
16
16
14 14
14 13 13
12 11
10
8
8 7 7
6 5
4 4 4 4
4 3 3
2
2 1 1
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0
DJIA DAX FTSE CAC NIKKEI
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
N = 77. Number of companies on external platforms with IR topics (here: Facebook, Twitter, YouTube, or SlideShare).
19 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

20.
However, specific IR channels remain at a low level
Comparison DJIA & DAX / IR presence in social networks
20
18
18
16
14 14
14
12
12 11
10 9 9
8 7 7
6 5
4 4
4 3
2 2 2
2 1 1
0 0 0 0 0 0 0 0 0 0 0 0 0 0
0
IR presence on IR SlideShare IR presence on IR YouTube IR presence on IR Twitter IR presence on IR Facebook
SlideShare channel YouTube channel Twitter channel Facebook channel
DJIA 2011 DJIA 2009 DAX 2011 DAX 2009
N = 39. Number of DJIA and DAX companies on external platforms with IR topics (here: Facebook, Twitter, YouTube, or SlideShare).
20 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

21.
Most intense use of Twitter and Facebook regarding no.
of publications
Overview no. of publications on external platforms
0 14
20 Posts and comments 128
Posts and comments on Facebook 21
128 on Facebook
55
121
121
69
148 440
Tweets and re­tweets on Twitter 195
326 Tweets and re­tweets 326
375 on Twitter
447
1 375
17
Videos on YouTube 24
70 38
84 70
Videos on YouTube
0 35
0
Presentations on SlideShare 2 84
7
18
2
70 Presentations on 7
185 SlideShare
Publications on external platforms 242 0
531 18
598
0 100 200 300 400 500 600 700 0 100 200 300 400 500
NIKKEI CAC FTSE DAX DJIA DAX 2009 DAX 2011 DJIA 2009 DJIA 2011
N = 77 (No. of companies on external platforms with IR topics). Number of publications on external platforms (here: Facebook, Twitter,
YouTube, or SlideShare).
21 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

22.
Social media are used for information and interpretion;
networking remains marginally considered
Basic functions of social media (no. of companies)
2
9
28
111
Basic functions of social media on the IR website: networking
4
17
107
22
Basic functions of social media on the IR website: interpretation
1
11
45
93
Basic functions of social media on the IR website: structuring
7
33
95
15
Basic functions of social media on the IR website: information
0 20 40 60 80 100 120
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).
22 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

23.
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 0.006
DJIA 30 1.47 0.681
FTSE 30 1.10 0.607
CAC 30 0.87 0.507
NIKKEI 30 1.33 0.802
Structuring DAX 30 0.67 0.661 3.266 0.013
DJIA 30 0.63 0.718
FTSE 30 0.47 0.776
CAC 30 0.43 0.568
NIKKEI 30 0.13 0.434
Interpretation DAX 30 1.07 0.450 10.758 < 0.001
DJIA 30 1.33 0.711
FTSE 30 1.23 0.504
CAC 30 0.97 0.414
NIKKEI 30 0.50 0.572
Networking DAX 30 0.50 0.861 16.616 < 0.001
DJIA 30 1.00 0.743
FTSE 30 0.10 0.305
CAC 30 0.10 0.305
NIKKEI 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).
23 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

24.
Financials, CSR and non­standard issues as most
common topics
Topics
24 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

25.
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).
25 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

26.
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).
26 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

27.
Within German companies, DAX outperforms but smaller
indices significantly gain ground
Social media usage on IR website
45
41
40
35
35
30 29 29
25
25
20
20
16
15
15
10
5
0
DAX MDAX TecDAX SDAX
Social media on IR website 2011 Social media on IR website 2009
N = 115 (2011) / 95 (2009). Number of companies with internal IR 2.0 engagement, German indices only.
27 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

28.
Findings for German indices correspond with data for
international usage: screencasts on top
Overview applications on IR Overview applications on IR
website 2011 website 2009
RSS feed RSS feed
30 30
Feedback tools Podcast Feedback tools Podcast
25 25
20 20
Other Webcast Other 15 Webcast
15
10 10
5
5
IR app 0 Video cast
IR app 0 Video cast
External link Weblog
External link Weblog
Share button Chat
Share button Chat
Wiki
Wiki
DAX MDAX TecDAX SDAX DAX MDAX TecDAX SDAX
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).
28 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

29.
German IROs gradually pay attention to external
platforms, also among small and mid caps
Overview IR presence in social networks
16
14 14
14
12
12
11
10
9
8
8
7 7 7
6
4 4 4 4
4
3 3 3 3 3
2 22 2 2 2 2 2
2
1 1 1 1 1 11 1111 1 1 1 11
0 0 0 0 0 0 0 0 000 0 0 0 00 0 0 00 0 0
0
DAX 2011 DAX 2009 MDAX 2011 MDAX 2009 TecDAX 2011 TecDAX 2009 SDAX 2011 SDAX 2009
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
N = 51 (2011) / 27 (2009). Number of companies with IR 2.0 engagement on external platforms (here: YouTube, Twitter, Facebook,
SlideShare); German indices only.
29 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

30.
However, specific IR channels are not yet perceived
valuable for financial communications at large;
improvements within small and mid caps
Overview no. of publications on external platforms
18 17
16
16 15
14
12 11
10
10 9
8 7 7
6
6
4 4 4 4
4 3
2 2 2 2 2 2 2 2 2 2
2 1 1 1 1 1 1 1
0 0 0 0 0 0 0 0 0
0
DAX 2011 DAX 2009 MDAX 2011 MDAX 2009 TecDAX 2011 TecDAX 2009 SDAX 2011 SDAX 2009
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
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).
30 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

31.
Best practices IR 2.0
31 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

32.
BASF (DAX) as IR 2.0 pioneer
32 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

33.
Allianz (DAX) offers investor relations app
33 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

34.
Online shareholder meeting by Walmart (DJIA)
34 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

35.
elringklinger (MDAX) introduced live chat with CEO
35 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

36.
Surprisingly, Deutsche Bank (DAX) canceled present live
chat with retail investors in 2011
36 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

37.
Bayer (DAX) interested in shareholders‘ social media
demands
37 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

38.
Deutsche EuroShop (MDAX) launched IR blog
38 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

39.
Alcatel­Lucent (CAC) with no specific IR blog but
corporate one deals with IR topics
39 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

40.
IBM (DJIA) offers RSS feeds for specific IR occasions
40 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

41.
Deutsche Beteiligungs AG (SDAX) includes feedback
function in webcast presentation
41 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

42.
Munich RE (DAX) with specific shareholders‘ portal
42 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

43.
Mitsubishi (Nikkei) with investors‘ newsroom
43 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

44.
SABMiller (FTSE) with special IR website on takeover
44 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

45.
Deutsche Boerse (DAX) and Nyse Euronext provide
similar online services
45 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

46.
Even though highly sensitive, social media seem
applicable to accompany M&A transactions / AT&T (DJIA)
with videos, blog posts, webcasts
46 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

47.
SAP (DAX) investor relations Twitter channel
47 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

48.
Deutsche Euroshop (MDAX) proves that broad social
media engagement does not necessarily demands high
personal ressources
48 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

49.
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.)
49 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

50.
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.
50 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

51.
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 price­
weighted stock market indeces; DAX, CAC and FTSE are market­value­
weighted 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.
51 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

52.
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
52 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

53.
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)
53 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

54.
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
54 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

55.
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
55 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

56.
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)
56 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de

57.
Contact
Kristin Koehler, M.A.
University of Leipzig, Germany
Research Assistant
Institute of Communication and Media Studies
Department Communication Management and Public Relations
(Prof. Dr. Ansgar Zerfass)
kristin.koehler@uni­leipzig.de
www.communciationmanagement.de
57 / Kristin Koehler | University of Leipzig | www.communicationmanagement.de