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.

1. INVESTOR RELATIONS 2.0 – GLOBAL BENCHMARK STUDY 2012
Financial Communications, Online Dialogue and Mobile Information
Investor Relations 2.0 – Global Benchmark Study 2012 1

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 59
Ansgar Zerfass & Kristin Koehler
Social media dialogue index and summary 67
Best practices for IR 2.0 dialogue 70
Investor Relations 2.0 – Global Benchmark Study 2012:
Financial Communication, Online Dialogue and Mobile Information IR 2.0: Mobile applications 82
Leipzig: University of Leipzig, 2012. Mobile applications in investor relations 83
Social media mobility index and summary 87
With special thanks to Anika Mueller and Isabel Reinhardt for their
Best practices for mobile applications 89
great support.
The use of the charts and data from this report in own presentations and IR 2.0: Management summary 95
publications is permitted when quoting the source “© University of Global benchmark and summary of findings 96
Leipzig / Investor Relations 2.0 – Global Benchmark Study 2012” with Independent variables 99
every figure and reference. Digital distribution and publishing of this Implications for investor relations practice 104
report as well as storing the file on online platform by third parties is
prohibited.
About the authors 107
This 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. ABOUT THIS STUDY
Investor Relations 2.0 – Global Benchmark Study 2012 3

4. INVESTOR RELATIONS 2.0 – GLOBAL BENCHMARK STUDY 2012
Key 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. BACKGROUND AND RESEARCH QUESTIONS
Financial markets are experiencing turbulent times. An atmosphere of high uncertainty is prevalent among
investors and other stakeholders within the financial community. Even more, the internet and especially social
media 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 trust
in a highly volatile communication environment. However, financial communications in practice still focus on
investor relations websites as previous studies have shown (Koehler 2011, Köhler 2010). A strategic approach
towards an IR 2.0 engagement is still missing for most companies worldwide, even so it offers the possibility of
greater 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 IR
departments’ 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 be
demonstrated and trends named which are especially seen within a dialogic approach towards shareholders
online. A new framework implements dialogic features and the relationship-building potential of IR 2.0 and
offers 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. METHODOLOGY AND SAMPLE
Investor Relations 2.0 – Global Benchmark Study 2012 6

7. METHODOLOGY
Method
 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. METHODOLOGY
Statistical Analysis
 Statistical analyses based on the methods of social sciences (descriptive and analytical statistics), using
SPSS software tools.
 Results have been statistically evaluated by Pearson's 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
Pearson's or Spearman's 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. SOCIAL MEDIA TOOLS INVESTIGATED IN THIS STUDY
Analysis 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 function
StockTwits can be used both as a micro blog and as IR related platform.
Investor Relations 2.0 – Global Benchmark Study 2012 9

10. SAMPLE
Corporations 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 2000
N = 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. SAMPLE IN DETAIL: INTERNATIONAL LARGE-CAPS
Study 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 for
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 values for
domestic 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. SAMPLE IN DETAIL: US SMALL- AND MID-CAP COMPANIES
Study 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 stocks
for 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 values
for 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 free
float (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 employees
in 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 permitted
context. For German small- and mid-caps see Koehler 2011.
Investor Relations 2.0 – Global Benchmark Study 2012 12

13. INVESTOR RELATIONS 2.0:
SOCIAL MEDIA ACTIVITIES
Investor Relations 2.0 – Global Benchmark Study 2012 13

14. SOCIAL MEDIA USE IN INVESTOR RELATIONS
Social 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 social
media 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 to
specific 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. SOCIAL MEDIA TOOLS ON CORPORATE INVESTOR RELATIONS WEBSITES
Number 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 2000
N = 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. ONLINE TOOLS ON IR WEBSITES: INTERNATIONAL LARGE-CAPS
RSS 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 NIKKEI
N = 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 shareholder
magazines, 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 one
button, 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, share
button, text message (SMS) service, mobile website and blog.
Investor Relations 2.0 – Global Benchmark Study 2012 16

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
website
SMS 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. ONLINE TOOLS ON IR WEBSITES: GLOBAL COMPARISON 2011/2012
Larger range of social media tools applied on IR websites in 2012
2012
DAX
30
25 2011
DAX
20 30
15
10 20
NIKKEI DJIA
5
10
0 NIKKEI DJIA
0
CAC FTSE CAC FTSE
1-5 6-10 11-20 more than 20 different applications
N = 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 shareholder
magazines, 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 Monte
Carlo significance test showed no significant differences between groups (here: indices).
Investor Relations 2.0 – Global Benchmark Study 2012 18

19. DJIA (USA): SOCIAL MEDIA USE ON IR WEBSITES 2009–2012
Among US large-caps, use of social media buttons and links increased significantly
30 29
30 28 28
26
25
25 24
20 18 18 18
17 17
14 14 14 13
15
12 12
10 10
10 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 media
newsroom, 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. DAX (GERMANY): SOCIAL MEDIA USE ON IR WEBSITES 2009–2012
Notable rise in the number of mobile applications and IR apps, but still on a low level
29
30 28
27 26
25 22
21
20
16
15 14 15 14
15 13 13
12
11 11
11
10 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 remained
unchanged 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 by
analyzed DAX companies).
Investor Relations 2.0 – Global Benchmark Study 2012 20

21. NUMBER OF PUCLICATIONS ON THE IR WEBSITE: INTERNATIONAL LARGE-CAPS
DJIA corporations most intensely release information via social media on IR website
321
350
300
250 202
202
200
141
125
122
118
150
68
97
95
91
90
86
81
100
75
73
99
60
60
56
55
55
50
49
47
45
45
45
44
41
41
37
34
29
50
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. 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. TOPICS OF SOCIAL MEDIA PUBLICATIONS ON THE IR WEBSITE
Financials 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
143
Change 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 website
N = 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 hoc
or 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 for
the 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 media
publications 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. CORRELATIONS BETWEEN TOPICS AND TOOLS ON THE IR WEBSITE
Blogs 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)
buttons
N = 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 within
table.
Investor Relations 2.0 – Global Benchmark Study 2012 24

25. USE OF EXTERNAL SOCIAL MEDIA PLATFORMS: GLOBAL LARGE-CAPS
Presence 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 2011
N = 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 test
shows significant differences between the indices for XING and Facebook (p ≤ 0.05).
Investor Relations 2.0 – Global Benchmark Study 2012 25

26. USE OF EXTERNAL PLATFORMS: US AND GERMAN MID-/SMALL-CAPS
US 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 2011
N = 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 external
platforms 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 (for
YouTube, Twitter, Facebook, p ≤ 0.05).
Investor Relations 2.0 – Global Benchmark Study 2012 26

27. USE OF EXTERNAL PLATFORMS: CORPORATE CHANNELS AT A GLANCE
LinkedIn 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 NIKKEI
N = 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. 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 7
no. 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. NUMBER OF PUBLICATIONS ON EXTERNAL PLATFORMS: GLOBAL LARGE-CAPS
US 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 NIKKEI
N =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. NUMBER OF PUBLICATIONS ON EXTERNAL PLATFORMS: CORRELATIONS
Twitter 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 of
usage 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 with
527 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 Cisco
Systems Inc. (IR channel). Kruskal Wallis test showed no significant differences between groups (here: indices). Correlation analysis (Spearman`s rho) confirms significant dependencies between no. of
publications 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. TOPICS OF SOCIAL MEDIA PUBLICATIONS ON EXTERNAL PLATFORMS
Financials 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
186
Change 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 website
N = 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. CORRELATIONS BETWEEN TOPICS AND EXTERNAL PLATFORMS
CSR 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 Rho
confirms 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 the
results; 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. INTENSITY OF USE: IR WEBSITES VS. EXTERNAL PLATFORMS 2011-2012
CAC 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 NIKKEI
N = 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 traditionally
published (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. TOPICS ON THE IR WEBSITE RANKED BY INTENSITY OF USE 2011-2012
AGM, 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
0
N = 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 index
composition for FTSE, CAC and NIKKEI have been applied (see appendix for more details).
Investor Relations 2.0 – Global Benchmark Study 2012 34

35. TOPICS EXTERNALLY RANKED BY INTENSITY OF USE 2011-2012
Annual 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
0
N = 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. TOPICS IN SOCIAL MEDIA: GLOBAL COMPARISON AMONG LARGE-CAPS
No 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 tion
Internal: 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 to
the 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), “strategic
decisions” (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 confirms
significant differences between the indices according to the topics “annual general meeting”, “cooperation”, “F&E”, “others” and “translations” (p ≤ 0.05). Correlations analysis with Eta confirms
significant 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