Investor Relations: Two-Way Symmetrical Practice

Kelly, Kathleen S.; Laskin, Alexander; Rosenstein, Gregory A.

doi:10.1080/10627261003601630

Cited by 60 publications

(55 citation statements)

References 17 publications

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“…However, we have added activities conducted for customer and investor relationship management, which have grown rapidly since Hutton introduced his framework in 1999 (Payne and Frow 2005;Kelly et. al.…”

Section: Relationship-specific Activitiesmentioning

confidence: 99%

“…Internal communication refers to communication within an organization (Treem and Leonardi 2012), while external communication involves a wide range of audiences, including A c c e p t e d M a n u s c r i p t 9 customers, investors, and the general public-basically, anyone outside the firm (Cheney and Christensen 2001). Customers include potential buyers who are not yet patrons (Payne and Frow 2005); and investors entail both current and potential shareholders as well as the investment community as a whole (Kelly et. al.…”

Section: External Communication Vs Internal Communicationmentioning

confidence: 99%

“…To this end, we first delineate the activities that firms perform for external communication. We adopt Hutton's (1999) A c c e p t e d M a n u s c r i p t 12 relations activities with additional customer relations activities outlined by Payne and Frow (2005), and investor relations as identified by Kelly et al (2010), given the rapid expansions of relationship-specific activities in recent years. Table 2 presents these communication activities;…”

Section: Communicationmentioning

confidence: 99%

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Corporate Use of Social Media: Technology Affordance and External Stakeholder Relations

Argyris

Monu

2015

Journal of Organizational Computing and Electronic Commerce

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A c c e p t e d M a n u s c r i p t 2 Dr. Kafui Monu is an assistant professor of computer information systems at Savannah State University. He holds a doctoral degree from the University of British Columbia. Professor Monu's main area of research is system analysis and design, with special interest in helping developers meet user expectations through conceptual modeling. His work includes representing users' decision-making processes to system designers. Dr. Kofu's earlier work focused on disaster management and consumer marketing, and he is currently working in the area of social media, with additional interest in gamification. He is current President of AIS SIGGAME, an information systems research group focused on games, game-like applications, and game design. His recent work on game design theory has been mentioned in Gamasutra and Critical Distance. ABSTRACTBusiness organizations are beginning to recognize the substantial potential of social media for enhancing corporate communications with external stakeholders, including investors, customers, and the general public-all of whom can affect firms' financial future. Social media applications reach a wide spectrum of external stakeholders, help them express themselves and connect with one another, and engage them in ongoing conversations with the firm. Despite growing interest in this area, there has been limited research on this important topic. Accordingly, we focus on wikis, social networking sites, micro-blogging sites, and video-sharing sites, among many social media applications, and identify their respective beneficial attributes within the context of external communication. In so doing, we illuminate the prominent technical features of the four social media applications and review the existing literature in order to identify how business organizations take advantage of the unique features to facilitate their communicative activities in practice. We ground our analyses in validated conceptual frameworks in the fields of Information Systems and Communication, such as the notion of technology affordances and Hutton (1999)'s framework for public relations. As a result, we suggest the "Eight Affordances" of the four social Downloaded by [Imperial College London Library] at 10:33 06 April 2015 A c c e p t e d M a n u s c r i p t 3 media applications that help corporate communicators. This study expands the social media and technology affordance literature into the important, yet understudied, external communications field.

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Section: Relationship-specific Activitiesmentioning

confidence: 99%

Section: External Communication Vs Internal Communicationmentioning

confidence: 99%

Section: Communicationmentioning

confidence: 99%

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Corporate Use of Social Media: Technology Affordance and External Stakeholder Relations

Argyris

Monu

2015

Journal of Organizational Computing and Electronic Commerce

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“…This study answers the call from public relations scholars (Kelly, Laskin, & Rosenstein, 2010) for research that explores the relevance of relationship management theory to investor relations. It examines CEOs' perceptions of investor relations as the management of relationships between a public company and its investors.…”

mentioning

confidence: 79%

Investor Relations from the Perspective of CEOs

Chandler

2014

International Journal of Strategic Communication

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This study answers the call for research exploring the relevance of an established public relations theory, relationship management, to investor relations. Having emerged during the 1950s, investor relations is a relatively new field that integrates the disciplines of communication, marketing, finance, and compliance with securities laws. Through qualitative interviews, the study provides insight into the relationship management function of investor relations from the perspectives of those whom investors ultimately hold accountable for a public company's performance-CEOs. The dominant theme emerging from the study is the constant challenge CEOs of public companies face as they engage in relationships with investors, primarily due to the constraining effects of regulatory requirements. Although the study generally confirmed that the interviewees value Hon and Grunig's qualities of trust, satisfaction, control mutuality and commitment in relationships with investors, CEOs' most frequently discussed relationship quality that they work to achieve is trust.Correspondence should be sent to Constance S. Chandler, Journalism and Communication, MS 1275,

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“…In this institutional environment, there are substantial penalties to corporations that are unable to 'sell' strategic visions that fit the preconceptions of the analyst and shareholder community, the discount suffered by conglomerates being a case in point (Zuckerman, 2000). The result has been a parallel rise within large corporations of investor relations professionals, responsible for supplying information to shareholders and analysts (Kelly, Laskin, and Rosenstein, 2010;Sandhu, 2009). Taking an institutionalist perspective, Rao and Sivikumar (1999) find that the creation of investor relations departments by Fortune 500 firms is significantly associated with the number of financial analysts following the company, as well as the existence of board interlocks with other companies that had already instituted investor relations departments.…”

Section: Limitations and Directions For Future Researchmentioning

confidence: 99%

Voluntary Disclosures as a form of Impression Management to Reduce Evaluative Uncertainty During M&A

Yakis‐Douglas

Angwin

Meadows

et al. 2014

AMPROC

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This study develops and tests a set of hypotheses on how to manage investors' evaluative uncertainty during M&A through a specific form of impression management, namely, interim news events. We suggest that voluntary disclosures are key in influencing investors' reactions during M&A. Empirical support for our theoretical arguments is shown in a sample of 36,376 deals and 163,023 associated interim news events carried out by NYSE and NSDQ listed organizations over 10 years. Our research contributes to literature on voluntary disclosures, impression management, and managing M&A. Key words: M&A; voluntary disclosures; evaluative uncertainty INTRODUCTIONThere is significant information asymmetry between outside investors and inside managers (Miller and Rock, 1985;Myers and Majluf, 1984). In contexts associated with information asymmetry, investors are faced with evaluative uncertainty (Fiske and Taylor, 2008;Moskowitz, 2005). Evaluative uncertainty refers to the absence of clear and unambiguous indicators or benchmarks of performance (Graffin and Ward, 2010). Unfavourable consequences for organizations regarding information asymmetry and evaluative uncertainty are tied to adverse selection (Akerlof, 1970), negative impact on stock (Copeland and Galai, 1983;Glosten and Milgrom, 1985) and undesirable effects on the cost of capital (Baiman and Verrecchia, 1995;Leuz and Verrecchia, 2000). 15879 2 A critical situation in which stakeholders are likely to face high levels of evaluative uncertainty is merger and acquisition (M&A) deals. This is because M&A are contexts associated with high information asymmetry (Reuer, Tong, and Wu, 2012; Boeh, 2011). M&A can play a vital role in the success and failure of organizations, so investors' ability to evaluate them is of great importance. Managers who have detailed knowledge of the M&A deal may reduce this asymmetry and manage evaluative uncertainty by voluntarily disclosing information to investors which in turn is likely to impact on their decisions about the value of the firm (Narayanan, Pinches, Kelm, and Lander, 2000). To deal with these asymmetries, organization leaders actively manage their firm's informational environment, and do so in ways they hope will favourably affect the impressions of targeted stakeholders (Puffer and Weintrop, 1991;Zajac and Westphal, 1995;Graffin, Carpenter, and Boivie, 2011). Information asymmetry is traditionally seen as the main reason why managers should disclose voluntary information to the market (Avallone and Ramassa, 2011). Any such action which is carried out with the intent of influencing an audience's perception of the organization is called organizational impression management (Elsbach, Sutton, and Principe, 1998).Scholars have studied impression management in various contexts such as executive compensation (Zajac and Westphal, 1995;Wade, Porac, and Pollock, 1997;Porac, Wade, and Pollock, 1999), strategic change (Gioia and Chittipeddi, 1991;Fiss and Zajac, 2006), and more recently CEO succession (Graffin et al, 2011). However,...

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Investor Relations: Two-Way Symmetrical Practice

Cited by 60 publications

References 17 publications

Corporate Use of Social Media: Technology Affordance and External Stakeholder Relations

Corporate Use of Social Media: Technology Affordance and External Stakeholder Relations

Investor Relations from the Perspective of CEOs

Voluntary Disclosures as a form of Impression Management to Reduce Evaluative Uncertainty During M&A

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