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The corporate communication process between listed companies and financial analysts: A focus on trends and challenges

机译:上市公司与财务分析师之间的公司沟通过程:关注趋势和挑战

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Purpose - The purpose of the paper is to analyse the views of management teams regarding different aspects related to the corporate communication process with financial analysts. The focus is the following aspects: incentive for communication; sources of information; and frequency and initiator of communication.Design/methodology/approach - The data is based on a comprehensive questionnaire survey addressed to investor-relation managers (IRMs) at the largest companies listed on the Stockholm Stock Exchange.Findings - The study confirms an increasing frequency of corporate communication, a short-term orientation, more demand for direct contacts, and embracing of new communication tools. The findings reveal that quite a few challenges lie ahead in shaping the efficient corporate communication process of tomorrow. The most critical relate to the risk of opportunity costs due to lost management opportunities caused by increased demand from stock-market actors for communication time with management teams and to perceived risks with, for example, increased accessibility, information leakage and misinterpretations due to the introduction of new electronic communication tools. Practical implications - Given the delicate nature of the above challenges, they need to be taken on promptly by management teams, policy makers and financial market regulators if the corporate communication process is to function efficiently and facilitate decreased information asymmetry and uphold an efficient allocation of resources on the stock market.Originality/value - The study is motivated by the changed conditions for corporate communication (e.g. increased globalisation, new electronic ways to communicate, importance of non-financial drivers), paired with a lack of recent studies. Furthermore, herein not only one aspect is being analysed but several, and from a management-team perspective, which is a perspective often neglected for the sophisticated-user perspective.
机译:目的-本文的目的是分析管理团队在与公司与财务分析师的公司沟通过程相关的不同方面的观点。重点是以下几个方面:促进交流;信息来源;设计/方法/方法-数据基于针对斯德哥尔摩证券交易所上市的最大公司的投资者关系经理(IRM)的综合问卷调查得出的结果。-研究证实,频率不断增加公司沟通,短期定位,对直接联系的更多需求以及采用新的沟通工具的需求。调查结果表明,在塑造明天有效的公司沟通过程中还面临许多挑战。最关键的是与因股票市场参与者与管理团队之间的沟通时间需求增加而导致的管理机会损失而导致的机会成本风险有关,以及与感知风险有关的风险,例如由于引入而导致的可访问性增加,信息泄漏和误解新的电子通讯工具。实际影响-鉴于上述挑战的微妙性质,如果公司的沟通流程要有效运行并促进减少信息不对称并维护资源的有效分配,则管理团队,决策者和金融市场监管机构应及时应对这些挑战原创性/价值-这项研究的动力是公司通讯条件的变化(例如,全球化程度的提高,新的电子通讯方式,非财务驱动因素的重要性),以及缺乏最新研究。此外,在这里,不仅要分析一个方面,而且要分析几个方面,并且从管理团队的角度来看,这是一个复杂的用户角度经常被忽略的角度。

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