Investor Relations on the Internet:
Dialogical Communication Capacities of the Top 100 ISEM
(IMKB/Istanbul Stock Exchange Market) Companies for
Investor Relations in Turkey
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Investors are one of the most significant stakeholders for private corporations. Investor relations is a relatively new phenomenon which looks to share information and building relationships with the company’s present and potential investors, economic analysts, economics correspondents, the general financial community and several others. In the last two decades expansion of the Internet offers private companies a strategic and dynamic tool for communicating and building relationships with these groups. This paper is methodologically based on dialogic communication principles of Kent and Taylor (1998) and examines top 100 ISEM companies’ investor relations links in their corporate web pages by operationalizing these principles in terms of identification of the relationships of these companies with their publics. It is concluded that although the Internet serves as a great opportunity for investor relations in creating dialogical communication, companies used it only for sharing limited information which they are legally obligated to do so.
Key Words: Financial public relations, investor relations, Internet, dialogical communication
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Investor relations are based on enhancing relationships and shar-ing information in between the actors that are categorized in the finan-cial community (Marston, 1996: 477; Tench and Yeomans, 2006: 468-470; quoted from Marston and Straker by Dolphin, 2004: 25). It is suggested that the communication established with financial public categories about future strategies and the current situation of the organization shall have a positive influence on the status of the organ-ization and this positive influence will be the marker of both equity market valuation and the future evaluation of the investors (quoted Dolphin, 2004: 27). Therefore, companies tend to share more and higher quality information with different public categories nowadays, especially in investor relations. The Internet plays a significant role in this tendency as it is being widely used as an investor relations tool (Rowbottom et al., 2006: 32). The Internet provides the opportunity both to spread knowledge and, regarding investor relations, to estab-lish two-way communication and mutual relationships.
The Internet plays a crucial role for most organizations, both for non-governmental organizations and government organizations, but if we focus on the subject especially regarding the companies with shares on sale, the diversifying structure of the public categories increases the significance of this course even more. The Internet’s structure which allows companies to fulfill their needs for relation-ships and diversifying communications with different public catego-ries makes it more useful than conventional public relations tools for investor relations.
Investor Relations on the Internet:
Dialogical Communication Capacities of the Top 100 ISEM
(IMKB/Istanbul Stock Exchange Market) Companies for
Due to these advantages of the Internet, investors started using it more frequently and both academics and regulatory bodies became more interested. Most of the studies analyzing the relationship between investor relations and the Internet bring forward the financial side of the investor relations and focus on the universalization of the financial information through the Internet (Bollen et al., 2006: 274). The contribu-tions of the Internet in promoting relacontribu-tionships are rarely mentioned in these studies.
This study, which is based on Internet mediated investor relations, places the investor relations into the financial public relations context and analyzes the consideration of the dialogical principles as a theo-retical frame developed by Kent and Taylor (1998) in order to guide its continuity and development of the relations between organization and public categories through the Internet. In this study, the dialogical prin-cipals developed by Kent and Taylor have been made measurable in order to determine the dialogical capacities of the companies that are traded in the ISEM (IMKB/Istanbul Stock Exchange) in an investor relations context. A total of 25 dialogical characteristics is determined that can identify each of the dialogical principals in a measurable man-ner. These 25 dialogical characteristics have been organized as a ques-tionnaire and investor relations links at the main pages of the compa-nies that are traded in the ISEM 100 index has been analyzed at a spe-cific date in this context.
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While Investor Relations Society UK, a leading investor relations professional body, describes investor relations as “…the communica-tion of informacommunica-tion and insight between a company and the invest-ment community. This process enables a full appreciation of the com-pany’s business activities, strategy and prospects and allows the mar-ket to make an informed judgement about the fair value and appropri-ate ownership of a company” (IRS, 2011) for United Stappropri-ates National Investor Relations Institute, another leading professional institute, investor relations is “a strategic management responsibility that inte-grates finance, communication, marketing and securities law compli-ance to enable the most effective two-way communication between a company, the financial community, and other constituencies, which ultimately contributes to a company’s securities achieving fair valuation”(NIRI, 2011). This study regards investor relations as a pre-planned, continuous communication activity aiming not only to com-municate with present investors of the organization but also with other financial stakeholders as well and aiming to establish relation-ships and maintain their continuity.
The importance of the investor relations gained recently origi-nates from sophistication of the world’s capital markets. “In a complex business environment increasingly sophisticated information is need-ed in order to make investment decisions” (Marston, 1996: 479). In addition, the current economic conditions that are the result of wide-spread market failures and the recession that began in 2008 have inten-sified attention to investor relations (Kelly et al., 2010: 184). Addition-ally, due to the tendency to loan, by applying to non-organization sources in order to expand their activities within its resources, the financial recognition of the companies become more important regard-ing to financial stakeholders and emphasizes the importance given to investor relations.
Especially in Turkey, companies have recently begun to pay atten-tion to investor relaatten-tions due to similar pressures. Also, current legal
regulations require management to be more attentive to investor rela-tions. In Turkey, there are legal regulations regarding the information that management can share with its financial stakeholders and a law regulating which financial information is required to be shared with the public. Within the consideration of the responsibility of Istanbul Stock Exchange (ISEM) companies to enlighten the public, public noti-fications required by regulations of Capital Markets Board (SPK) and ISEM (monthly notifications, portfolio tables, statements of profit appropriation, merger and demerger, etc.) within the frame of special conditions or financial reports are examples of obligatory public dis-closures. Every piece of information and document shared with public must be sent to the Public Disclosure Platform (KAP) and KAP announces the required notifications that need to be made public through an electronic system (IMKB, 2011). Besides, companies share this information through their own company web sites. Furthermore, the Turkish Trade Law numbered 6102 and issued at February 14, 2011 obliges every corporation to build its own website and assign a spe-cific part of the website to the legal announcements of the company, notifications that are important to stakeholders and shareholders, administrative board and preparations of annual meetings and requirements, announcement of documents required to be shared with shareholders, invitations to these boards and meetings, voting, sub-mission of all information and services considered useful regarding information community and obligatory for the disclosure of public and transparency, claims towards gathering information, giving infor-mation and all other similar transactions and subjects that proclaim the disclosure of shareholders or stakeholders in this law and the other laws (Turkish Trade Law, 2011).
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It is still discussed whether investor relations should be revised in finance or public relations. Since the beginning, investor relations practices have been divided into two seemingly opposing camps:
those who believe the function is best practiced from a finance orienta-tion versus those who believe the funcorienta-tion is best practiced from a public relations orientation (Kelly et al., 2010: 182).
Those who consider investor relations as public relations take investor relations as a sub function of public relations. Most of the textbooks written about public relations and that are effective in edit-ing of the information describe investor relations as one of the study fields of public relations (Haywood 2011; Theaker, 2008; Lattimore et al., 2004; Cutlip et al. 1984). Grunig and Hunt (1984: 352) in their books, called investor relations a “hybrid of public relations and cor-porate finance” which is fundamental text in public relations. Simi-larly, PRSA which is one of the prominent professional bodies of the area included investor relations as one of the seven sub functions of public relations, along with media, internal=employee, consumer, community, government, and fundraising=donor relations (Kelly et al., 2010: 185).
When investor relations is considered from public relations’ point of view even if it is associated with the responsibilities of the public relations department, professionals that are working in investors rela-tions have a considerable background on finance (Hong and Ki, 2006: 201). A survey carried out by National Investor Relations Institute (NIRI) has pointed out that 46% of the professionals working in inves-tor relations have a background in communications and public rela-tions while 49% have a background in finance and accounting (Pen-ning, 2011: 615).
Investor relations professionals, either coming from finance or public relations backgrounds, are the members of professional inves-tor relations bodies and the main focus areas of those bodies are com-munication activities. The emphasis on comcom-munication in investor relations requires an approach focused on public relations for a suc-cessful investor relations conception. Cutlip et al. (1994: 19) have defined investor relations focused on public relations as “the special-ized part of corporate public relations that builds and maintains
mutu-ally beneficial relationships with shareholders and others in the finan-cial community”. For a successful investor relations program, public relations specialists and professionals specialized on finance should work together. Barmash has suggested that a specialist responsible for investor relations, not having adequate information on communica-tion, may lead to difficulties in managing investor relations. Likewise Grunig and Hunt also emphasized that investor relations specialists should have knowledge of public relations as well as corporate finance, law and economics (quoted Hon and Ki, 2006: 202).
When investor relations are defined as a function of public rela-tions, it is important to configure a successful investor relations pro-gram towards accurate investor stakeholders. Miller (1997) has defined 17 “influential financial groups” that are important for inves-tor relations. These groups are stock exchange member firms, custom-ers’ brokers, branch office managers, members of the security analyst societies and individual analyst, unlisted or over-the-counter dealers, investment bankers, commercial bankers (trust departments), regis-tered investment advisory services, insurance companies and pension funds that buy common stocks, mutual funds and investment trusts, investment counselors , trustees of estates and institution, financial statistical organizations, investment magazines and financial publica-tions (semiweekly, weekly, biweekly, semimonthly, monthly, and quar-terly), large individual shareholders, debt rating agencies (Standard&Poor’s, Moody’s), portfolio managers, lender banks and foreign markets (163-164).
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The Internet, especially the corporate websites, provides a quite important channel for the purpose of corporate self-presentation. Web-sites of organizations are considered as channels that can be used for improvement of press relations (Callison, 2003), better survey of public and popularization of organizational information (Sharp, 2001). In ad-dition, it is considered to use corporate websites especially in cases of
organizational crisis (Kent and Taylor, 1998; Taylor and Kent, 2007). On the other hand, Internet is a direct channel that public relations profes-sionals, as in various public categories and other mass communication VW\OHVFDQUHDFKWKHSXEOLFGLUHFWO\DQGFRPPXQLFDWHZLWKRXWÀOWHULQJ the messages (Jo and Jung, 2005; White and Raman, 1999).
Developments in Internet technology have provided new perspec-WLYHV WR FRPSDQLHV LQ WKHLU UHODWLRQV ZLWK ÀQDQFLDO DFWRUV 7KHUH DUH many reasons why companies prefer the Internet as a tool to commu-QLFDWHZLWKÀQDQFLDODFWRUV)LUVWWKH,QWHUQHWORZHUVWKHWLPHDQGFRVWV UHJDUGLQJ WKH VSUHDGLQJ RXW RI ÀQDQFLDO LQIRUPDWLRQ $V ÀQDQFLDO information has found a place in organizational websites, it has pro-YLGHGWKHÀQDQFLDOLQIRUPDWLRQWRUHDFKRXWWRVRPHSXEOLFFDWHJRULHV that are not foreseen by the company. The Internet has caused the data SUHVHQWHGWREHPRUHH[WHQVLYH$OVREHFDXVHRIWKH,QWHUQHWÀQDQFLDO information can be presented by a company as soon as it is requested by the user. Internet technologies enable small businesses especially to UHDFKRXWWRSRWHQWLDOLQYHVWRUV7KH\DUHDEOHWRSUHVHQWPRUHÀQDQFLDO information such as company’s weekly and monthly sales via the In-ternet (FASB, 2000: 1; Ashbough et al, 1999). When investor relations on the Internet is compared to traditional channels, one of its superiori-ties is its capacity to provide specialized information according to their H[SHFWDWLRQVRIVSHFLÀFDFWRUVDPRQJVWWKHÀQDQFLDOFDWHJRULHV
It is obvious that the Internet provides many opportunities to in-vestors besides information sharing. One of the basic advantages of the Internet, regarding investor relations is that its structure makes com-munication dialogical and two-way. Kent and Taylor (2002: 31) indicate that the Internet is superior to other tools in improving relations in be-tween the organization and public categories by providing a real time interaction. In order to use the Internet in developing relations with in-vestor stakeholders, the website of the organization has to be designed suitable for developing dialogical relations with these public categories (Kent and Taylor, 1998; Kent and Taylor, 2002). Dialogical principals de-veloped by Kent and Taylor (1998) in order to explain the capacity of websites for developing relations are basically based on organizations’
ability to establish an open communication channel with the public through the Internet and to respond to different requirements. In public relations, dialogue is placed against the traditional public relations ap-proach that reduces public categories to secondary roles and transforms them into a tool that is used for organizational objectives or marketing requirements and “increases the public categories to the same level as the organization communicatively” (Botan, 1997: 192).
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This study aims to understand how ISEM 100 corporations in Tur-key tap into the investor relations links on their own web pages to create dialogic communication with their financial publics. Among all the items featured on a corporate web site, this study focused on the investor relations link only. In order to the reach the websites index values under the data tab of the Istanbul Stock Exchange website has been used and companies that are traded in index data (IMKB 30, IMKB 50 and IMKB 100) since 2000 have been researched. By determin-ing a random date, which is January 2, 2012, a list of the 100 companies being traded in ISEM 100 was obtained. The websites of the 100 com-panies in this list were reached through the electronic system called public disclosure platform (KAP) at which the notices that must be disclosed to the public are delivered by electronic signature and pub-licly announced according to the capital market and stock exchange regulations.
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The analytical framework of this study consists of the dialogical principles suggested by Kent and Taylor (1998). These principles can be applied as a theoretical frame for web pages to guide the improvement and sustainability of the relations in between organizations and the public categories through the Internet. The study by Taylor et al. (2001) is used as reference, which focuses on the use of the Internet in improv-ing relations. A questionnaire prepared accordimprov-ing to the categories
corresponding the dialogical principles arranged 5 dialogical charac-teristics under 25 titles and all the titles searched for the answer to the question “does it exist?”. Data obtained is coded by entering the value of 1 for “yes” and 0 for “no” answer. Table 1 shows the total of the values for yes and their percentage for each dialogical characteristic obtained from the 100 websites that are analyzed. The mean value of dialogical principles discussed is obtained by dividing the total num-ber of yes answers given to the articles specified below by the numnum-ber of articles. The dialogic principles developed by Kent and Taylor (1998) are dialogic loop, the usefulness of information, the generation of return visits, the intuitiveness/ease of interface and the rule of conver-sation of visitors.
Kent and Taylor (1998) state that dialogic loop “allows publics to query organizations and more importantly, it offers organizations the opportunity to respond to questions, concerns and problems” and especially emphasize that only sharing information is not sufficient for improving relations (326). Regarding investor relations, the principal of dialogic loop plays an important role for companies to establish rela-tions with investor publics as dialogic loop is the basic principle that makes the communication a two-way process. This study discusses dialogic loop, regarding investor relations, under the titles of the exist-ence of open channels that will provide the company an approach to investor relations, existence of the contact information of the person about investor relations, existence of the identity of the person to be reached regarding investor relations and existence of his/her position within the company, existence of online support options regarding investor relations, existence of invitations to various activities designed by the company for the investor publics.
The second of the dialogic principles is “the usefulness of informa-tion” and even though Kent and Taylor (1998) stated that sites should make an effort to include information of general value to all public categories, and when considered as investor relations, presentation of information, which pays regard to the expectations of investor publics rather than the expectations of the general public, is of great
impor-tance. Besides, the company should supply information in various subjects regarding the differentiating information needs of investor stakeholders. The study discusses the principal of “ the usefulness of information” regarding the investor relations in six different titles as the existence of company information supplied by the company, exist-ence of financial data of the company, existexist-ence of information special-ized for different investor stakeholders, existence of information regarding general economic situation (for example, economic situation of the company where the business is carried out or information about the sector, and others), existence of corporate publications or presenta-tions and finally existence of information about investor conferences and road shows.
The principal of “the generation of return visits” refers to the char-acteristics of the website, which will attract the public to visit the page once again. In order for this principle to be measured, regarding the investor relations, the existence of an up-to-date blog or news forum, whether the website is followed or not through social media, existence of financial links that are not related to the company and presence of online tools for the use of investors such as calculator for stocks, dic-tionary for investors, are questioned.
The fourth principle that Kent and Taylor (1998) have emphasized is “the intuitiveness/ease of interface” and is about the ease of access to the website by the visitors. As for investor relations, it is obvious that a website that cannot be easily accessed by investor public categories serves no purpose in establishing relations. The intuitiveness/ease of interface is measured on whether the website regarding investor rela-tions has a configuration that is easy to access; the Internet page has an English version, presence of keywords and a built-in search engine.
The last dialogical principal of Kent and Taylor (1998) is “the rule of conversation of visitors” and is about the ways to keep visitors in the website. This principle is measured with short download times of the website, notification of last update date, offering downloadable files regarding investor relations, presence of frequently asked questions,
options regarding investor relations, opportunities of video cast/web-cast and educational articles/videos regarding to investor relations and financial relations.
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It was possible to reach the investor relations website of 98 of the 100 companies that are in the research sample. One of the company websites could not be reached as it was under construction and the other company’s investor relations link could not be reached through the website. Links in the websites of the organizations regarding inves-tor relations are titled with monikers such as “invesinves-tor relations”, “investor’s corner”, “shareholder and investor relations”, “specific to the investor”, “investor’s platform”. This study, which is structured to measure the dialogical capacities of the websites of investor relations of organizations that trade in ISEM, has shown that the investor rela-tions links of the 100 companies that are analyzed cannot fulfill the dialogical principals that are functionalized. As shown in Table 1, the categories are defined respectively according to their mean value as “the intuitiveness/ease of interface” principle (M=56), “the rule of conversation of visitors” principle (M=43), “the usefulness of informa-tion” principle (M=22.8), “dialogic loop” principle (M=32) and “the generation of return visits” principle (M=7.7).
Among measurable dialogical principles, the principle of “the intuitiveness/ease of interface” has the highest ratio (M=56). The most important reason is that 98.9 % of the investor relations links have an easy to access configuration. This high ratio is not surprising as the companies put their services into practice by purchasing services from professionals that provide website developing services. The second highest value is having an English version of the website. 85.7% of the investor relations links that are analyzed have an English version. Having an English version is an important prerequisite to establish relations with foreign investors in the globalizing world. Another specification, which provides ease of use in investor relations links, is the presence of a search engine or site map. Only 40.8% of the websites that are analyzed in this study have this feature.
The principle of “the rule of conversation of visitors” allows the visitors to reach intensive information about the company and to improve their communication with the organization that uses the investor relations link of the company. Especially when investor rela-tions are considered, it is obvious that investor stakeholders seek answers to their questions regarding investments. However, the fre-quently asked questions option is present in only 37.7% of the web-sites. Likewise, regarding investor relations, information provided other than financial data of the company is very limited (5.1%). 97.9% of the websites provide downloadable files as all of these files are PDF files that about are the financial data of the company. Up-to-date finan-cial information is very important for investor relations and the best way to provide this is to include an update date within the website. Only 18.3% of the websites, that are analyzed, had this feature.
The principle of “the usefulness of information” is important regarding investor relations as the investors consider the trading sec-tor and the economic conditions of the country as well as the financial condition of the company while making decisions. Investor relations websites provide a channel, which can be used effectively in order to share this information. However, the websites analyzed in this study did not use this feature sufficiently. All of the links that are analyzed provided financial information regarding the company, as the law forces ISEM companies to share their data with public. A limited num-ber of websites (3%) provided information about the general economic situation of the country or information about the field of business. Likewise, only 38 companies provided corporate publications and presentations. As discussed above, the investor public has a heteroge-neous structure. In order to communicate and establish relations with these different subcategories, the information provided should be dif-ferentiated according to the expectations of different public categories. However, only 13 of the links analyzed provided specialized informa-tion suitable for the expectainforma-tions of the different public categories and all of this specialized information is in the press releases published to answer the questions of economic journalists regarding investor rela-tions.
The principal of dialogic loop is important for organization-public relations to develop on a “dialogue” basis and the companies analyzed have a relatively low value (M=32) regarding investor relations. Only 60.2 % of the investor relations websites that are analyzed have an open channel which provides access to the investor relations depart-ment of the company and when the contact information existence is analyzed, this value drops down to 55.1%. Especially in a situations like investor relations, which is based on trust, it is important for the visitors to find the name and the position of the investor relations spe-cialist in the investor relations link that they want to contact via open communication channels. However, only 32 of the websites that are analyzed provided information on the identity and position of the contact person on investor relations. To carry out the relations with investors that are improved through the Internet into daily life, execu-tional and trust-based relations should be established. In order to provide this, companies can organize activities regarding investor stakeholders and invite them to participate in these activities through websites. However, only 12 of the websites analyzed in this research provided such invitations.
The lowest average of the websites analyzed belongs to the gen-eration of return visits principle. The highest rate under this title belongs to the links provided those are not related to the company (13.2 %). Besides corporate websites, social media is also effective for investor relations specialists in establishing communications with public categories. The public follow the company through social media continuously; companies can create tailored messages for inves-tor stakeholders and also deal with the answers of invesinves-tor stakehold-ers that can be contradictory (Murrell, 2010: 341). However, only 6 of the analyzed investor relations links had an account in an active social media. Yet, besides the advantages mentioned above, connections managed through social media lead -to revisiting of the investor rela-tions links. Likewise, providing online tools like stock calculators, interest-loss calculators or dictionaries for the use of investors will attract them to revisit the website. However, only 12.2% of the links provide such online tools.
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The intuitiveness/ease of interface (four characteristics, M=56) n % Does the page concerning to investor relations has an easy to access
configuration? 97 98.9
Does the page have an English version for the use of foreign
investors? 84 85.7
Does the page offer some keywords that will guide the visitors? 3 3
Is there a search engine in the page? 40 40.8
the rule of conversation of visitors (six characteristics, M=43)
Does the page download in a short period? 96 97.9
Is the last update date of the page specified? 18 18.3 Does the page offer any downloadable files regarding investor
relations? 96 97.9
Is there a FAQ option in the page regarding the investor relations? 37 37.7 Is there a videocast/webcast in the page regarding to investor
relations? 6 6.1
Does the page offer any educational articles/videos regarding
investor relations? 5 5.1
The usefulness of information (six characteristics, M=42,6)
Is there general information about the company in the page? 93 94 Is there any financial information about the company in the page? 98 100 Is there any specified information for different public categories? 13 13.2 ,VWKHUHDQ\LQIRUPDWLRQUHJDUGLQJWKHHFRQRPLFFRQMXQFWXUHRIWKH
business environment or the business sector? 3 3
Are there any corporate publications or presentations present in the
page? 38 38.7
Is there any information about activities such as investor
conferences or roadshows? 11 11.2
Dialogic loop (five characteristics, M=32)
Are there open channels, which enable reaching the investor
Is there specific contact information for the investor relations
department of the company? 54 55.1
Is the identity of the person to be reached and his/her position in
the company specified for investor relations? 32 32.6 Does the page offer an online support option in investor relations? 3 3 Does the page offer invitations to various activities designed by the
company for the investors? 12 12.2
The generation of return visits (four characteristics, M=7,75) Does the company own an up-to-date web blog or a news forum
related to investor relations? 0 0
Is it possible to follow the page through social media? 6 6.1 Does the page offer links to other financial websites, which are not
related to the company? 13 13.2
Does the page offer online tools such as dictionaries for investors
and calculators for stocks? 12 12.2
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This research, which is structured to analyze the dialogical capac-ities of the investor relations pages of the companies that are in the ISEM 100 index in Turkey, sets forth that the channel is not used effi-ciently despite the opportunities that it offers in improving investor relations. Nowadays it is claimed that the Internet is one of the most important communication channels, which provides organizations means to communicate with the public and establish dialogue through interaction. Organizational websites provide the opportunity to estab-lish a dialogue and to interact with the public in real time using vari-ous options. Yet technical issues in investor relations links such as having an appropriate configuration for access, to be able to download in a short time and offering downloadable files concerning the finan-cial data, can be found in almost all of the websites that are the subject of this research. Other than technical issues, the dialogical characteris-tic that appear in all of investor relations links is the presence of
finan-cial information presented relating to the company in investor rela-tions context. Current legal regularela-tions oblige the companies to share certain information with investors so that is the reason why all inves-tor relations websites have this feature. In other words, companies share financial information about themselves not only to increase their dialogical capacity but also to fulfill a legal obligation.
Research data has shown that companies need to increase their dialogical capacities regarding investor relations. For this purpose, primarily it is important to locate investor relations in a distinctly vis-ible point of the website. The researcher, amongst the websites of the companies that are subject to the research, had to use either the site map or a search engine in order to reach some of the investor relations links.
The dialogical loop principal is one of the most important, as it enables establishing a real dialogue. It is obvious that investor rela-tions links need to be improved if they are actually to be used to improve dialogue with investor stakeholders. In the investor relations link, the presence of open channels that will provide the investor stakeholders to reach out to investor relations department is important but is not sufficient. Giving the identity of the person to be reached about investor relations and his/her position in the company will encourage the investors to communicate. Besides this, bringing online support options into action plays an important role as it gives the pro-cess a real mutuality
Investor relations links should stand alone independently from other links provided by corporate websites. Visitor that clicks on the link, without the need to return to the homepage, should be able to reach all the information that he/she wants about investor relations. Examples of such investor relations links are Turkcell, TAV and the investor relations page of Koç Company Group.
When compared to the other public categories of companies, investors find themselves amongst groups that are in most need of information. In order to invest, one should have information about
various subjects be able to make analysis. For this reason, most of the studies in investor relations literature focus on the information pre-sented to the investors. Information prepre-sented to the investors is also an important component of dialogical capacity. It is important to pro-vide information to different investor public categories regarding the company and its financial status but it is not yet efficient solely. Com-panies will succeed to the extent that by diversifying investor relations in various subjects and styling the information to protect the expecta-tions of differentiating public categories.
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