Title:
|
Perceptions and effectiveness of the investor relations function in Greece
|
Investor relations (lR) and corporate communication are functions that make the
difference for the listed companies' communication process to the market. They are also
the strategic corporate tool that creates visibility, interest, and liquidity, and ultimately
attracts and motivates investment.
The objective of this research study is to identify and extract perceptions on the IR
function by the top management of the listed firms on the Athens Stock Exchange
(ASE), the analysts and the fund managers who analyse and invest in the Gree~ stocks.
The mandatory and voluntary disclosure strategies used by Greek listed c,ompanies are
also identified and their effectiveness evaluated. From the findings the author extracts
and synthesizes an effective IR model.
The research, based on a grounded theory approach, identified and investigated key IR
issues through semi-structured interviews. Interview and questionnaire data were
collected from 164 market players. Empirical data on IR activities, programmes and
opinions by the Greek companies, the local and global sell side analysts and the local
and global institutional investors were collected.
It is the first study to have been conducted in the IR area and the corporate
communication process in Greece, and its findings could be utilised by the listed
companies and market players in other markets.
In conclusion, the study, by evaluating IR programmes and recommending a corporate
communication framework and methodology, contributes towards a better
understanding of the IR process and the IR effectiveness in a non-English speaking
market, full of small capitalization listed firms that struggle to get attention from the
investors. With the current research, the author also intends to contribute towards an
enhanced interface and understanding between academic research and business practice
in the areas of corporate communication and IR.
|