Badanie stanu relacji inwestorskich na polskim rynku giełdowym

Katarzyna Wysocka; Tomasz Nowak

doi:10.18778/2082-4440.30.03

Authors

Katarzyna Wysocka Uniwersytet Ekonomiczny w Poznaniu, Instytut Gospodarki Międzynarodowej, Katedra Zarządzania Międzynarodowego
Tomasz Nowak Uniwersytet Ekonomiczny w Poznaniu, Instytut Gospodarki Międzynarodowej, Katedra Finansów Międzynarodowych

DOI:

https://doi.org/10.18778/2082-4440.30.03

Keywords:

investor relations, capital market, investors

Abstract

Investor relations are an important tool for strategic management in a company. Appropriate communication between the entities present on the market and effective determination of financial and economic issues between companies and investors are the main areas of their activity. The aim of this article is to present the state of investor relations in Poland. A review of Polish and English language literature has been made. It focuses on the essence, objectives and tools of investor relations. The best results on the contemporary capital market are achieved only by companies that engage in new technological solutions used, e.g. videoconferencing, conference call, teleconferences, Facebook, Twitter. The survey conducted among Polish individual investors indicates what information preferences and requirements investors in Poland have. What is more, the analysis of investors’ answers showed that the topic is important and current, but in Poland the awareness of investor relations is on an average level. The authors indicated solutions that could contribute to increasing the involvement of Polish listed companies in communication using new technologies. The authors pointed out the IR models available on the capital market, and recommended a modern model of investor relations with specific proposals for change. The authors’ own research confirms that companies notice the importance of new technologies, but do not implement them in their operations. On the one hand, they want to develop and provide the business environment with transparent and up-to-date information, and on the other hand, they are used to the traditional model and do not want to get involved in technological innovations.

References

Agarwal V., Taffler R.J., Bellotti X., Nash E.A. (2016), Investor relations, information asymmetry and market value, „Accounting and Business Research”, 46(1), s. 31–50.
Google Scholar DOI: https://doi.org/10.1080/00014788.2015.1025254

Almaşi R., Gomoi B.C., Cuc L.D. (2015), The financial communication and the accounting – audit – valuation trinomial, „Journal of Economics and Business Research”, 21(2).
Google Scholar

Andrzejewski P., Kot, W. (2006), Medialne public relations. Poznań: Wydawnictwo Forum Naukowe, s. 45.
Google Scholar

Bassen A., Basse Mama J. (2016), Neglected disciplinary effects of investor relations: evidence from corporate cash holdings, „ Journal of Business Economics”, 87(2).
Google Scholar DOI: https://doi.org/10.1007/s11573-016-0818-4

Cole B. (2004), The New Investor Relations. USA: Bloomberg Press.
Google Scholar

Corbin J. (2004), Investor Relations: The Art of Communicating Value. USA: Thomson/Aspatore.
Google Scholar

Czerwińska T. (2004), Relacje inwestorskie w spółkach notowanych na Giełdzie Papierów Wartościowych w Warszawie. Gdańsk: Wydawnictwo Uniwersytet Gdański, s. 233.
Google Scholar

Đorđević B., Đorđević M., Stanujkić D. (2012), Investor relations on the internet: analysis of companies on Serbian stock market, „Economic Annals”, 67(193), s. 113–132.
Google Scholar DOI: https://doi.org/10.2298/EKA1293113D

Dziawgo D. (2011), Relacje inwestorskie: ewolucja, funkcjonowanie, wyzwania. Warszawa: Wydawnictwo Naukowe PWN, s. 16, 29, 31.
Google Scholar

Dziawgo L. (2009), Społeczna odpowiedzialność biznesu i relacje inwestorskie jako wyzwania dla współczesnej bankowości komercyjnej. Warszawa: SGH, s. 222.
Google Scholar

EY (2018), Taking it to heart, https://www.ey.com/Publication/vwLUAssets/EY_Taking_it_to_heart/$FILE/ey-taking-it-to-heart-ir-survey.pdf (data dostępu: 20.05.2020).
Google Scholar

FEE (2015), The Future of Corporate Reporting – creating the dynamics for change, https://www.accountancyeurope.eu/wp-content/uploads/FEECogitoPaper_-_TheFutureofCorporateReporting.pdf (data dostępu: 20.05.2020).
Google Scholar

Gajewski J.-F., Li L. (2015), Can internet-based disclosure reduce information asymmetry? „Advances in Accounting”, 31(1).
Google Scholar DOI: https://doi.org/10.1016/j.adiac.2015.03.013

Goban-Klas T. (1997), Public Relations, czyli promocja reputacji: pojęcia, definicje, uwarunkowania. Warszawa: Business Press, s. 35.
Google Scholar

Hoffmann A.O.I., Pennings J.M.E., Wies S. (2010), The Role of Marketing in Managing Investor Relations. Conference: 32nd INFORMS Marketing Science Conference.
Google Scholar

Hoffmann C.H, Fieseler C.H. (2014), Investor relations beyond financials. non-financial factors and capital market image building, „Corporate Communications: An International Journal”, 17, s. 138–155.
Google Scholar DOI: https://doi.org/10.1108/13563281211220265

Hoffmann C.P., Fieseler, C. (2012), Investor relations beyond financials, „Corporate Communications: An International Journal”, 17(2), s. 138–155.
Google Scholar DOI: https://doi.org/10.1108/13563281211220265

Hoffmann C.P., Bronn P.S., Fieseler C. (2016), A good reputation: protection against shareholder activism, „Corporate Reputation Review”, 19(1).
Google Scholar DOI: https://doi.org/10.1057/crr.2015.27

Hutchins H.R. (2005), Investor Relations – Encyclopedia of Public Relations. California: Sage Publishing, Thousand Oaks, s. 445.
Google Scholar

Kim T., Jeon S. (2015), The Effect of Investor Relations on Corporate Bond Credit Rating’, „Academy of Accounting and Financial Studies Journal”, 19(1), s. 198–208.
Google Scholar

Krawczyk S. (2015), Trendy w relacjach inwestorskich. Warszawa: ITBC Communication.
Google Scholar

Krug A. (2010), Relacje inwestorskie we współczesnej spółce giełdowej. Warszawa: Wydawnictwo Poligraf, s. 9, 51–52, 54.
Google Scholar

Łukasik G. (2013), Relacje inwestorskie spółek kapitałowych. Warszawa: Difin.
Google Scholar

Marcus B. (2005), Competing for Capital – Investor Relations in a Dynamic World. New York: John Wiley & Sons.
Google Scholar

NASDAQ (2000), The Strategy and Practice of Investor Relations. New York.
Google Scholar

National Investor Relations Institute (NIRI) (2020), https://www.niri.org/about-niri (data dostępu: 20.05.2020).
Google Scholar

Nel G.F., Brummer L.M. (2016), The Development of a Measurement Instrument to Measure the Quality of Internet Investor Relations’, „South African Journal of Business Management”, 47(4), s. 15–26.
Google Scholar DOI: https://doi.org/10.4102/sajbm.v47i4.71

Nel G.F., Smit E.v.d.M., Brummer L.M. (2019), The Impact of Internet Investor Relations on the Cost of Capital: Evidence from Companies Listed on the Johannesburg Stock Exchange, „Australian Accounting Review”, 88(29), s. 36–48.
Google Scholar DOI: https://doi.org/10.1111/auar.12216

Niedziółka D. (2008), Relacje Inwestorskie. Warszawa: Wydawnictwo Naukowe PWN, s. 30.
Google Scholar

Nowak T., Wysocka K. (2020), The direction of the development of investor relations on the Polish financial market, Working Papers, Poznań University of Economics and Business, Poznań.
Google Scholar

Pierce T. (2010), Investor Relations. A practical Guide. London: London Stock Exchange, s. 5.
Google Scholar

Pozniak L., Bellanca S., Vullo F. (2016), Determinants of internet financial communication: evidence from AIM Italia, „International Advances in Economic Research”, 22(1).
Google Scholar DOI: https://doi.org/10.1007/s11294-015-9555-7

Seitel F.P. (2003), Public Relations w praktyce. Warszawa: Feiberg SJA, s. 504.
Google Scholar

Stabryła A. (2005), Zarządzanie strategiczne w teorii i praktyce firmy. Warszawa: Wydawnictwo Naukowe PWN.
Google Scholar

State of Social Report (2019), http://www.buffer.com/state-of-social-2019 (data dostępu: 20.07.2020).
Google Scholar

Taylor E.Z., Dzuranin A.C. (2010), Interactive Financial Reporting: An Introduction to eXtensible Business Reporting Language (XBRL), „ISSUES IN ACCOUNTING EDUCATION, American Accounting Association”, 25(1), s. 71–83.
Google Scholar DOI: https://doi.org/10.2308/iace.2010.25.1.71

The Stock Exchange of Thailand (2014), IR as a Value-Creation Strategy, https://www.setsustainability.com/download/azqp4xc7nmofejd (data dostępu: 20.05.2020).
Google Scholar

Tworzydło D. (2008), Public Relations. Znaczenie społeczne i kierunki rozwoju. Warszawa: Wydawnictwo Naukowe PWN, s. 270, 272.
Google Scholar

Usarkiewicz P. (2003), Relacje inwestorskie – klasyfikacja instrumentów w zależności od adresatów. Warszawa: Wydział Zarządzania Uniwersytetu Warszawskiego, s. 113.
Google Scholar

Valentine D.R. (2015), Online Marketing to Investors: How to Develop Effective Investor Relations. New York: Business Expert Press.
Google Scholar