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Die Bedeutung der Kapitalmarktkommunikation für börsennotierte Unternehmen

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  • Maas, Martina

Abstract

In der aktuellen Finanzmarktkapitalismusdebatte steht vor allem die Macht der Investoren im Mittelpunkt. Das Unternehmen als handelnder Akteur wird in dieser Debatte weitestgehend ausgeblendet. Um die Einflussmöglichkeiten des Managements zu untersuchen, wird in diesem Beitrag der Blick auf die Kapitalmarktkommunikation (IR) gerichtet. So zeigen Untersuchungen, dass diese Kommunikationsform sowohl von Investoren als auch vom Management als wichtigstes Beeinflussungsinstrument bewertet werden (Bassen 2002b). Aus diesem Grund untersucht dieser Beitrag, welche Einflussmöglichkeiten durch die Kapitalmarktkommunikation für das Management bestehen. Zur Untersuchung werden 13 Leitfadeninterviews mit IR-Managern und Personalberatern herangezogen, welche mittels der qualitativen Inhaltsanalyse ausgewertet werden. Ein zentrales Ergebnis des Beitrags ist, dass Unternehmen die Kapitalmarktkommunikation sehr strategisch zur Steuerung der Erwartungen der Kapitalmarktteilnehmer nutzen. Um aber strategisch Einfluss nehmen zu können, haben Unternehmen ihre Kapitalmarktkommunikation im Zeitverlauf professionalisiert. So werden nicht nur Vorstände in die IR-Arbeit eingebunden, sondern auch IR-Abteilungen vergrößert, die interne Berichterstattung zum Kapitalmarktgeschehen ausgebaut und Strategien zur Kommunikation mit Investoren und Analysten erarbeitet.

Suggested Citation

  • Maas, Martina, 2021. "Die Bedeutung der Kapitalmarktkommunikation für börsennotierte Unternehmen," Working Papers 9, Helmut Schmidt University, Research Cluster OPAL.
    • Handle: RePEc:zbw:hsuopa:9
    DOI: 10.24405/14460
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