View of REVIEW PAPER: FINANCIAL COMMUNICATION MEDIA

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Vol.04,Special Issue 08, (EMDMSCBW-2019) December 2019, Available Online: www.ajeee.co.in/index.php/AJEEE

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REVIEW PAPER: FINANCIAL COMMUNICATION MEDIA

1Ms. Vinita Ramchandani, ²Dr. Anindita S. Chatterjee

1Asst. Professor, Shri Vaishnav Institute of Management, Indore

2Asst. Professor, Institute of Management Studies, DAVV, Indore

Abstract - Increased savings, awareness about investment options and financial literacy has led to increase in investment in capital markets. Globalization and massive growth of companies has led to increased importance of investors. This has led to more research studies focusing on communication with investors through various methods like print media, online communication, mobile communication etc. The present study provides a review on the methods of financial communication used by organizations in last 10 years.

Keywords: Financial Communication, communication media, communication methods, Stakeholders.

1. INTRODUCTION

Communication is a systemic process that involves different stakeholders. Due to limited control on external environmental components like economic conditions, legal and social system (Robins, 1987), managing risk is important for organizations (Jorion, 2007).

Managing risk requires maintaining relationships, for which communication is inevitable.

Financial communication is about collecting information and disseminating it through proper financial statements (Dumitru et. al., 2016). It includes all the set of series of actions performed during the process of communication (Demont et. al.,2000).

In relation to internal and external environment, communication methods used by companies is known as financial communication strategy. Balanced and efficient communication is thus important (Dumitru et. al., 2016). Financial reporting is about measurement of business performance that is used by stakeholders to understand the financial status of an organization and make investment decisions accordingly (Trivedi and Dave, 2016). Quality financial reporting is inevitable for well functioning market economy and strong financial system (Omoolorun and Abilogun, 2017). Success of an organization depends upon its adoption to better techniques of communication (Goodman, 2006) and capital market benefits are mostly associated with the choices of communication media used by an organization (Cohen, 2003). Accuracy, reach and effectiveness of any medium plays an important role while communicating with the stakeholders (Sinha, 2012)

Communication with stakeholders is done with the aim of making the stakeholders understand the vision of the organization and its achievement to establish a brand reputation and maintain its image (Yong, Low and Chew, 2013). An investor expects to earn a good rate of return from his investments and thus expects organizations to be trustworthy and honest in their practices and communication (Mehta and Joshi, 2016). Investor’s understanding is also affected by use of products and services of the company, conversation with company’s management, reading available reports etc. (Gackowski, 2017). Transparent communication on part of organization helps in retaining the shareholders value in long term (Mehta and Joshi, 2016).

2. REVIEW OF LITERATURE

Communication is a two-way process which focuses on both transmitting messages as well as receiving them. Communicating channels play an important role in delivering the information appropriately. In an interview, 20 top executives of USA admitted the importance of communication at each and every level with stakeholders and also the importance of active participation of top level management of an organization in this process (Shugoll, 2012). Till mid-twentieth century, communication mostly involved print media. But, recently with emergence of electronic media, communication world has seen a major change (Gozzi, 1999). Various scholars have identified different media of communication used by an organization like Heldenbergh et. al. (2006) identified annual reports, general assembly, financial advertising, internet, road shows, letters; Mangala and Isha (2015) identified interim, prospectus, press releases, annual reports and websites.

According to study in Delhi, five categories of mediums were seen to be commonly used to communicate with stakeholders which included public media: print and electronic like newspaper, journal and television; Personalized media and visuals like house journals,

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bulletin, corporate gifts, films and sponsorships; advertisements and social networks;

virtual medium and mandatory reports like company website, intranet, annual and other reports and other mediums like dress code, infrastructure, CSR and memberships. Virtual mediums are more interactive as compared to traditional mediums and thus provides a richer communication experience and engages individuals in a better manner. Social networking sites though are interactive and enriching but have the risk of company related information being ignored (Sinha and Bhatia, 2016).

2.1 Traditional Media

Print media like reports and brochures and face-to-face communication are two widely used methods of traditional media of communication. These are mostly used for targeting wide audience and are considered helpful in establishing and strengthening the relationship with stakeholders (Yong, Low and Chew, 2013).

2.2 Print Media

Print communication includes newsletter, reports, and brochures. They are useful to provide consistent information to wide audience simultaneously (Yong, Low and Chew, 2013). Accurate and reliable information about an organization’s performance in traditional methods of communication helps in reducing information asymmetry between corporate managers and investor. National legislation and international accounting standards makes financial reporting more reliable as it is regulated form of communication (Rosenkranz and Pollach, 2016). Measurement of accounting quality relates to disclosure of proper and authentic information to the stakeholders in appropriate format and timely manner.

Corporate reporting has become an effective tool used by management to create an impression among users of financial statements (Mangala and Isha, 2015).

High quality based financial reporting is a gauge for market based monitoring, which allows shareholders and the public at large to assess a company’s management performance, thereby promoting the active development of stock markets. Quality financial reporting strengthens the financial architecture and reduces the risk of financial crises. It helps in mobilizing domestic savings. It helps stakeholders in making sound decisions of investment. To assess the economic performance and condition of a business, financial reports play an inevitable part. It helps in reducing information asymmetries between managers, investors, regulatory agencies, society and other stakeholders. In case such a document is manipulated, it hampers the decision making of investors and erodes their confidence in the working and ethics of an organization (Omoolorun and Abilogun, 2017).

Before the financial disclosures reaches stakeholders, media coverage of corporate performance is seen to be important step. Media is seen to be a powerful and active agent. A study conducted on 30 companies included in German stock index revealed that corporate earnings can be transformed into news releases by emphasis, using more positive words, positioning of figures in headlines and other such methods. Avoiding adjusted financial figures, qualifying financial figures and adding analysts’ views helps in increasing transparency and this role is well played by news agencies (Rosenkranz and Pollach, 2016).

Financial reporting is the most important medium of communication with stakeholders. Certain mandatory activities are accomplished by organizations from time to time to comply by the rules and regulations of government agencies. Quarterly as well as annual results are required to be filed to stock exchanges and published for listed companies. To protect stakeholder’s interest the regulators and the capital market are increasingly imposing stringent norms for transparency. Items which were voluntary few years back have become mandatory. Companies face market pressure to disclose more information voluntarily in their reports (Charumathi and Ramesh, 2015).

Annual reports are used by various stakeholders for accessing the growth prospects of the organization. It gives stakeholders a formal document which serves as the backbone for further financial planning and analysis (Omoolorun and Abilogun, 2017). A study conducted on annual reports of Nifty 50 firms for a period of six years from 2009 to 2014 concluded that communicating through annual reports method is used and accepted widely. It is useful for stakeholders, financial institutions, government officials, creditors, customers, employees, financial analysts and tax authorities. The study further analyzed the level of disclosure using various items of annual reports. The research concluded that significant variation exists in the disclosure score across various disclosure items,

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industries and companies (Mangala and Isha, 2015). A study that focused on readability of annual reports concluded that analyst’s covering organizations that issue less readable content take more time to issue reports and also the reports are less accurate (Lehavy, Li and Merkley, 2011; Fakhfakh, 2015). An online survey conducted in USA on 359 non professional investors concluded that low readability result in lower equity valuations by lay investors while for higher readability, higher equity valuations are seen. Sophistication was also seen an important factor in readability of financial disclosures (Taylor and Riley, 2017).

The corporate India has the onus of ensuring better compliance and reporting standards to increase the capital market prospects. The capital market puts pressure on the companies for better transparency and disclosures to protect the interest of various stakeholders. The trend state that the regulators and the capital market are increasingly imposing stringent norms for transparency. Size, leverage and the extent of institutional ownership affects the disclosure decisions of the firms. Leverage, size and institutional ownership are the important determinants of voluntary disclosures (Charumathi and Ramesh, 2015).

Corporate governance information was found to be disclosed by most of the companies according to a survey of Nifty 50 firms followed by corporate social responsibility and environmental information and then, corporate financial information. Balance sheet, statement of profit and loss, information regarding dividend, details about directors was disclosed by most of the companies as these are mandatory items in nature. On the other hand, information about change in shareholder equity, price level accounting and list of supplier was not disclosed by any company in all study period. While, statutory obligations of management, equal opportunity policy statement, EPS forecast, future profit forecast, pricing policies, human resource accounting and projected research and development expenditure has also found to be very least disclosed item among various category (Mangala and Isha, 2015).

Based on extensive literature review, Omoolorun and Abilogun (2017) identified the key factors that enhance the quality of financial reports. These are accounting standards, corporate governance which highlights audit committee, whistle blowing, internal control, audit quality, efficient capital market, management performance and forensic accounting education. These factors have influence on the quality of financial reporting. Hence they are given careful attention by corporation players, financial analysts and individual investors in determining the quality of financial reports for viable investment decisions that drive economic growth (Omoolorun and Abilogun, 2017).

3. ONE-TO-ONE METHOD OF COMMUNICATION

Organizations need to walk with the technology and at the same time maintains traditional methods of communication. Technology has its own importance but face-to-face communication whether one-to-one or one-to-many helps in better engagement and helps in initiating a two-way dialogue. Face-to-face communication is still considered great medium to engage stakeholders feedback and responses. Face-to-face communication includes presentations, meetings, seminars etc. This medium of communication is useful in strengthening relationship with stakeholders and winning their trust and loyalty.

Stakeholders need timely information and expect quick responses to their queries.

They require clear and concise information from companies to help them take decisions (Yong, Low and Chew, 2013). An interview conducted with six European institutional investors and investment managers revealed that one-to-one meetings with investors are an important method of communication with investors. Relational approach of communication was used with the objective of building trust and mutual understanding among investors and organization. Constructive, informal discussions and voting rights at annual general meetings were used to put forward investors’ perception and opinions.

Dialogue form of communication was also helpful in sharing company’s knowledge with the investors which was required and welcomed by the investors. Also it was considered that dialogue with top management was important (Rytkönen and Louhiala-Salminen, 2014).

A survey conducted on large cap companies listed on Stockholm stock exchange concluded that personal contact with financial analysts no doubt is the best method of communication with the stakeholders but nevertheless it is time consuming and there is risk of opportunity costs due to spending too much time in such meetings. Telephone conversations, one-to-one meetings and e-mail/webcasts were identified as the three most

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important methods of communication used by an organization. Press releases, annual reports and capital market days are not so used sources of information. General meetings and company brochures are least used. The findings of the survey also concluded that a trend shift in ways of communications used and preferred by the organizations is seen. All the sources of information involving personal contacts were preferred over written/printed sources (Arvidsson, 2012).

3.1 Conference Calls

Conference calls are a way of presenting detailed information in an innovative manner (tasker, 1998). It was also used to increase the price and volume of trading by providing new information to the investors (Frankel, Johnson and Skinner, 1999). A study examined more than 10,000 conference calls over 2003 to 2005and led to the conclusion that Q & A segment of conference calls were of great help for organizations that have greater analyst following and earnings news being discussed relatively poor. Management presentation segment was relatively less informative. Conference calls helped in solving queries of the investors (Matsumoto, Pronk and Roelofsen, 2011).

4. ONLINE MEDIA

Active users in huge quantity and feature of getting news viral has made social media important (Baird and Parasnis, 2011). Communicating at same time, reasonalble price with large amount of audience situated at different location was an impossible task till the emergence of internet (Heldenbergh and Scoubeau, 2005). With increase in internet usage, companies are changing their means of interacting with customers. Online methods of communication provides an opportunity to the organizations in personalizing messages, improving customer relationships and reducing customer service costs (Kumar and Vikkraman, 2011). Emails, websites, online forums, social networking are all methods of online communication (Yong, Low and Chew, 2013).

Fifth global CEO study conducted by IBM in 2012 in 64 countries revealed that gaining insights and motivating employees are areas of focus of top executives. Traditional media and face-to-face communication are relevant at present but a huge scope is provided by social media which may take over soon (IBM Global CEO survey, 2012). Better responsiveness and speed of disseminating information are important advantages provided by new technologies, social media, internet, conference calls, video conferencing etc. These communication media also helps in application of principle of equal treatment (The Observatoire de la Communication Financière, 2012).

Online communication can also help in effective handling of rumors in timely manner. Online communication includes emails, websites, and online forums. This media is useful for delivering personal messages and is increasingly preferred way. Social media and audio-visual communications includes webinars, blogs, YouTube, twitter etc. A study conducted on 700 companies listed in Singapore exchange concluded that online is the most preferred mode of communication. With increasing globalization and cross border investment, online method of communication is useful to communicate across locations at same time. It makes the information more timely thereby helping in making relevant decisions (Yong, Low and Chew, 2013).

A study done to understand communication pattern on organizations that were active on social media platforms such as Facebook, YouTube, instagram, twitter revealed that social media has helped organizations to build an e-reputation provided the firm has integrated communication strategies (Dutot et. al., 2016). Integration of all the communication media that an investor expects and is accustomed to is necessary (The Observatoire de la Communication Financière, 2012).

With growing virtual world and its increasing importance, a study was carried out on 216 firms quoted on free market Paris in 2010 examining the websites of the organizations .It was found that corporate governance information was shared widely while low average score was obtained by financial information (Pozniak et. al., 2013). A study on the use of financial webcasts concluded that streaming audio with slides helps in improving understandability of investors thereby helping them in drawing proper inferences (Brown, 2011).

A study conducted on 130 catalan meat companies concluded that only 77%

companies had websites which mostly used main corporate colours and logos. Very few

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companies had specific section for e-commerce and 85.3% did not have interactive tools.

Seventeen companies used social networks like 11.3% used facebook while 8.2% used twitter (García et. al., 2016). A survey on 700 Singapore listed companies in 2013 revealed that more than 9-in-10 companies communicated to stakeholders through their corporate websites. Also, certain organizations (seventy five percent) have links on their home pages for investor relation. The survey revealed the most visible fact that financial information needs to be communicated to the stakeholders beyond the traditional channels of communication. In relation to online communication, companies need to learn and embrace the most effective strategies. As per survey conducted in singapore in 2013, least preferred mode of communication used by organizations included company visits, newsletter and snail mail (Yong, Low and Chew, 2013).

A survey conducted among IR officers representing 82 corporations listed at Swiss, German and Austrian stock exchanges concluded that use of new innovative technologies by an organization can help in improving the image of the organization in the eyes of the stakeholders (Hoffmann and Aeschlimann, 2017). To engage stakeholders and facilitate symmetrical models, organizations are now using online platforms (Grunig and Hunt, 1984). Certain research studies have focused on use of online shareholder platforms for better stakeholder engagement (Kent and Taylor, 2002, Romenti, Muratelli and Valentini, 2014) but little is known about these platforms (Gowthorpe, 2004; Hassink, Bollen and Steggink, 2007). Online shareholder platforms are closed online platforms for interaction with shareholders. Access is gained by identified shareholders and variety of information and interactive functionalities like chats, messaging, e-voting are provided by the organization. Online shareholder platforms help in maintaining relations with stakeholders by facilitation and monitoring of conversations among shareholders. Such platforms are primarily geared towards retail investors. Moreover, efficiency in communication improves as personal inquiries and cost of replying through print material decreases (Hoffmann and Aeschlimann, 2017).

5. CONCLUSION

Financial communication is about conveying proper information to the stakeholders. The stakeholders have different interests in the working of the company and thus the information provided to them and the ways used to communicate the information vary.

Media of communication used by an organization is important as different channels have different benefits and with so much of information, communication space is overcrowded. In such a scenario, communicating useful and authentic information timely to the stakeholders requires a thorough research on the communication media that is preferred by the stakeholders.

The decision of choosing a communication medium should be handled promptly by an organization because corporate success depends on how soon a company can adopt to new ways and methods of communication (Goodman, 2006). With increase in use of technology, new means of communication like e-mails, webcasts, web pages have emerged.

With availability of various means of communication, it may be problematic for an organization to choose a medium by evaluating its pros and cons (Stuart et al., 2007;

Quirke, 2002). With increase in number of channels, communication space is overcrowded (Sinha and Bhatia, 2016).

Emergence of electronic media and its entrance among common public has led to replacement silent print media to noisy channels (Gozzi, 1999). Logical reasoning of print media was replaced by narrative and drama of electronic media. Electronic media shifted the trend from objectivist description of print world to interactive communication. Power of communication can be better understood through electronic, interactive and instantaneous media of communication. The power and reach of electronic media has seen to be increasing dramatically in personal and professional communications (Locander and Ladik , 2017). It has also provided the investors with an opportunity to raise queries and clarify doubts (Birim, 2016).

In an era of increased internet usage and globalization, the importance of presenting the information through an appropriate channel of communication cannot be ignored. For a long and successful run in capital markets it is important for any organization to make its place in good books of the stakeholders. This becomes even more important in an era of limited capital and increased market competition. To achieve this aim an organization

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needs to approach stakeholders through every possible medium of communication a stakeholder may use.

The presented literature review shows that integrated approach of communication is the need of the hour. Building an e-reputation on part of an organization in eyes of the present and potential stakeholders is necessary which can be achieved by using integrated communication strategies and social platforms (Dutot et. al., 2016). Online media has no doubt presented various benefits like speed and timeliness of delivering information but the benefit of traditional methods like face-to-face communication cannot be ignored. It helps to establish a positive image of the organization in the eyes of stakeholders and understand their concerns and make them understand the vision of the company.

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