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!!Investor!Relations!From!a!Strategic!Communication!Perspective!

!

Managing!Meaning!Through!the!Preparation!of!Investor!Relations!Texts!as!Strategic!Communication!!!!!!!!!!!!!!!!!!!!!!!!!!

Thesis!proposal!submitted!by:!!Morten!Lundholm!!PhD!Fellow,!MA!

!Principal!supervisor:!

Marianne!Grove!Ditlevsen!Associate!Professor,!PhD!

!Co=supervisor:!

Helle!Kryger!Aggerholm!Associate!Professor,!PhD,!MBA!

!!!

SUBMITTED!IN!PARTIAL!FULFILMENT!OF!THE!REQUIREMENTS!FOR!THE!PHD!DEGREE!!AT!AARHUS!BSS!GRADUATE!SCHOOL,!AARHUS!UNIVERSITY!

!NOVEMBER!2016!

Contents''

1.0:'Introduction'! ! ! ! ! ! ! ! ! ! ! 1!

! 1.1:!Research!Motivation!! ! ! ! ! ! ! ! ! ! 2!!

2.0:'Project'Purpose'and'Research'Questions' ' ' ' ' ' ' ' 3'

! 2.1:!On!Selecting!Specific!Types!of!Investor)Relations)Texts!to!Study! ! ! ! ! 4!

! 2.2:!Research!Contribution! ! ! ! ! ! ! ! ! 6!!

3.0:'Theory' ' ' ' ' ' ' ' ' ' ' ' 7'

' 3.1:!Introducing!and!Delimiting!the!Understanding!of!Strategic)Communication!in!this!Project! ! 8!

! 3.2:!Framing!Theory! ! ! ! ! ! ! ! ! ! 9!!

4.0:'Research'Design' ' ' ' ' ' ' ' ' ' '''''''''''''11'

' 4.1:!Case!Study!Research! ! ! ! ! ! ! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!12!

! 4.2:!Qualitative!Research!Interviews! ! ! ! ! ! ! !!!!!!!!!!!!!!!14!

! 4.3:!Document!Analysis! ! ! ! ! ! ! ! ! !!!!!!!!!!!!!!!16!

! 4.4:!Discourse!Analysis! ! ! ! ! !!!!!!!!!!!!!!!!!! ! ! !!!!!!!!!!!!!!!17!!

5.0:'Discussion' ' ' ' ' ' ' ' ' ' ' '''''''''''''17'!

6.0:'References'' ' ' ' ' ' ' ' ' ' '''''''''''''19''

7.0:'My'PhD'Plan' ' ' ' ' ' ' ' ' ' '''''''''''''24!

! 7.1:!The!Current!Status!on!My!Completion!of!the!Core!PhD!Degree!Requirements!!

!!!!!!!!of!Aarhus!BBS!Graduate!School!!!!!!! ! ! ! ! ! ! !!!!!!!!!!!!!!24!

7.2:!My!PhD!Plan!Going!Forward! ! ! ! ! ! ! !!! !!!!!!!!!!!!!!25!

!

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Morten'Lundholm' Thesis'Proposal' November'2016''

' 1'of'26'

1.0:%Introduction%

Investor' relations' is' perceived' as' a' strategic' management' responsibility' whose' overall' purpose' it' is' to'

contribute' to' a' company’s' securities' achieving' fair' valuation' (NIRI,' 2003).' An' important' component' of'

investor' relations' in' this' respect' is' communication' which' plays' an' everIincreasing' role' in' the' valuation'

process'(Guimard,'2008;'Laskin,'2011;'NIRI,'2003).'The'main'reason'for'this'is'the'growing'recognition'that'

nonIfinancial'assets'have'a'significant'impact'on'the'valuation'of'securities'(Favaro,'2001;'Lev,'2004).'Ryan'

&'Jacobs'(2005),'for'instance,'state'that'they'”strongly'believe'that'the'art'portion'of'valuation'can'make'up'

anywhere'from'20'to'40'percent'of'the'total'valuation'at'any'given'time”'(p.'95)'and'Nielsen'&'Bukh'(2010)'

point'out'that'investor'relations'communication'has'a'significant'effect'on'the'company’s'stock'price.'They'

further'note'that'sometimes'this'communication'actually'influences'the'securities'valuation'more'so'than'

the'material'content'in'the'message'being'communicated.''

'

With'the'recognition'of'the'need'for'strong'communication'expertise'within'investor'relations'(Argenti,'2009;'

Mahoney,'1991;'Ryan'&'Jacobs,'2005),'for'years'investor'relations'scholars'have'drawn'from'communication'

research'knowledge' in' their' scientific' studies' (Pennings,'2011;'Ragas,' Laskin'&'Brusch,'2014).'Historically'

speaking' it' is' even' possible' to' talk' about' two' separate' and' opposing' orientations' of' investor' relations' I'

finance'and'communication'(Kelly,'Laskin'&'Rosenstein,'2010).'These'two'orientations'have,'however,'not'

been' equally' represented' neither' in' the' practice' of' investor' relations' nor'within' academia.' Though' the'

financial'orientation'of'investor'relations'previously'has'dominated'the'communicative'one'(Laskin,'2009;'

Petersen'&'Martin,'1996),'with'recent'financial'crises'and'large'corporate'scandals,'the'importance'of'the'

communication' component'of' investor' relations'has'been'highlighted'by'both' scholars' and'practitioners'

(Allen,' 2002;' Argenti,' 2009;' Ryan' &' Jacobs,' 2005;' Silver,' 2008).' Presently,' a' convergence' of' the' two'

aforementioned' orientations' is' taking' place' (Hutchins,' 2008;' Laskin,' 2009;' Silver,' 2005).' From' a'

communication' perspective,' research' contributions' that' recognize' this' convergence' have' primarily'

examined'investor'relations'from'an'operational'plan'(Arvidsson,'2012;'Laskin,'2009;'Ragas,'Laskin'&'Brusch,'

2014)'which'poses'clear'limitations'to'the'competitive'and'value'creating'opportunities'that'several'scholars'

have'pointed'out' a'more'proactive' and' strategic' approach' to' investor' relations'offers' companies' (Allen,'

2002;'Dolphin,'2004;'Hoffmann'&'Fieseler,'2012;'Hoffmann,'Pennings'&'Wies,'2011;'Laskin,'2011;'Roop'&'

Lee,' 1988;' Ryder' &' Regester,' 1990;' Vlittis' &' Charitou,' 2012).' At' this' point' in' time,' research' knowledge'

pertaining'to'the'strategic'level'of'investor'relations'communication'is'therefore'still'sparse.'

'

Communication'plays,'as'mentioned,'an'everIincreasing'role'in'the'valuation'of'a'company’s'securities'and'

can'have'a'considerable'effect'on'the'company’s'stock'price.'To'help'them'in'this'valuation'of'the'investment'


' 2'of'26'

potential'of'a'given'company’s'shares,'financial'markets'participants'are'known'for'looking'for'salient'cues'

(Lev,' 2012).' Salient( cues' here' refers' to' specific' information' that' stands' out' from' the' vast' amount' of'

information'that'is'available'to'these'financial'markets'participants'from'various'sources'of'information'(Lev,'

2012).'Such'information'sources,'among'others,' include'the'company'itself,' investors'(of'different'types),'

financial'analysts,'investment'banks'and'brokerage'firms,'and'the'(financial)'media'(Ryan'&'Jacobs,'2005).'

With' so'many'potential' sources'of' information' that' can' influence'and'affect' the' specific'perception' that'

different' financial'markets' participants' have' of' a' given' company,' the' company’s' own' investor' relations'

communication'becomes'highly'pertinent.'In'order'to'ensure'a'fair'securities'valuation,'which'is'the'overall'

purpose'of'investor'relations'(NIRI,'2003),'the'company'should'carefully'construct,'narrate'and'communicate'

its' own' story' to' the' financial'markets.' This' story' should' be' recognizable' and' effective,' but' also' honest.'

Afterall,'the'goal'of'investor'relations'is'not'to'mislead'investors'and'deliberately'hype'the'company’s'stock'

price' through' communication.' Instead,' investor' relations' should' seek' to' help' the' financial' markets'

”understand' the' value' creation' potential' in' the' company”' (Nielsen' &' Bukh,' 2011,' p.' 5)' to' ensure' the'

mentioned' fair' stock'price.'With' recent' financial' crises' (such'as' the'2001'dot.comIbubble'and' the'global'

financial'crises'of'2007I08)'and'large'corporate'scandals'(most'notably'the'crash'of'Enron'in'2001),'it'is'in'the'

longIterm' interest' of' the' company' to' gain' and' sustain' the' confidence' of' financial' markets' participants'

through' fair'disclosure'practices' (cf.'Allen,'2002,' Lev,'2012,' Silver,'2005).' Since'”the' success'or' failure'of'

public' companies' is' largely' determined”' (Lev,' 2012,' p.' 4)' within' the' financial' markets,' a' notion' that' is'

supported'by'Fieseler,'Hoffmann'&'Meckel'(2007),'investor'relations'communication'plays'a'central'role'in'

advancing'the'interests'of'the'company'and'in'helping'it'reach'its'overarching'goals.'

'

1.1:%Research%Motivation%

Given'the'previously'outlined'focus'of'existing'investor'relations'research'on'the'operational'plan'(cf.'section'

1.0),' there' is' a' strong' incentive'within' academia' to'explore'how'companies'work' strategically'with' their'

investor'relations'communication.'With'the'recognition'that'communication'plays'a'central'role'in'ensuring'

a'fair'securities'valuation,'which,'as'previously'noted,'is'the'overall'purpose'of'investor'relations,'this'project'

is' specifically' interested' in' examining' how' companies' through' their' preparation' of' investor' relations'

communication'(intend'to)'manage'meaning'about'themselves'within'the'financial'markets.'This'is'important'

to' examine,' because' the' investor' relations' communication' is' precisely' prepared' by' the' company'with' a'

specific'goal'in'mind'–'the'communication'is'intended'to'help'the'company'achieve'something'specific.'To'

provide' a' concrete' example' of' this' deliberate' preparation' of' investor' relations' communication' that' is'

intended'to'present'and'reinforce'a'specific,'interpreted'reality'concerning'the'company'as'an'investment'

case,'I'will'briefly'turn'the'attention'to'a'television'program'called,'Indefra(med(Anders(Agger(–(Novo(Nordisk,'


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which'is'produced'by'the'Danish'Broadcasting'Corporation'(DR,'2015).'In'the'days'leading'up'to'the'financial'

disclosure'of'Novo'Nordisk’s'annual'statement'(probably'of'2014),'the'journalist'Anders'Agger'is'shadowing'

Novo'Nordisk’s'CEO,'Lars'Rebien'Sørensen,'and'other'members'of'the'company’s'senior'management'team.'

At'one'point'in'the'program,'on'the'topic'of'delivering'on'the'initial'guidance'that'the'company'gave'at'the'

start'of'the'year,'Lars'Rebien'discusses'the'importance'of'carefully'choosing'that'one'specific'word'(in'this'

case'the'choice'is'between'”satisfied”'versus'”very'satisfied”)'that'will'be'the'most'appropriate'one'to'use'

when'publicly'expressing' the'company’s'own'view'of' its' financial'performance'of' the'previous'year.'This'

short' sequence' in' the' program' provides' a' small,' but' pertinent' glimpse' into' the' specific' thoughts' and'

reasoning' that' goes' into' a' public' company’s' decisionImaking' pertaining' to' how' best' to' frame' and'

communicate'a'very'important'message'to'the'financial'markets'with'the'aim'of'eliciting'a'specific'reaction'

from' the' financial'markets' participants.' In' other'words,' through' strategic' communication,' the' company'

deliberately'seeks'to'manage'meaning'about'itself'within'the'financial'markets'to'achieve'something'specific.'

My'application'of'strategic'communication'here'refers'explicitly'to'the'understanding'provided'by'Hallahan'

et'al.'(2007)'and'Holtzhausen'and'Zerfass'(2013)'of'this'term.'The'two'definitions'of'strategic'communication'

put' forward' by' Hallahan' et' al.' (2007)' and' Holtzhausen' and' Zerfass' (2013)' directly' inform' my' specific'

understanding'of'strategic'communication'in'this'project.'Grounded'in'these'two'definitions,'I'understanding'

strategic'communication'as'the'deliberate'and'purposeful'use'of'communication'by'a'company'intended'to'

specifically'help'the'company'advance'its'longIterm'interests'and'achieve'its'overarching'goals.'In'section'

3.1,'I'will'provide'a'more'elaborate'introduction'to'strategic'communication.'

'

2.0:%Project%Purpose%and%Research%Questions%

With' the' previous' understanding' in'mind,' from' a' strategic' communication' perspective,' this' project' will'

empirically'examine'two'selected'public'companies’'management'of'meaning'through'their'preparation'of'

investor' relations' communication.' In' order' to' examine' this' preparation' of' communication' by' investor'

relations'that,'as'previously'highlighted,'precisely'is'prepared'with'a'specific'goal'in'mind,'I'will'specifically'

draw'on'framing'theory.'Framing'(whether'or'not'consciously'recognized'and'labelled'as'such'by'the'selected'

companies)' is' central' to' the' preparation' of' purposive' investor' relations' communication.' Framing' theory'

allows'me'to'empirically'examine'(and'inquire'about)'how'and'why'certain'features'of'an'interpreted'reality,'

through'communication,'deliberately'is'highlighted'or'made'more'salient'by'the'company'at'the'expense'of'

other'features'(cf.'Entman,'1993).'This'deliberate'shaping'or'managing'of'meaning'through'communication'

is' performed' by' the' company'with' the' purpose' of' affecting' the' interpretations' by' the' receivers' of' this'

communication.'In'that'sense,'from'a'strategic'communication'perspective,'the'communication'is'precisely'

a'deliberate'attempt'by'investor'relations'to'contribute'to'and'affect'the'specific,'ongoing'conversation'that'


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financial' markets' participants' are' having' about' the' company' as' an' investment' case.' The' company' is'

interested'in'having'these'participants'buy'into'and'act'in'accordance'with'the'specific'story'that'it'presents'

to'them.''

'

With'the'previous'introduction'in'mind,'the'purpose'of'this'project'is:'

'

From% a% strategic% communication% perspective% on% investor% relations% and% by% drawing% on% framing%

theory,% this% project% will% through% a% double% case% study% empirically% examine% public% companies’%

management% of% meaning% through% their% preparation% of% investor% relations% texts% as% strategic%

communication.%The%purpose%of%this%is%to%construct%scientific%knowledge%about%how%companies,%in%

practice,%work%strategically%with% their% investor% relations%communication%and%their% reasoning% for%

doing%it%this%specific%way.%

'

Directly'related'to'the'purpose'of'this'research'project'are'two'critically'reflective'research'questions:'

•! RQ%#1:'How'do'companies'manage'meaning'through'their'preparation'of'investor'relations'texts'as'

strategic'communication?''

•! RQ% #2:' Why' do' companies' deliberately' manage' meaning' through' their' preparation' of' investor'

relations'texts'as'strategic'communication'in'the'specific'way'that'they'do?'

'

I'have'intentionally'used'the'phrase,'the'companies’'”management(of(meaning(through(their(preparation(of(

investor( relations( texts( as( strategic( communication”,' because' it' is' through' this' actual' preparation'of' the'

strategic'communication'by'investor'relations'that'specific'meanings,'so'to'speak,'are'embedded'within'the'

texts.'Whether'or'not'the'investor'relations'texts'are'written'ones'or'of'the'verbal'kind,'the'content'of'each'

text'is'planned'in'advance'of'its'delivery.'In'that'sense,'the'specific,'perceived'reality'that'the'company'–'

through' its' investor' relations' communication' –' intends' to' present' to' and' reinforce' within' the' financial'

markets'is'initially'constructed'discursively'through'the'preparation'of'its'different'investor'relations'texts.'

'

2.1:%On%Selecting%Specific%Types%of%Investor%Relations%Texts%to%Study%

Investor(relations(texts'can'be'taken'to'include'many'different'types'of'verbal'and'written'communication'of'

investor'relations.'In'relation'to'external'communication'of'investor'relations,'the'written'texts,'for'example,'

include' the' annual' report,' quarter' earnings' statements,' and' official' investor' relations' website' content.'

Verbal' texts' of' the' external' type' include' the' content' of' different' types' of' investor' relationsIrelated'

presentations' given' by' top'management' or' investor' relations' personal.' Such' presentations' can,' among'


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others,'pertain'to'conference'calls,'roads'shows,'and'other'types'of'formal'investor'meetings.'This'project'

will' specifically' focus' on' examining' two' types' of' investor' relations' texts' –' conference' calls' and' selected'

sections'of'the'annual'report.'

With' the' recognition' that' information' about' nonIfinancial' assets' plays' an' important' role' in' the'

valuation'of'the'company’s'shares'(cf.'section'1.0),'I'am'interested'in'specifically'examining'investor'relations'

texts'that'provide'considerable'room'for'the'”soft”'investor'relations'information,'thus'moving'beyond'the'

texts'that'purely'disclose'”hard”,'quantitative'information'about'the'company’s'(past)'financial'performance.'

With'respect'to'the'former'type'of'information,'Lev'(2012)'explicitly'note'that'”the'soft'information'conveyed'

in'the'financial'report'[...],'as'well'as'in'managers’'press'releases'and'conference'calls,'drives'many'investors’'

decisions”'(p.'47).'He'further'points'out'that'how'this'type'of'information'is'narrated'matters'to'this'decisionI

making'of'investors.'These'two'notions'are'both'highly'relevant'to'the'current'project'where'framing'theory'

is'explicitly'applied'to'examine'how'meaning'is'deliberately'managed'by'the'company'through'its'preparation'

of' investor' relations' communication.' While' purely' financial' information' –' often' presented' numerically'

through' specific' accounting' standards' –' inform' the' valuation' process,' soft' information' is' evidently' also'

important'in'financial'markets'participants’'assessment'of'the'company.'How'soft'information'is'framed'by'

the' company' and' the' specific' context' in' which' it' is' situated' therefore' is' important' from' a' strategic'

communication'perspective.'With'that'in'mind,'I'am'interested'in'examining'texts'where'there'is'room'for'

the' company,' through' strategic' communication,' to' actually' assert' certain' interpretations' of' a' perceived'

reality'that'are'intended'to'be'taken'as'real'at'the'expense'of'other'possible'interpretations.'In'other'words,'

I'am'interested'in'examining'investor'relations'texts'in'which'different'frames'strategically'can'be'embedded'

by'the'company'in'an'attempt'to'deliberately'influence'subsequent'interpretations'of'the'very'content'of'

these'texts.'

In'selecting'the'types'of'texts'that'I'want'to'examine,'I'also'found'it'important'to'choose'texts'that'

are'perceived'as'being'particularly'important'texts'of'investor'relations.'Nielsen'and'Bukh'(2010)'point'out'

that'while'the'annual'report'may'not'be'central'to'immediate'price'formations'of'the'company’s'shares,'this'

type'of'document'is'important'in'both'providing'a'good'impression'of'the'company'to'many'different'groups'

of'(financial'and'nonIfinancial)'stakeholders'and'in'building'trust'in'the'company'among'these'stakeholder'

groups' (Clarke'&'Murray,' 2000).' Both' of' these' objectives' are' pertinent' in' connection' to' ensuring' a' fair'

valuation'of'the'company’s'securities'in'the'longIterm,'which,'as'noted'in'section'1.0,'is'the'overall'purpose'

of'investor'relations.'

In'relation'to'choosing'conference'calls'as'one'type'of'text'to'focus'on'in'this'project,'contrary'to'

annual'reports,'conference'calls'are'precisely'viewed'as'regularly'having'a'direct'influence'on'the'immediate'

valution'of'the'company'(Lev,'2012).'Lev'(2012)'argues'that'this'specific'investor'relations'event'is'one'that'


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is'highly'important'to'the'financial'markets'and,'therefore,'should'be'–'and'almost'always'is'–'conducted'by'

the'CEO'and'CFO'–'sometimes'with'other'topIlevel'executives'present.'The'fact'that'conference'calls'only'

can'be'trusted'to'the'aforementioned'topIlevel'executives'says'something'about'their'perceived'importance'

to'the'company’s'future'success.'

%

2.2:%Research%Contribution%

The'project'intends'to'make'a'theoretical'contribution'both'to'the'research'field'of'investor'relations'and'to'

the' recently' proposed' new' academic' paradigm' (cf.' Hallahan' et' al.,' 2007),' or' distinct' approach' (cf.'

Holtzhausen' &' Zerfass,' 2015),' of' strategic' communication.' I' will' start' out' by' addressing' the' theoretical'

contribution'that'I'expect'that'this'project'will'make'to'the'research'field'of'investor'relations.'Subsequently,'

I'will'elaborate'on'the'project’s'intended'theoretical'contribution'to'strategic'communication.'

'

In' section' 1.0,' I' noted' that' several' contributions' of' investor' relations' which' particularly' recognize' the'

convergence'of'the'two'previously'separate'and'opposing'orientations'of'investor'relations'have'emphasized'

the' considerable' longIterm' benefits' for' companies' in' specifically' approaching' their' investor' relations'

communication'in'a'strategic'manner'(cf.'Dolphin,'2003;'Hoffmann'&'Fieseler,'2012;'Nielsen'&'Bukh,'2011;'

Ryan'&' Jacobs,' 2005;' Silver,' 2005).' In' order' to' both' legitimize' and' strengthen' this' prevailing' view,' new'

research' contributions' are' needed' that' explicitly' explore' how' companies' in' practice' actually' work'

strategically'with' their' investor' relations' communication' since' knowledge'about' this' specific' topic' still' is'

sparse'within'academia.'With'a'ubiquous'concept'such'as'strategic'that'has'come'to'mean'almost'everything'

(cf.'Freedman,'2013;'Cummings'&'Wilson,'2003)'and'that'can'be'applied'in'conjunction'with'other'words'to'

change' or' elevate' the' perceived' meaning' of' the' phenomena' that' such' words' denote,' for' reasons' of'

comprehensibility,' it' is' precisely' important' to' empirically' examine' strategic' investor' relations'

communication'and'specific'activities,'thoughts'and'reasoning'(by'public'companies)'directly'related'to'this'

type'of'communication.'Without'existing'knowledge'about'this'topic,'scholars'run'the'risk'of'undermining'

their'own'research'by'not'making'themselves'fully'comprehensible'to'practitioners'and'fellow'scholars'when'

they'articulate'the' important'role'that'communication'of'the'strategic'kind'plays' in' investor'relations.'As'

evident' from' section' 2.0,' which' outlines' this' project’s' purpose,' drawing' on' framing' theory,' the' current'

project' will' examine' investor' relations' communication' from' a' strategic' communication' perspective' by'

specifically'studying'companies’'management'of'meaning'through'their'deliberate'preparation'of'investor'

relations'texts'perceived'as'strategic'communication.'

'


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With'respect' to'strategic'communication,' in'order'to' fully'establish'strategic(communication'as'a'

new'paradigm'(Hallahan'et'al.'2007)'or,'less'ambitiously,'as'a'distinct'approach'(Holtzhausen'&'Zerfass,'2015)'

within' communication' studies,' which' is' the' articulated' ambition' of' its' soIcalled' founding' scholars' (cf.'

Hallahan'et'al.,'2007),'it'is'important'to'explicitly'examine'potential'understandings'of'strategic'when'this'

multiIdimensional'concept'is'directly'applied'in'conjunction'with'communication.'Several'scholars,'including'

Dulek'&'Campbell'(2015),'Nothhaft'&'Schölzel'(2015)'and'Torp'(2015),'have'already'contributed'to'this'study'

of' strategic' in' strategic' communication.' However,' if' strategic' communication' truly' ”wants' to' fulfill' its'

ambition'of'becoming'a'new'paradigm'or'approach”'(Frandsen'&'Johansen,'2017,'p.'9),'then'it'is'argued'by'

Frandsen'&'Johansen'(2017)'that'this'link'between'strategic'and'communication'needs'to'be'articulated'in'a'

more' elaborate' way.' This' challenge' is' presented' by' Frandsen' &' Johansen' (2017)' as' being' the' ”biggest'

challenge'that'strategic'communication'will'have'to'face”'(p.'9).'This'project'precisely'seeks'to'contribute'to'

this'mentioned'explication'of'strategic'in'strategic'communication'by'not'only'exploring'how'companies'–

through'their'preparation'of'communication'intended'for'selected'stakeholder'groups'–'deliberately'tries'to'

manage'or'affect'these'stakeholders’'meaning'interpretations,'but'also'through'the'examination'of'why'they'

are'choosing'to'do'it'in'the'way'that'they'are.'Precisely'the'making'of'strategic'choices'and'the'reasoning'

behind'such'choices'are'viewed'by'Freedman'(2013)'as'being'particularly'worthy'of'careful'examination,'

because'such'choices'are'important'to'the'people'or'social'entities'making'them.'The'choices'are'made'with'

an' objective' in'mind' –' they' serve' to' help' the' people' or' social' entities'making' them' achieve' something'

specific.'

'

3.0:%Theory%

In'order' to'explore'and,'subsequently,'answer'each'of' the'posed'research'questions,' I'will'as'mentioned'

examine'the'selected'investor'relations'texts'from'a'strategic'communication'perspective.'In'section'1.1,'I'

outlined' this' project’s' understanding'of' strategic' communication'by'drawing' explicitly' on'Hallahan'et' al.'

(2007)' and' Holtzhausen' and' Zerfass' (2013).' In' this' section' on' theory,' I' will' provide' a' more' elaborate'

introduction'to'this'new'academic'field'of'strategic'communication'from'which'my'understanding'of'strategic'

understanding' is' derived.' In' the' present' theory' section,' I' will' additionally' eleborate' on' framing' theory.'

Where'strategic'communication'serves'as'the'overall'theoretical'frame'of'this'project,'framing'theory'will'

serve'as'a' theoretical' tool'or' instrument' that' I' specifically'apply' to'analyse'the'content'of' the'previously'

mentioned'investor'relations'texts'and'further'as'a'basis'for'my'formulation'of'specific'questions'that'I'can'

pose'in'my'research'interviews'with'employees'from'each'of'the'two'case'companies'(cf.'section'4.2).'

%

%


' 8'of'26'

3.1:%Introducing%and%Delimiting%the%Understanding%of%Strategic%Communication%in%this%Project%

In'this'project,'investor'relations'communication'is'viewed'from'a'strategic'communication'perspective.'The'

communication'by'investor'relations'is'explicitly'perceived'as'being'prepared'with'a'specific'goal'in'mind.'

The'communication' is' intended' to'help' the'company'advance' its' longIterm' interests' through'specifically'

contributing'to'a'fair'valuation'of'the'company’s'shares'within'the'financial'markets.'Such'a'fair'securities'

valuation'is'important'for'the'company'to'achieve,'because'the'value'of'its'securities'directly'determines'the'

company’s'cost'of'capital,'which,'in'turn,'influences'the'company’s'future'competitiveness'and'profitability'

(cf.'Ryan'&'Jacobs,'2005).'With'respect' to'strategic(communication,' the'term,' in' itself,' is'not'a'new'one.'

Instead'it'has'been'used'generically'within'both'practice'and'academia'for'many'years'to'denote'all'types'of'

communication' disciplines' and' activities' related' to' organizational' endeavors' (Hallahan' et' al.,' 2007;'

Holtzhausen,'2008).'In'this'research'project,'strategic(communication'is'not'used'as'a'generic'concept,'but'

relates'specifically'to'the'new'academic'field'that'was'first'proposed'by'Hallahan,'Holtzhausen,'van'Ruler,'

Vercic'and'Sriramesh'in'their'article'”Defining'Strategic'Communication”'(2007)'which'was'featured'in'the'

inaugural' issue'of'the' International(Journal(of(Strategic(Communication.( In'this'article,'the'authors'define'

strategic'communication'as'“the'purposeful'use'of'communication'by'an'organization'to'fulfill'its'mission”'

(p.'3).'Recently,'a'more'comprehensive'definition'of'strategic'communication'has'been'proposed'that'builds'

on'this'initial'definition.'In'Holtzhausen'and'Zerfass'(2013),'strategic'communication'is'understood'as'being'

”the'practice'of'deliberate'and'purposive'communication'a'communication'agent'enacts'in'the'public'sphere'

on'behalf'of'a'communicative'entity'to'reach'set'goals”'(p.'284).'Grounded'in'these'definitions,'this'project'

as'mentioned'perceives'strategic'communication'to'be'the'deliberate'and'purposeful'use'of'communication'

by' a' company' intended' to' specifically' help' the' company' advance' its' longIterm' interests' and' achieve' its'

overarching'goals.'As'such,'communication'of'the'deliberate'kind'is'understood'as'playing'a'central'role'in'

the'advancement'of'the'organization’s'interests.'With'this'understanding'of'strategic'communication,'the'

specific'activities'that'directly'inform'and'affect'the'two'case'companies’'management'of'meaning'through'

their'deliberate'preparation'of'investor'relations'communication'are'viewed'as'being'activities'of'strategic'

communication.' These' activities' are' intended' to' help' the' company' frame' selected' information' to' the'

financial'markets'in'a'way'that'not'only'is'truthful'and'honest,'but'that'also'enhances'the'company’s'chances'

of'eliciting'a'preferred'reaction'from'the'recipients'of'this'investor'relations'communication.'In'relation'to'

these' strategic' communication' activities' of' investor' relations,' a' key' argument' for' specifically' viewing'

investor'relations'communication'from'a'strategic'communication'perspective'is'that'this'new'field'focuses'

explicitly'on'the'concept'of'strategy'–'a'focus'that'also'is'at'the'core'of'this'project.'As'it'is'apparent'from'

Hallahan'et'al.'(2007)'and'as'Frandsen'and'Johansen'(2017)'directly'note,'an'underlying'ambition'of'strategic'

communication' is' to' rehabilitate' the'concept'of'strategy'by'exploring' its' richness'and'multiple'meanings'


' 9'of'26'

when' the'concept' is'explicitly'applied' in'conjunction'with'communication.'The' important'contribution' to'

communication'studies'that'strategic'communication'can'make'by'”putting'strategy'on'top'of'the'research'

agenda'of'communication'scholars”'(Frandsen'&'Johansen,'2017,'p.'5)'is'emphasized'by'both'Hallahan'et'al.'

(2007)'and'Frandsen'&'Johansen'(2017).'However,'in'order'for'such'a'contribution'to'truly'materialize,'the'

link' between' strategic( and' communication' needs' to' be' articulated' and' clarified' in' an' elaborate' way'

(Frandsen'&'Johansen,'2017).'This'project' intends'to'contribute'to'the'scientific'study'of' this'explicit' link'

between'the'aforementioned'two'concepts'that'put'together'constitute'the'name'of'this'new'academic'field.''

%

3.2:%Framing%Theory%

Framing'is'at'the'very'core'of'communication'research'(Entman,'1993).'It'concerns'the'practice'of'discursively'

constructing' a' specific,' interpreted' reality' by' deliberately' embedding' certain,' salient' frames' within' the'

communication'text'with'the'aim'of'putting'forward'or'presenting'(a)'specific'meaning(s)'to'recipients'of'this'

text'(cf.'Entman,'1993;'Fairhurst,'2005).'To'provide'a'concrete'example'of'this'practice'within'the'field'of'

investor' relations,' I'will'briefly' touch'upon'the'role'of'communication' in'helping' financial'markets'better'

understand'the'future'value'creation'potential'of'a'public'company,'which'Nielsen'&'Bukh'(2010,'2011)'view'

as'being'an'essential'activity'of'investor'relations.'In'relation'to'the'perceived'future'value'creation'potential'

of'a'public'company,'different'realities'exist,'so'to'speak.'Firstly,'there' is'the'actual' future'value'creation'

potential' of' a' company,' which' is' impossible' to' definitively' quantify' the' actual' dimension' or' volume' of,'

because'such'dimension/volume'is'directly'dependent'on'an'infinitive,'forwardIlooking'number'of'variables'

and' factors' inside'and'outside' the'company.'Secondly,' there' is' the'company’s'own' interpretation'of' this'

future'value'creation'potential,'which'–'at'least,'partly'–'forms'the'basis'for'subsequent'investor'relations'

communication'about'this'specific' future'potential'of'the'company.'Finally,' there' is'the'financial'markets'

participants’'perception'of'the'company’s'future'value'creation'potential,'which'influences'their'decisionI

making' and,' subsequently,' the' stock' price' of' the' company.' This' latter' perception' held' by' the' markets'

participants'is,'at'least,'in'part,'the'result'of'specific'information'that,'in'some'way,'pertains'to'the'company’s'

expected' future' valuation' creation' potential.' Such' information' may' include' investor' relations'

communication'from'the'company'itself,'but'can'also'include'information'from'a'number'of'other'sources'

(cf.'section'1.0).'In'relation'to'the'practice'of'framing,'on'the'basis'of'its'own'understanding'of'the'future'

value'creation'potential,'through'its'communication,'the'company'strategically'seeks'to'provide'a'specific'

picture'of' itself'to'the'financial'markets.'This'picture' is'not'the' truth,'but'rather'one'of'several'perceived'

realities'that' is'discursively'constructed'through'the'highlighting'of'certain' features'of' information'at' the'

expense' of' other' features.' Yet,' this' is' the' reality' that' is' presented' by' the' company' to' its' financial'

stakeholders.'The'financial'markets'participants'do'not'interpret'the'company’s'actual'future'value'creation'


' 10'of'26'

potential'to'form'their'opinions'of'the'company,'but'instead'a'specific,'perceived'reality'(pertaining'to'this'

future'value'creation'potential)'that'the'company'purposively'has'constructed'and'communicated'to'them.'

This'example'is'not'in'any'way'intended'to'indicate'that'the'financial'markets'participants'blindly'trust'all'

investor'relations'communication'by'public'companies,'but'rather'to'highlight'the'direct'role'that'framing'

(consciously'and/or'unconsciously)'plays'in'the'securities'valuation'process.'In'achieving'a'fair'stock'price,'

the'importance'of'both'the'company’s'investor'relations'communication'and'the'stakeholders’'perception'

of'this'communication'is'explicitly'recognized'by'Ryan'and'Jacobs'(2005)'who'believe'that'the'valuation'of'

securities'is'not'only'based'on'the'company’s'actual'(past)'and'expected'(future)'performance,'but'also'on'

how' this'performance'precisely' is' communication'by' the' company'and'perceived'by' its' stakeholders.'As'

Fairhurst' (2005)'write,' through'the'process'of' framing,'”we'manage'meaning'because'we'assert'that'our'

interpretations' should' be' taken' as' real' over' other' possible' interpretations”' (p.' 168).' By' deliberately'

embedding'frames'within'its' investor'relations'communication,'the'company’s'precisely'tries'to' influence'

the' stakeholders’'perception'of' the' company’s'expected' (future)'performance'–' stakeholder'perceptions'

that'are'argues'by'Ryan'&'Jacobs'(2005)'to'explicitly'influence'the'securities'valuation.''

'

Within'an'investor'relations'communication'research'context,'the'application'of'framing'theory'is'not'new.'

Fieseler,'Hoffmann'&'Meckel' (2008),' for' instance,'address'how'specifically'corporate'social' responsibility'

issues'should'be'communicated'and'framed'by'public'companies'according'to'the'perspective'of'financial'

analysts.' Henry' (2008)' examines' how' the' framing' of' earnings' press' releases' influences' the' reactions' of'

investors.'Rosenkranz'and'Pollach' (2016)'explore'how'corporate'earnings'press' releases'are' transformed'

into' financial' news' by' news' agencies' through' the' reframing' of' content' from' these' corporate' financial'

documents.''This'project'specifically'explores'framing'from'a'companyIcentric'perspective.'It'contributes'to'

advancing'the'understanding'of'public'companies’'strategic'use'of'framing'in'their'preparation'of'investor'

relations' communication' with' the' specific' intention' of' managing' meaning' among' financial' markets'

participants.' Such' financial'markets' participants' include' the' aforementioned' groups' of' stakeholders,' i.e.'

financial'analysts,'investors'and'news'agencies.'

While'I'have,'indeed,'touched'on'the'subject'of'framing'in'the'previous'thesis'section,'a'more'explicit'

elaboration'will'be'made'here.'As'previously'outlined,' in'essence,'framing'involves'selection'and'salience'

(Entman,'1993).'Hallahan'(1999),'in'relation'to'this'understanding'of'framing,'talks'specifically'of'”processes'

of' inclusion' and' exclusion' as' well' as' emphasis”' (p.' 207).' Broadly' speaking,' these' mentioned' processes'

translate'to'the'highlighting'of'certain'features'or'elements'of'a'perceived'reality'and'the'downplaying'or'

outright' exclusion' of' others' (Rosenkranz' &' Pollach,' 2016).'While' this' project' in' specific' focuses' on' the'

communicator'(i.e.'each'of'the'two'case'companies)'who'deliberately'embeds'selected'frames'within'certain'


' 11'of'26'

texts'as'well'as'on'the'specific'texts'(i.e.'conference'calls'and'annual'reports)'within'which'such'frames'are'

embedded,'two'other'locations'are'according'to'Entman'(1993)'also'a'part'of'the'communication'process:'

the' receiver/interpreter'of' the' texts' (e.g.' the' financial'markets'participants)'and' the'culture'or'context' in'

which' the' texts' are' located'or' exist.' In' respect' to' the' latter' location,' the' context' of' the' communication'

process'may'pertain'to'the'company’s'historical'performance'and'the'specific'guidance'that'it'gave'at'the'

beginning'of' the'year,'but' it' can,' for' instance,'also' relate' to' the'current'psychological'climate'within' the'

financial'markets.'The'specific'sentiment'of'the'financial'markets,'at'any'given'time,'can'directly'influence'

how'different'financial'markets'participants'interpret'a'company’s'investor'relations'communication,'and,'

also,'how'the'company'itself'strategically'prepares'this'communication'based'on'its'knowledge'about'and'

understanding'of'the'current'markets'climate.''

Being'aware'of'the'role'that'each'of'these'four'locations'play'in'the'communication'process'can'help'

me'acquire' a'more' comprehensive'understanding'of' the' companies’' actual' preparation'of' their' investor'

relations'texts,'because'it'provides'me'with'a'more'complex'understanding'of'how'framing'actually'works.'

While'my'primary'focus'is'on'the'former'two'locations,'i.e.'the'communicator'and'the'texts,'all'four'locations'

have'a'direct'influence'on'the'communication'process,'because'they'are'interconnected.'With'respect'to'my'

main'focus'on'the'communicator'and'the'investor'relations'texts,'the'companies’'actual'preparation'of'these'

investor'relations'texts'may'(consciously'and/or'unconsciously)'be'informed'by'different'framing'techniques'

or' language' tools.'These' include'metaphors,' jargon/catchphrases,' contrast,' spin,'and'stories' (Fairhurst'&'

Sarr,'1996).'Such'techniques/tools'outlined'by'Fairhurst'&'Sarr' (1996)'can' inform'my'analysis'of'selected'

texts'from'each'of'the'two'case'companies.'In'section'4.3,'I'explicitly'elaborate'on'this'analysis'of'investor'

relations'texts'and'on'my'reasoning'for'conducting'such'an'analysis'in'this'project.'

'

4.0:%Research%Design%

With'the'current'lack'of'existing'research'on'the'companyIcentric'perspective'of'the'preparation'of'investor'

relations'communication'that'specifically'is'intended'to'manage'meaning'among'the'main'recipients'of'this'

communication' (i.e.' financial'markets' participants),' through' a' double' case' study,' this' project' intends' to'

construct'new'knowledge'on'this'research'phenomenon.'Case'study'research'is'viewed'by'Eisenhardt'(1989)'

as' being' particularly' useful' for' the' construction' of' new' knowledge' when' the' phenomenon' under'

investigation'is'inadequantly'explored'in'previous'research'contributions,'which'is'the'case'in'this'project.'

This'exploratory'potential'of'case'study'research'is'linked'to'the'largely'inductive'nature'of'the'case'study'

process'where' new' knowledge' is' constructed' through' a' systematic,' yet' flexible,' emergent' and' iterative'

process'of' identifying'patterns'and'consistencies' in'the'empirical'case'data'(Eisenhardt,'1989;'Mintzberg,'

1979).'Within'the'mentioned'double'case'study,'the'current'project'will'conduct'qualitative,'single'subject'


' 12'of'26'

research'interviews'with'employees'from'both'case'companies'and'draw'on'selected'sections'from'the'two'

mentioned'types'of'investor'relations'texts'that'this'project'will'focus'on,'i.e.'conference'calls'and'the'annual'

report'(cf.'section'2.1).'

'

In' terms' of' the' scientific' study' of' social' phenomena,' this' project' is' positioned'within' the' constructivist'

tradition' of' social' science' research' (cf.'Moses' &' Knutsen,' 2012).' The' project' recognizes' the' continuous'

(re)construction'and'negotiation'of'multiple'realities'between'different'social'actors'(e.g.'human'beings'and'

organizations).'For'instance,'with'respect'to'the'perceived'attractiveness'of'a'selected'public'company'as'an'

investment'opportunity,'from'a'constructivist'perspective,'there'is'not'one'correct'opinion'or'view'of'this'

attractiveness,'but'rather'different'competing'ones.'Similarly,'the'specific'picture'that'this'company'through'

its'investor'relations'communication'deliberately'presents'to'the'financial'markets'–'with'the'intention'of'

having'them'buy'into'it'–' is'not'the'only'possible'picture'of'the'company,'which'I'also'illustrated'with'an'

example' in' section' 3.2.' Instead,' it' is' one' interpretation' out' of' several' interpretations.' Just' as' there' are'

competing' views' related' to' different' external' aspects' of' investor' relations,' this' project' recognizes' that'

entering'into'the'selected'case'companies'to'identify'or'map'out'one'singular'understanding'pertaining'to'

these' companies’' preparation' of' investor' relations' communication' is' wishful' thinking.' Rather,' different'

opinions,'interpretations,'understandings,'thoughts,'and'arguments'are'expected'to'be'put'forward'by'the'

different'interview'subjects.'Such'opinions,'interpretations,'etc.'will'not'necessarily'all'contradict'each'other,'

but'they'will'most'likely'provide'a'broader,'more'nuanced'and'contextIdependent'understanding'of'how'and'

why'the'two'companies'approach'their'preparation'of'investor'relations'communication'in'the'way'that'they'

do.' Securing'an'absolute' truth'about' the' specific'phenomenon' studied' in' this' study' is' therefore'not' the'

overall'aim'of'the'current'project.'

'

4.1:%Case%Study%Research%

To'empirically'study'public'companies’'preparation'of' investor'relations'texts'as'strategic'communication'

intended' to' manage' meaning' about' the' companies' within' the' financial' markets,' this' project' will' as'

mentioned'utilize'case'study'research'as'an'overall'approach'to'qualitative'inquiry'(cf.'Creswell,'2013;'2014).'

Given'the'current'lack'of'research'on'this'specific'phenomenon,'I'want'to'acquire'different'perspectives'on'

this'specific'phenomenon'by'deliberately'investigating'this'preparation'of'investor'relations'communication'

within'two'different'public'companies.''

Public'companies'come'in'many'different'shapes'and'sizes.'The'resources'that'C20'index'companies'

such'as'Novo'Nordisk'and'Carlsberg'Group'have'available'to'manage'their'relations'with'investors'and'the'

financial' markets' are' not' necessarily' matched' by' smaller' public' companies.' With' different' roles' and'


' 13'of'26'

responsibilities'of'investor'relations'within'companies,'all'companies'do'not'approach'their'investor'relations'

(activities)'identically.'The'way'in'which'the'investor'relations'function'is'organized'within'the'company,'the'

company’s'stucture'of'share'ownership,'and'the'resources'available'to'investor'relations'are'three'concrete'

examples'of'different'aspects'that'potentially'influence'how'a'company'actually'is'working'strategically'with'

its'investor'relations'communication.'With'this'notion'in'mind,'I'want'to'study'strategic'communication'of'

investor' relations,' preferably,' within' one' large' public' company' and'within' one' small' and'mediumIsized'

enterprise'in'order'to'obtain'different'perspectives'on'this'management'of'meaning'through'the'preparation'

of'investor'relations'texts'as'strategic'communication.'As'noted'by'Hartley'(2004)'and'Yin'(2014),'case'studies'

of' the' qualitative' kind' are' particularly' suitable' for' inIdepth' and' detailed' inquiry' into' a' specific' social'

phenomenon' situated' within' its' natural' context.' The' aforementioned' aspects' (and' additional' ones)'

pertaining' to' the'unique' investor' relations'context'within'each'of' the'case'companies'of' this'project'will'

precisely'have'a'direct'affect'on'the'specific'way'that'each'company'actually'approach'their'investor'relations'

communication'strategically'and'their'reasoning'for'doing'it'precisely'this'way.'Studying'this'phenomenon'

through'a'double'case'study'is'expected'to'provide'me'with'a'broader'insight'into,'or'knowledge'base'of,'the'

practice' of' approaching' investor' relations' communication' in' a' strategic'manner' than' if' I' had' chosen' to'

conduct'a'single'case'study.'Yet,'a'consequence'of'this'specific'choice'is'that'my'empirical'examination'into'

each'of'these'two'companies'will'not'be'as'thorough'and'comprehensive'as'if'I'had'decided'to'focus'all'my'

attention'on'a'single'company.'However,'findings'of'this'project'can'subsequently'be'explored'in'more'depth'

through'additional'research'studies.'

'

With'respect'to'selecting'each'of'the'two'companies'for'my'case'study,'both'will'be'theoretically'sampled'

based'on'their'expected'suitability'pertaining'to'the'explicit'examination'of'my'research'scope.'In'that'sense,'

both'cases'are'purposively'sampled.'With'respect'to'the'sampling'of'the'cases,'based'on'both'the'theoretical'

foundation'of'this'project'and'the'project’s'purpose,'it'is'important'that'both'companies'view'their'investor'

relations' as' something'more' than' a'pure'purveyor'of' financial' information.' From' their' existing,' external'

investor'relations'communication'documents,'grounded'in'this'project’s'specific'understanding'of'strategic'

communication'(cf.'section'3.1),'it'should'therefore'be'evident'to'me'that'each'of'the'two'companies'work'

strategically'with'their'investor'relations'communication.'One'way'of'determining'this'is'–'through'framing'

theory'lenses'–'to'actually'look'at'each'of'the'companies’'previous'investor'relations'texts'of'the'two'specific'

types' that' I' am'mainly' interested' in' in' this' project' to'decide'whether'or' not' such' texts' are' strategically'

prepared'with'the'intentions'of'influencing'the'perceptions'of'the'intended'recipients'of'these'texts.'Since'

the' success' of' my' empirical' study' is' directly' dependent' on' having' access' to' company' resources,' it' is'

furthermore'important'that'each'company'will'allow'me'access'to'the'specific'employees'(potentially'across'


' 14'of'26'

departments)' who' explicitly' are' involved' in' different'matters' related' to' the' communication' of' investor'

relations.'Having'access'to'different'types'of'internal'documents'that'(in)directly'are'used'by'the'employees'

to'prepare'the'investor'relations'texts'is'also'preferable'since'such'documents'can'be'central'to'obtaining'a'

better'understanding'of'how'the'company'is'preparing'these'texts.'Such'knowledge'can'additionally'inform'

the'research'interviews'that'I'will'conduct'with'selected'employees'from'each'company.'

'

4.2:%Qualitative%Research%Interviews%

Presently,' I' am' aware' that' communication' plays' a' considerable' role' in' the' assessment' of' securities' (cf.'

Nielsen'&'Bukh,'2010;'Ryan'&'Jacobs,'2005).'Companies'who'recognize'this'significant'and'positive'influence'

of'communication'on'their'stock'price'have'an'incentive'to'deliberately'prepare'investor'relations'texts'that'

directly'support'corporate'goals.'With'respect'to'this'deliberate'preparation'of'these'communication'texts'

that'are' intended'to'manage'meaning'about'the'company'within'the'financial'markets,'presently,' little' is'

scientifically' known' about' how' this' is' actually' done'by' public' companies.'Due' to' this'mentioned' lack' of'

existing'research'knowledge'on'this'topic,'I'intend'to'initiate'my'empirical'inquiry'by'interviewing'selected'

employees'from'each'of'the'two'case'companies.'My'purpose'of'these'initial'research'interviews'is'to'acquire'

a' knowledge' foundation' about' this' topic' that' can' inform'my' subsequent' empirical' inquiry' within' each'

company.'In'that'sense,'the'initial'research'interviews'are'intended'to'help'me'set'the'stage,'so'to'speak,'for'

a'more'comprehensive'and'focused'empirical'examination.''

Originally,' I' had' planned' to' start' out' my' empirical' examination' by' conducting' participant'

observations'within'each'company'precisely'with'the'core'aim'of'acquiring'a'fundamental'understanding'of'

their' preparation' of' investor' relations' texts' that' I,' subsequently,' could' build' on.' However,' I' have' since'

abandoned'the'decision' to'construct'empirical'data' through'participant'observations,'because' I'question'

whether'or'not'it'will'be'truly'purposeful'to'observe'the'preparation'of'investor'relations'texts'that'are'not'

the'specific' types'that' I'explicitly'will'explore' in'this'project' (cf.'section'2.1).'To'elaborate,' I'expect'that' I'

primarily'will'collect'empirical'data'in'the'spring'semester'of'2017.'Since'the'annual'report'–'which'is'one'of'

the'two'types'of'investor'relations'texts'that'I'explicitly'will'study'in'this'project'–'is'published'in'the'beginning'

of'February'and,' therefore,'prepared'before' this'publication'date,' I' find' it'doubtful' that' I'will'be'able' to'

observe'much'work'on'the'actual'preparation'of'this'specific'investor'relations'document.'The'same'logic'

applies,' at' least,' to' the' preparation' of' the' fullIyear' conference' call' that' is' held' also' in' the' beginning' of'

February.'However,'if'I'am'able'to'initiate'the'interviewing'of'certain'employees'from'each'company'around'

the'actual' release'of' the'annual' report,' then'the'preparation'of'both'the'annual' report'and'the' fullIyear'

conference'call'is'fresh'in'their'memory,'because'the'preparation'of'these'two'types'of'texts'were'literally'

just'finalized.'This'is'one'argument'for'choosing'research'interviews'–'as'opposed'to'participant'observations'


' 15'of'26'

–' to' initially' acquire' a' basic' knowledge' foundation' for' my' subsequent' empirical' inquiry.' Also,' with' the'

publication'of'the'annual'report'in'early'February'and'the'fullIyear'conference'call'taking'place'around'the'

same'time,'it'makes'good'sense'to'precisely'initiate'my'data'collection'process'in'early'2017'where'these'

two'specific'types'of'investor'relations'texts'(and'additional'activities'and'events'directly'related'to'these'

two'texts)'are'in'full'play.'

'

In'everyday'life'and'in'different'professional'contexts,'interviews'is'one'distinct'form'of'conversation'–'a'form'

that' is' rather'common' in'contemporary'Western'society' (Alvesson'&'Ashcraft,'2012;'Kvale'&'Brinkmann,'

2009).'Different' types'of' interviews' serve'different'purposes.' This'project' specifically'utilizes' the' type'of'

interview'that'Kvale'and'Brinkmann'(2009)'broadly'refer'to'as'qualitative(research(interviews(which'seeks'to'

produce'knowledge'through'the'deliberate'interaction'that'occurs'between'the'researcher'and'the'interview'

subject.' I' have' specifically' decided' to' conduct' single( subject( interviews,' by' which' I' refer' explicitly' to'

interviews'that'are'conducted'with'only'one'interviewee'at'a'time,'as'opposed'to'focus'groups'where'several'

interviewees'are'present'simultaneously.'I'have'deliberately'chosen'not'to'conduct'focus'groups,'because'I'

find'it'improbable'to'obtain'cooperation'by'the'companies'for'this'type'of'interview.'Also,'given'the'highly'

technical'nature'of'the'specialized'topics'of'both'financial'markets'and'investor'relations,'I'expect'that'focus'

groups'can'be'quite'challeging'to'construct'good'empirical'data'through.'Each'employee'is'in'the'possession'

of'specialized'knowledge'that,'potentially,'can'make'it'difficult'for'me'–'as'somewhat'of'an'”outsider”'to'this'

group'–'to'keep'up'with'intragroup'conversations'among'the'employees'participating'in'the'focus'group.''

'

With'respect'to'the'selected'employees'that' I'expect'to' interview' individually,' those'employees'may'not'

exclusively'be'investor'relations'personal.'If'at'all'possible,'interviewing'members'of'the'top'management'

team'can'potentially'provide'me'with'access'to'employees'who'have'intimate'knowledge'about'the'larger'

decisions'being'made'in'relation'to'the'overall'direction'of'the'company,'the'reasoning'behind'such'decisions,'

and' how' such' decisions' inform' and' affect' the' work' of' the' company’s' investor' relations' department,'

particularly'in'relation'to'trying'to'manage'perceptions'of'the'company'within'the'financial'markets'through''

strategic'investor'relations'communication.'Additionally,'the'actual'producers'of'the'investor'relations'texts'

may'not'be'located'within'the'company’s'investor'relations'department,'but'may'instead'be'a'part'of'the'

company’s'corporate'or'global'communication'function.'In'sum,'I'am'primarily'interested'in'interviewing'the'

employees'who' have' a' say' in' the' different' information' that' is' presented' in' (or' through)' these' investor'

relations'texts'and/or'who'decide'how'this'information'is'framed'or'worded'in'these'texts.'In'relation'to'the'

explicit' study' of' conference' calls' as' investor' relations' texts,' if' at' all' possible,' I' am' also' interested' in'

interviewing'the'actual'communicators'on'these'calls'–'i.e.'the'selected'senior'level'executives'who'convey'


' 16'of'26'

the'company'information'to'the'financial'markets'and,'subsequently,'in'the'Q&A'section,'answer'questions'

from' callers.' I' am' particularly' interested' in' interviewing' these' above' mentioned' groups' of' employees,'

because'I'want'to'examine'the'”why”'of'this'preparation'of'investor'relations'texts'–'a'”why”'that'is'difficult'

to'adequately'answer'by'simply'analysing'investor'relations'documents'by'the'company'(cf.'section'2.0).'Yet,'

using'framing'theory'to'precisely'analyse'selected'sections'of'the'annual'report'(and'potential'fragments'of'

previous'conference'calls)'can'provide'me'with'different'topics'and'questions'to'subsequently'inquire'about'

in'these'research'interviews'(cf.'section'4.3).'With'this'in'mind,'I'expect'that'I'may'conduct'more'than'one'

interview'with'some'of'the'employees,'because'I'gradually'will'acquire'a'more'comprehensive'understanding'

of' the' studied' phenomenon' that'will' result' in' additional' aspects' to' inquire' about.' The' exact' number' of'

interviews'that'I'will'conduct'and'with'whom'I'will'conduct'such'interviews'will'ultimately'depend'on'the'

level'of'access'that'I'will'be'granted'within'each'company'as'well'as'on'the'amount'of'empirical'data'I'will'

need'to'adequately'explore'and'answer'my'research'questions.'

'

4.3:%Document%Analysis%

As'mentioned' in' the' introduction' to' this' section' on' research' design,' in' this' project,' I' will' both' conduct'

research'interviews'and'draw'on'external'investor'relations'documents'prepared'by'each'case'company.'Lee'

(2012)'notes'that'documents'often'are'underIutilized'in'research'into'organizations.'This'is'despite'of'the'

fact'that'documents'of'different'kinds'can'provide'numerous'research'opportunities,'because'they'play'an'

important'role'in'organizational'life'(Lee,'2012).'In'the'current'project,'I'will'specifically'analyse'two'selected'

types'of'documents'prepared'by'each'of'my'two'case'companies'(cf.'section'2.1).'These'specific'documents'

are'primarly' intended' for' the' financial'markets.'With' respect' to'my'use'of'documents' in' this'project,'by'

directly' drawing' on' framing' theory' as' an' analysis' instrument,' my' intentions' are' to' explicitly' focus' on'

identifying' different' frames' or' discursively' constructed' meanings' purposively' embedded' within' these'

documents'by'the'companies'to'present'them'in'a'certain'light,'so'to'speak.'In'a'sense,'I'am'interested'in'

identifying'different'passages'within' the' texts'where' language'explicitly' is'used' to'deliberately'affect' the'

interpretations'by'the'receivers'or'readers'of'these'texts.'The'identification'of'such'passages'can'directly'be'

utilized'in'my'subsequent'research'interviews'with'company'employees.'As'such,'the'analysis'of'company'

documents' provides'me'with' resources' that' I' can' draw'on' in'my' interviews' to' inquire' about' the' things'

”behind”'this'investor'relations'communication'–'the'specific'thoughts,'choices'and'reasoning'that'directly'

informed'and'affected'this'preparation'of'investor'relations'texts'intended'to'affect'the'interpretations'by'

the'receivers'of'this'communication.'With'this'in'mind,'the'document'analysis'serves'a'very'specific'purpose'

in'this'project.'This'analysis'is'not'intended'to'address'the'recipient’s'view'of'the'documents,'but'instead'to'


' 17'of'26'

help' me' more' thoroughly' examine' precisely' the' companyIcentric' perspective' of' this' management' of'

meaning'by'the'companies'through'their'preparation'of'these'strategic'investor'relations'texts.'

'

4.4:%Discourse%Analysis%

Given'the'core'focus'in'this'project'on'how'specific,'interpreted'realities'deliberately'are'constructed'by'the'

case'companies'through'purposeful'use'of'language'in'the'preparation'of'their'investor'relations'texts'with'

the'intention'of'affecting'the'interpretations'made'by'the'recipients'of'these'texts,'a'discourse'analysis'is'an'

appropriate'choice'for'a'method'to'utilize'in'my'analysis'of'the'constructed'interview'data.'With'a'discourse'

analysis,'the'focus'is'explicitly'on'studying'”the'structures'of'meaning,'expression,'themes,'routine'ways'of'

talking,' and' rhetorical' devices' used' in' constructing' reality”' (Cunliffe,' 2008,' p.' 81).' How' words' are' put'

together'in'texts'to'convey'specific'meanings'to'the'intended'recipients'of'such'texts'is'central'to'discursive'

approaches'to'analysis'as'are'the'contexts'in'which'these'texts'are'situated'or'placed'(Oswick,'2012).'How'

precisely'information'is'framed'by'the'company'and'the'specific'context'in'which'this'information'is'situated'

are'both' aspects' that' I' previously'have'highlighted'as'being' central' to' this' project’s' inquiry.'Drawing'on'

Entman' (1993),' in'section'3.2,' I'mentioned'that' frames'have' four'different' locations' in'a'communication'

process,' i.e.' the' communicator,' the' text,' the' receiver,' and' the' culture/context.'Discursive'approaches' to'

analysis'are'able'to'encompass'and'take'into'consideration'all'of'these'locations.'The'focus'in'a'discourse'

analysis'is'not'exclusively'on'how'meaning'by'a'communicator'is'constructed'discursively'through'talk'and'

text,'but'also'on'the'context'within'which'this'meaning'exists'and'potentially'prevails.'This'specific'notion'is'

pertinent'to'this'project'where'the'companies’'preparation'of'investor'relations'texts'are'situated'within'a'

broader'markets'context'that'influences'both'the'actual'preparation'of'the'investor'relations'communication'

by'the'companies'as'well'as'the'interpretations'of'this'communication'by'financial'markets'participants.''

Different' varieties' of' discourse' analyses' exist.' Oswick' (2012)' specifically' presents' four' different'

varieties:'deconstruction,'FoucauldianIinspired'analysis,'critical'discourse'analysis,'and'intertextual'analysis.'

I'am'in'the'process'of'looking'into'the'specific'type'of'discourse'analysis'to'utilize'in'this'project.'

'

5.0:%Discussion%

In'the'present'section,'I'will'discuss'two'project'ideas.'The'first'one'was'previously'very'central'to'the'initial'

development'stages'of'my'project'design,'but'has'since'been'abandoned,'because'I'could'not'make'the'idea'

work'in'a'manner'that'I'was'satisfied'with.'Nevertheless,'I'have'chosen'to'briefly'discuss'it'here'in'order'to'

provide'a'brief'glimpse' into'where'the'current'project'–'as' it' is'presented' in'this'very'document'–'partly'

emerged'from.'The'second'idea'that'that'I'will'discuss'relates'directly'to'the'project'as'it'currently'stands.'It'


' 18'of'26'

concerns' sensemaking' and' sensegiving' as' theoretical' instruments' that' potentially' can' supplement' my'

application'of'framing'theory'in'this'project.'

'

Initially,' in' relation' to' the' overall' design' of' this' research' project,' I' spend'quite' some' time' exploring' the'

possibility' of' drawing' explicitly' on' existing' definitions' of' the' concepts' of' strategy' and' strategic'

(management)'from'within'organization'and'management'studies'to'help'me'in'my'empirical'investigation'

of'how'companies'work'strategically'with'their'investor'relations'communication.'My'intention'was'to'first'

construct'a' table' containing'different'definitions'of'strategy' and'strategic( (management)' that' span' from'

contemporary'definitions'of'these'concepts'to'definitions'dating'all'the'way'back'to'the'firstItoImidI1960s'

with'Chandler'(1962)'and'Ansoff'(1965).'Based'on'this'large'number'of'definitions'of'strategy'extracted'from'

historical' sources,' I'planned'on'deductively'constructing'a'number'of'categories' that'each'represented'a'

distinct'understanding'of'strategic.'With'these'distinct'understandings'or'conceptualizations'of'the'concept'

of'strategic,'I(wanted'to'enter'into'my'selected'case'company'and'use'these'categories'as'different'lenses'

through' which' to' empirically' explore' the' company’s' investor' relations' communication' from' a' strategic'

perspective.'In'short,'realizing'this'idea'in'practice'turned'out'to'be'quite'a'challenge'–'and'headache.'Briefly'

stated,'there'was'an'obvious'bridge'between'these'abstract'theoretical'categories'and'the'actual'empirical'

inquire'into'my'case.'As'you'have'read'in'the'previous'pages,'this'is'my'alternative'approach'to'empirically'

examining'strategic'investor'relations'communication.''

'

The'current'project'is'drawing'directly'on'framing'theory'to'study'two'selected'companies’'management'of'

meaning'through'their'preparation'of'investor'relations'texts'as'strategic'communication.'In'addition'to'this'

explicit'utilization'of'framing'theory,'I'expect'that'theory'on'sensemaking'and,'in'particular,'sensegiving'most'

likely'also'will'inform'the'current'research'study.'As'mentioned'in'the'introduction'to'this'discussion'section,'

I'specifically'perceive'theory'on'sensemaking'and'sensegiving'as'instruments'that'can'supplement'my'use'of'

framing'theory'in'the'analysis'of'different'investor'relations'texts'by'each'of'the'two'companies'(cf.'section'

4.3).' Gioia' &' Chittipeddi' (1991)' describe' sensemaking' and' sensegiving' in' the' following' way:' ”the'

sensemaking'phases'are'those'that'deal'primarily'with'understanding'processes'and'the'sensegiving'phases'

are'those'that'concern'attempts'to'influence'the'way'that'another'party'understands'or'makes'sense”'(p.'

443;' italics(by(me).' Particularly' the' sensegiving'phase'appears' to' support' the'purpose'of' framing'–'both'

framing'and'sensegiving'seek'to'deliberately'influence'selected'actors'through'different'types'of'intentional'

action.' In' a' sense,' using' selected' frames' to' discursively' present' or' reinforce' a' certain' interpretation' of'

something'is'a'form'of'sensegiving.'With'respect'to'sensemaking,'this'focus'on'understanding'is'also'highly'

central' to' the'preparation'of' investor' relations' texts.'The'strategic'preparation'of'such'texts'are,' in'part,'


' 19'of'26'

informed'and'affected'by'the'interactions'and'dealings'that'the'company'previously'has'had'with'different'

financial'markets'participants.'As'such,'strategic'investor'relations'communication'is'not'exclusively'about'

the'transmission'of'different'types'of'texts,'but'also'the'evaluation'and'assessment'of'feedback'generated'

by' these'texts.'With' this'briefly'articulated' link'between'the'research' focus'of'my'project'and'these'two'

concepts,' I'plan' to' further'explore' the'potential'benefit'of'also'drawing'on'sensemaking'and'sensegiving'

theory'in'my'analysis'of'investor'relations'texts.'

%

6.0:%References%

Allen,'C.'E.'(2002),'Building'Mountains'in'a'Flat'Landscape:'Investor'Relations'in'the'PostIEnron'Era,'Corporate(Communications:(An(International(Journal,(Vol.'7,'No.'4,'pp.'206I211.''Ansoff,'H.'I.'(1965),'Corporate(Strategy:(An(Analytical(Approach(to(Business(Policy(For(Growth(and(Expansion,'New'York,'NY:'McGrawIHill.''Alvesson,'M.'&'Ashcraft,'K.'L.'(2012),'Interviews,'in:'Symon,'G.'&'Cassell,'C.'(ed.),'Qualitative(Organizational(Research:(Core(Methods(and(Current(Challenges,(pp.'239I257,'London,'England:'SAGE'Publications.''Argenti,'P.'A.'(2009),'Corporate(Communication,(New'York,'NY:'McGrawIHill'Higher'Education,'International'Edition.''Arvidsson,' S.' (2012),' The' Corporate' Communication' Process' Between' Listed' Companies' and' Financial'Analysts:'A'Focus'on'Trends'and'Challenges,'Corporate(Communications:(An(International(Journal,(Vol.'17,'No.'2,'pp.'98I112.''Chandler,'A.'D.'(1962),'Strategy(and(Structure:(Chapters(in(the(History(of(the(Industrial(Enterprise,'Cambridge,'MA:'MIT'Press.''Clarke,' G.' &' Murray,' L.' W.' (2000),' Investor' Relations:' Perceptions' of' the' Annual' Statement,' Corporate(Communications:(An(International(Journal,(Vol.'5,'No.'3,'pp.'144I151.''Creswell,'J.'W.'(2013),'Qualitative(Inquiry(&(Research(Design:(Choosing(Among(Five(Approaches,(Thousand'Oaks,'CA:'SAGE'Publications,'3rd'Edition.''Creswell,'J.'W.'(2014),'Research(Design:(Qualitative,(Quantitative,(and(Mixed(Methods(Approaches,(Thousand'Oaks,'CA:'SAGE'Publications,'4th'Edition/International'Student'Edition.''Cummings,'S.'&'Wilson,'D.'(ed.)'(2003),'Images(of(Strategy,(Malden,'MA:'Blackwell'Publishing.''Cunliffe,'A.'L.'(2008),'Discourse'Analysis,' in:'Thorpe,'R.'&'Holt,'R.'(ed.),'The(Sage(Dictionary(of(Qualitative(Management(Research,(Handbook(of(Organizational(Discourse,(London,'England:'SAGE'Publications.''


' 20'of'26'

Dolphin,'R.'R.' (2003),'Approaches'to' Investor'Relations:' Implementation' in'the'British'Context,' Journal(of(Marketing(Communications,(Vol.'9,'No.'1,'pp.'29I43.''Dolphin,'R.'R.'(2004),'The'Strategic'Role'of'Investor'Relations,'Corporate(Communications:(An(International(Journal,(Vol.'9,'No.'1,'pp.'25I42.''DR' [Danish' Broadcasting' Corporation]' (2015),' Indefra( med( Anders( Agger( –( Novo( Nordisk,( from:''https://www.dr.dk/tv/se/indefraImedIandersIaggerI3IsaesonI2015/indefraImedIandersIaggerI2I10I2#!/22:13''Dulek,'R.'E.'&'Campbell,'K.'S.'(2015),'On'the'Dark'Side'of'Strategic'Communication,'International(Journal(of(Business(Communication,(Vol.'52,'No.'1,'pp.'122I142.''Eisenhardt,'K.'M.'(1989),'Building'Theory'From'Case'Study'Research,'Academy(of(Management(Journal,'Vol.'14,'No.'4,'pp.'532I550.''Entman,'R.'M.'(1993),'Framing:'Toward'Clarification'of'a'Fractured'Paradigm,'Journal(of(Communication,(Vol.'43,'No.'4,'pp.'51I58.''Fairhurst,'G.'T.'(2005),'Reframing'the(Art(of(Framing:'Problems'and'Prospects'For'Leadership,'Leadership,'Vol.'1,'No.'2,'pp.'165I185.''Fairhurst,'G.'T.'&'Sarr,'R.'A.'(1996),'The(Art(of(Framing:(Managing(the(Language(of(Leadership,(San'Francisco,'CA:'JosseyIBass.''Favaro,'P.'(2001),'Beyond'Bean'Counting:'The'CFO’s'Expanding'Role,'Strategy(&(Leadership,(Vol.'29,'No.'5,'pp.'4I8.''Fieseler,' C.,' Hoffmann,' C.' &' Meckel,' M.' (2007),' The' Imparted' Corporations' –' Exploring' Intermediaries’'Perceptions' of' Public' Companies' [Conference' Paper],' International( Communication( Association,( Annual(Meeting,'pp.'1I27.'''Fieseler,'C.,'Hoffmann,'C.'&'Meckel,'M.'(2008),'Framing'Corporate'Social'Responsibility'for'Capital'Market'Communications'[Conference'Paper],'International(Communication(Association,(Annual(Meeting,(pp.'1I21.''Frandsen,'F.'&'Johansen,'W.'(2017),'Strategic'Communication,'in:'Scott,'C.'R.'&'Lewis,'L.'K.'(ed.),'International(Encyclopedia(of(Organizational(Communication,(Boston,'MA:'Wiley'Publishing.'(under'review)''Freedman,'L.'(2013),'Strategy:(A(History,(New'York,'NY:'Oxford'University'Press.''Gioia,'D.'A.'&'Chittipeddi,'K.'(1991),'Sensemaking'and'Sensegiving'in'Strategic'Change'Initiatives,'Strategic(Management(Journal,(Vol.'12,'No.'6,'pp.'433I448.''


' 21'of'26'

Guimard,' A.' (2008),' Investor( Relations:( Principles( and( International( Best( Practices( of( Financial(Communications,(London,'England:'Palgrave'Macmillan.''Hallahan,'K.'(1999),'Seven'Models'of'Framing:'Implications'For'Public'Relations,'Journal(of(Public(Relations(Research,(Vol.'11,'No.'3,'pp.'205I242.''Hallahan,' K.,' Holtzhausen,' D.,' van' Ruler,' B.,' Vercic,' D.' &' Sriramesh,' K.' (2007),' Defining' Strategic'Communication,'International(Journal(of(Strategic(Communication,(Vol.'1,'No.'1,'pp.'3I35.''Hartley,' J.' (2004),' Case' Study' Research,' in:' Cassell,' C.' &' Symon,' G.' (ed.),' Essential( Guide( to( Qualitative(Methods(in(Organizational(Research,'pp.'323I333,(London,'England:'SAGE'Publications.''Henry,'E.'(2008),'Are'Investors'Influenced'by'How'Earnings'Press'Releases'are'Written?,'Journal(of(Business(Communication,(Vol.'45,'No.'4,'pp.'363I407.''Hoffmann,'C.'&'Fieseler,'C.'(2012),'Investor'Relations'Beyond'Financials:'NonIFinancial'Factors'and'Capital'Market'Image'Building,'Corporate(Communications:(An(International(Journal,(Vol.'17,'No.'2,'pp.'138I155.''Holtzhausen,'D.'(2008),'Strategic'Communication,'in:'Donsbach,'W.'(ed.),'The(International(Encyclopedia(of(Communication,(Blackwell'Publishing.'Accessed:'November'18,'2015.''Holtzhausen,'D.'&'Zerfass,'A.' (2013),' Strategic'Communication:'Pillars' and'Perspectives'of' an'Alternative'Paradigm,'in:'Sriramesh,'K.,'Zerfass,'A.'&'Kim,'J.IN.'(ed.),'Public(Relations(and(Communication(Management:(Current(Trends(and(Emerging(Topics,(pp.'283I302,'New'York,'NY:'Routledge.''Holtzhausen,'D.'&'Zerfass,'A.'(2015),'Strategic'Communication:'Opportunities'and'Challenges'of'the'Research'Area,'in:'Holtzhausen,'D.'&'Zerfass,'A.'(ed.),'The(Routledge(Handbook(of(Strategic(Communication,'pp.'3I17,'New'York,'NY:'Routledge.''Hoffmann,'A.'O.'I.,'Pennings,'J.'M.'E.'&'Wies,'S.'(2011),'Relationship'Marketing’s'Role'in'Managing'the'FirmIInvestor'Dyad,'Journal(of(Business(Research,(Vol.'64,'No.'8,'pp.'896I903.''Hutchins,'H.'R.'(2008),'Financial'Communication,'in:'Donsbach,'W.'(ed.),'The(International(Encyclopedia(of(Communication,( Blackwell' Publishing.' Retrieved' September' 27,' 2014,' from:'http://www.communicationencyclopedia.com/subscriber/tocnode.html?id=g9781405131995_yr2014_chunk_g978140513199511_ss35I1.''Kelly,' K.' S.,' Laskin,' A.' V.,' &' Rosenstein,' G.' A.' (2010),' Investor' Relations:' TwoIWay' Symmetrical' Practice,'Journal(of(Public(Relations(Research,(Vol.'22,'No.'2,'pp.'182I208.''Kvale,' S.' &' Brinkmann,' S.' (2009),' InterViews:( Learning( the( Craft( of( Qualitative( Research( Interviewing,(Thousand'Oaks,'CA:'SAGE'Publications,'2nd'Edition.''


' 22'of'26'

Laskin,'A.'V.'(2009),'A'Descriptive'Account'of'the'Investor'Relations'Profession:'A'National'Study,'Journal(of(Business(Communication,(Vol.'46,'No.'2,'pp.'208I233.''Laskin,' A.' V.' (2011),'How' Investor' Relations' Contributes' to' the'Corporate'Bottom' Line,' Journal( of( Public(Relations(Research,(Vol.'23,'No.'3,'pp.'302I324.''Lee,'B.' (2012),'Using'Documents' in'Organizational'Research,' in:'Symon,'G.'&'Cassell,'C.' (ed.),'Qualitative(Organizational( Research:( Core( Methods( and( Current( Challenges,( pp.' 389I407,' London,' England:' SAGE'Publications.''Lev,'B.'(2004),'Sharpening'the'Intangibles'Edge,'Harvard(Business(Review,(Vol.'82,'No.'6,'pp.'109I116.''Lev,'B.'(2012),'Winning(Investors(Over:(Surprising(Truths(About(Honesty,(Earnings(Guidance,(and(Other(Ways(to(Boost(Your(Stock(Price,'Boston,'MA:'Harvard'Business'Review'Press.''Mahoney,' W.' F.' (1991),' Investor( Relations:( The( Professional’s( Guide( to( Financial( Marketing( and(Communications,(New'York,'NY:'New'York'Institute'of'Finance,'Simon'&'Schuster.''Mintzberg,'H.'(1979),'An'Emerging'Strategy'of'”Direct”'Research,'Administrative(Science(Quarterly,(Vol.'24,'No.'4,'pp.'582I589.''Moses,' J.'W.'&'Knutsen,' T.' L.' (2012),'Ways(of(Knowing:(Competing(Methodologies( in( Social( and(Political(Research,(Basingstoke,'England:'Palgrave'Macmillan,'2nd'Edition.''Nielsen,'C.'&'Bukh,'P.'N.'(2010),'Investor'relations.'Kommunikation'med'strategien'som'udgangspunkt,'in:'Merkelsen,' H.' (ed.):' Håndbog( i( strategisk( Public( Relations,( pp.' 179I196,' Frederiksberg,' Denmark:'Samfundslitteratur.'''Nielsen,' C.' &' Bukh,' P.' N.' (2011),' Investor' Relations:' Communicating' Strategy' From' a' Business' Model'Perspective,' Working( Paper( Series,( No.' 1,' pp.' 1I26,' Aalborg' University,' Department' of' Business' and'Management.('NIRI' [National' Investor' Relations' Institute]' (2003),' About( Us.' Retrieved' June' 27,' 2014,' from:'http://niri.org/functionalmenu/about.aspx.''Nothhaft,'H.'&'Schölzel,'H.'(2015),'(ReI)Reading'Clausewitz:'The'Strategy'Discourse'and'Its'Implications'for'Strategic' Communication,' in:' Holtzhausen,' D.' &' Zerfass,' A.' (ed.),' The( Routledge( Handbook( of( Strategic(Communication,(pp.'18I33,'New'York,'NY:'Routledge.''Oswick,'C.'(2012),'Discourse'Analysis'and'Discursive'Research,'in:'Symon,'G.'&'Cassell,'C.'(ed.),'Qualitative(Organizational( Research:( Core( Methods( and( Current( Challenges,( pp.' 473I491,' London,' England:' SAGE'Publications.''


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Pennings,' T.' (2011),' The' Value' of' Public' Relations' in' Investor' Relations:' Individual' Investors’' Preferred'Information'Types,'Qualities,'and'Sources,'Journalism(&(Mass(Communication(Quarterly,(Vol.'88,'No.'3,'pp.'615I631.''Petersen,'B.'K.'&'Martin,'H.'J.'(1996),'CEO'Perceptions'of'Investor'Relations'as'a'Public'Relations'Function:'An'Exploratory'Study,'Journal(of(Public(Relations(Research,(Vol.'8,'No.'3,'pp.'173I209.%'Ragas,'M.'W.,'Laskin,'A.'V.'&'Brusch,'M.'(2014),'Investor'Relations'Measurement:'An'Industry'Survey,'Journal(of(Communication(Management,(Vol.'18,'No.'2,'pp.'176I192.'%'Roop,'J.'J.'&'Lee,'S.'F.'(1988),'Investor'Relations'as'a'Competitive'Weapon,'The(Journal(of(Business(Strategy,(Vol.'9,'No.'2,'pp.'4I8.%'Rosenkranz,'J.'&'Pollach,'I.'(2016),'The'Framing'and'Reframing'of'Corporate'Financial'Results:'How'Corporate'Earnings'Releases'Become'News,'Corporate(Communications:(An(International(Journal,(Vol.'21,'No.'1,'pp.'103I119.''Ryan,'T.'M.'&'Jacobs,'C.'A.'(2005),'Using(Investor(Relations(to(Maximize(Equity(Valuation,(Hoboken,'NJ:'Wiley'Finance.''Ryder,'N.'&'Regester,'M.'(1990),'Investor(Relations:(How(To(Make(Sure(the(Financial(Community(Supports(Your(Company,(London,'England:'Hutchinson'Business'Books.''Silver,'D.'(2005),'Creating'Transparency'For'Public'Companies:'The'Convergence'of'PR'and'IR' in'the'PostISarbanesIOxley'Marketplace,'The(Public(Relations(Strategist,(Vol.'11,'No.'1,'pp.'14I17.'''Silver,'D.'(2008),'Managing'Communications'in'the'Age'of'Restructuring:'In'the'Wake'of'the'Wall'Street'Debt'Fiascoes,'Corporate'America'is'Losing'its'Credibility'and'Trust,'The(Public(Relations(Strategist,'Vol.'14,'No.'1,'pp.'36I37.%%Torp,' S.'M.' (2015),'The'Strategic'Turn' in'Communication'Science:'On' the'History'and'Role'of' Strategy' in'Communication'Science'From'Ancient'Greece'Until'the'Present'Day,'in:'Holtzhausen,'D.'&'Zerfass,'A.'(ed.),'The(Routledge(Handbook(of(Strategic(Communication,(pp.'34I52,'New'York,'NY:'Routledge.'%Vlittis,'A.'&'Charitou,'M.'(2012),'Valuation'Effects'of'Investor'Relations'Investments,'Accounting(and(Finance,(Vol.'52,'No.'3,'pp.'941I970.''Yin,'R.'K.'(2014),'Case(Study(Research:(Design(and(Methods,(Thousand'Oaks,'CA:'SAGE'Publications.''

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7.0:%My%PhD%Plan%'

7.1:%The%Current%Status%on%My%Completion%of%the%Core%PhD%Degree%Requirements%of%Aarhus%BBS%Graduate%School%'

%

PhD%Courses%'

At'the'present'time,'I'have'participated'in'and'completed'two'PhD'courses'(of'

each' 5' ECTS).' Respectively,' these' two' courses' are' entitled,' ”Research(

Paradigms(in(Strategic(Communication:(From(Organizational(Communication(

and( Public( Relations( to( Business( Communication( and( Corporate(

Communication”( and( ”Introducing( the( Philosophy( of( Science:( A( Multi_

Perspective(Approach”.''

'

In' late'November' this' year,' I'will' attend'my' third' PhD'Course,' ”PhD(Thesis(

Research(Design”.'The' fourth'PhD'course,( ”Advanced(Qualitative(Methods”,(

that' I'will'attend'takes'place' in'May'2017.'Both'of' these'courses'are'also'5'

ECTS'each.''

'

With'respect'to'the'last'two'(5'ECTS)'PhD'courses'that'I'will'attend'(i.e.'PhD'

course'number'5'and'6),'at'the'moment,'I'would'like'to'keep'my'options'open'

so'that'I'have'the'flexibility'to'pursue'these'courses'either'in'connection'to'a'

conference'that'I'am'attending;'when'I'am'abroad'visiting'another'research'

institution;'or'if'I'at'some'point'encounter'a'course'–'domestic'or'international'

–'that'I'find'to'be'particularly'interesting'and'relevant'to'my'research'project.'

I'expect'to'finish'my'PhD'course'work'no'later'than'during'my'5th'semester,'

i.e.'at'the'end'of'January'2018.'%

Research%Stay%Abroad%'

I'expect'that'my'research'stay'abroad'will'take'place'during'my'5th'semester'

(Fall' 2017).' I' am' in' the' early' stages' of' looking' into' potential' research'

institutions'to'visit.'

''

In'addition'to'this'longer'stay'abroad'(a'minimum'of'three'month)'on'my'5th'

semester,'I'am'intrigued'about'the'possibility'of'pursuing'a'shorter'research'

stay'(around'2I3'weeks),'also'at'a'foreign'institution,'sometime'during'my'4th'

semester'(Spring'2017).'Whether'or'not'this'shorter'research'stay'actually'will'

materialize,'I'do'not'know'yet.'%

Teaching%Responsibilities%

%%

%

%

'

Last' semester' I' was' a' teaching' Instructor' in' "Research( Methodology"'

("Videnskabsteori( &(Metode")' for' two' classes' on' the' 2nd' semester' of' the'

Danish'BA'program'in'International'Business'Communication.'This'semester'I'

am'a'teaching'instructor'in'”Communication(Theory”'(”Kommunikationsteori”)'


' 25'of'26'

Teaching%Responsibilities%(cont.)% also'at' this'Danish'BAIlevel'program.'At' the'end'of' this' semester,' I' expect,'

approximately,'to'have'completed'around'420'hours'of'teaching'(out'a'total'

of'600'hours).'

'

I' plan' on' finishing' my' teaching' responsibilities' next' semester' (the' Spring'

semester'of'2017).'In'order'to'do'so,'I'expect'that'I'again'will'be'teaching'two'

classes'in'”Research(Methodology”.'%

Conferences% I'have'not'yet'fully'decided'on'which'conference'to'attend.'However,'the'2nd(

International( Conference( on( Discursive( Approaches( to( Financial(

Communication( (DAFC)' where' the' theme' is' ”Building' Trust' in' the'Markets'

With'Story'and'Argument”'is'a'conference'that'I'believe'fit'very'well'with'the'

overall'focus'of'my'research'project.'

'

This' specific' conference' is' held' at' the' Universitá' della' Svizzera' Italiana' –'

Lugano,'Switzerland'on'July'3I6,'2017.'

'

7.2:%My%PhD%Plan%Going%Forward%%%

Fall%semester%2016%(the'reminder'of'it)'

•! Thesis'Proposal'(November'11,'2016).'

•! Prepare'for'and'attend'PhD'course' in'"PhD(Thesis(Research(Design”((November'28,'2016'–'December'1,'

2016)'

•! Deadline'for'abstract'admission'to'the'2nd(International(Conference(on(Discursive(Approaches(to(Financial(

Communication((DAFC):(November'15,'2016.%

•! Continue'my'teaching'responsibilities'in'“Communication(Theory”'for'the'reminder'of'the'semester.'(This'

includes'evaluation'of'written'exam'papers'in'January'2017)%

•! Continue'developing'and'refining'the'research'design'of'my'project.'

•! Continue'reading'literature'to'refine'my'newly'revised'project'focus.%

•! Identify,'talk'to,'and'enter'into'collaboration'agreements'with'two'public'companies.'(my'double'case'study)%

•! Start'examining'specific'options'for'my'stay'abroad'on'an'international'research'institution'(long'stay'abroad'

on'my'5th'semester)'as'well'as'try'to'get'an'agreement'for'a'short(er)'stay'abroad'on'my'4th'semester,'i.e.'

in'the'Spring'semester'of'2017.'

•! Begin'preparing'for'the'collection'of'empirical'data'in'each'of'the'two'case'companies.'(January'2017)'

•! Look'into'and'decide'on'the'second'of'the'two'PhD'courses'that'I'intend'to'participate'in'during'the'Spring'

semester'of'2017.'

•! Start'applying'for'external'funding'particularly'intended'for'my'research'stay'abroad.'(from'January'2017)'%


' 26'of'26'

Spring%semester%2017%(4th'semester)'

•! Prepare'for'and'attend'PhD'Course'in'”Advanced(Qualitative(Methods”((May'1I4,'2017).'

•! Preferably'attend'another'PhD'course'(my'5th'PhD'course).'I'have'not'yet'decided'on'which'specific'course'

to'participate'in.'

•! Teaching' responsibilities' in' ”Research(Methodology”.( (My' teaching' responsibilities' will' be' finalized' this'

semester).'

•! Present'my'existing'research'contribution'at'an'international'conference.'My'conference'participation'may'

well'be'at'the'2nd(International(Conference(on(Discursive(Approaches(to(Financial(Communication((DAFC)'

where'the'theme'is'”Building'Trust'in'the'Markets'With'Story'and'Argument”'(July'3I6,'2017).%

•! Prepare' for' and' start' collecting' the' empirical' data' for'my' research'project'within' each'of' the' two' case'

companies.'(preferably'already'from'early'on'in'the'semester'–''I'would'like'to'be'active'in'my'data'collection'

around'the'time'of'the'release'of'the'annual'report)'

•! Start'transcribing,'analyzing'and'interpreting'the'collected'empirical'data'from'each'of'the'two'cases.'

•! Start'analyzing'selected' investor'relations'texts' from'each'of' the'two'companies.' (These' findings'will,' in'

part,'inform'my'empirical'inquiry'within'each'company).'

•! Start'writing'the'first'sections'of'my'PhD'monograph.'

•! Continue'applying'for'external'funding'particularly'intended'for'my'research'stay'abroad.''

•! (Short'”selfIfunded”'stay'abroad'on'an'international'research'institution'(approximately'2I3'weeks).)'%

Fall%semester%2017'(5th'semester)'

•! Semester'abroad'on'an'international'research'institution'(a'minimum'of'3'month'–'preferably'at'the'start'

of'the'semester).''

•! Continue'analyzing'and'interpreting'the'collected'empirical'data'from'each'of'the'two'cases.'

•! Decide'on,'attend'and'complete'the'last'of'my'PhD'Courses'(finish'PhD'course'work'this'semester).'

•! Write'on'the'latter'sections'of'my'PhD'monograph.%%

Spring%semester%2018'(6th'semester)'

•! Complete'the'writing'of'my'PhD'monograph.'

•! Project'revisions'and'readIthrough.'

•! Proofreading,'etc.'

•! HandIin'my'PhD'monograph'on'August'31,'2018.'

%

''