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Johannes Christian Fieseler
Former Member
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PublicationA Good Reputation: Protection against Shareholder Activism(Palgrave Macmillan, 2016-02)
;Simcic Bronn, PeggyWhen shareholders become dissatisfied with a public company's policies or actions, they may resort to activist interventions. Shareholder activism has been described as an attempt to resolve agency conflicts by directly influencing management or board decisions. Shareholder activism may be incited by a lack of focus on shareholder value, a misalignment of corporate governance or a number of social and environmental policy issues. Over recent years, shareholder activism has become more frequent, professional and costly to corporations. Large, visible companies are held to be most susceptible to activist interventions, potentially damaging their corporation reputation. In this study, we analyze the effect of a good corporate reputation on the susceptibility of public companies to shareholder interventions in the form of proxy fights. We consider both the frequency and success of shareholder proposals and differentiate the effect of corporate reputation by issues context. Our findings indicate that a good corporate reputation serves as a two-fold inoculation against shareholder interventions, reducing both the frequency and success of proxy fights.Type: journal articleJournal: Corporate Reputation ReviewVolume: 19Issue: 1DOI: 10.1057/crr.2015.27Scopus© Citations 14 -
PublicationInvestor relations beyond financials : Non-financial factors and capital market image buildingPurpose - In this paper, the authors aim to identify a range of non-financial factors that play a role in the formation of a company's image, and ultimately its valuation, on capital markets. By identifying and highlighting their relative importance to the perceptions of equity analysts, the authors seek to show that investor relations are best understood as a strategic communication function rather than a mere purveyor of pure financials. Design/methodology/approach - The findings are based on a two-tiered approach, relying on qualitative interview data collected among 42 equity analysts and a subsequent exploratory factor analysis performed on data obtained from a survey among 134 buy- and sell-side analysts. Findings - The authors argue that equity analysts consider the following eight categories of non-financial information when forming an impression of a company: the stakeholder relations of an organization, its corporate governance, its corporate social responsibility, its reputation and brand, the quality of its management, and its strategic consistency. One of the most important factors, however, is the quality of a company's communication, which underscores the strategic role that the investor relations function should play in fostering positive capital market relations. Research limitations/implications - Being explorative in nature, the categories and scales proposed need further validation. Furthermore, in future research, it would be worthwhile to explore not only the role of non-financials in image formation but also the interplay between financials and non-financials in image formation. Practical implications - Investor relations professionals should consider the factors presented in this study in their work in order to ensure that they cater to the actual information needs of capital market participants. The consideration of non-financial factors enhances the quality of financial communications. It also enriches the understanding of the strategic communication tasks of the investor relations department. Originality/value - This paper describes an empirical analysis of the management of corporate relationships with financial audiences, a stakeholder group increasingly focused on by communications research. It represents a contribution to the further establishment of investor relations as a strategic communication function.Type: journal articleJournal: Corporate Communications: An International JournalVolume: 17Issue: 2
Scopus© Citations 50 -
PublicationType: journal articleJournal: Marketing Review St. GallenVolume: 27Issue: 5
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PublicationLinking corporate reputation and journalistic perception in capital marketsThe paper explores based on a qualitative survey of business and financial journalists the link between corporate reputation and journalistic perception in the context of capital market coverage at the Frankfurt Stock Exchange.Type: journal articleJournal: Studies in Communication SciencesVolume: 8Issue: 1
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PublicationZur Bedeutung qualitativer Erfolgsfaktoren der Kapitalmarktkommunikation für die Unternehmensbewertung und deren Auswirkungen(Handelsblatt Fachmedien, 2008-11-28)
;Vater, HendrikType: journal articleJournal: Der BetriebVolume: 61Issue: 48 -
PublicationType: conference paper
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PublicationShareholder Activism and the new Role of Investor Relations in German Corporate Governance PracticesThis study analyzes how corporate management in Germany experiences and perceives the rise in shareholder activism, and how shareholder activism changes the interactions and power dynamics between management, activists and shareholders. Using data from interviews with CEOs and CFOs of large companies listed on the German stock exchange, we show that the rise in shareholder activism has significantly increased the perceived intensity of management interactions with the financial community. Managers see themselves as engaged in a power struggle with unruly shareholders. Shareholder activism has rekindled managers' respect for the know-how and power of investors, but, at the same time, managers strive to retain control of their companies' development. Among the most frequently described organizational responses to the rise in shareholder activism is an upgrade in the reach and strategic objectives of German investor relations departments.Type: conference paper
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PublicationOpportunities and Pitfalls in Stakeholder Engagement and Dialogue : A Case Study From the Pharmaceutical Industry(ICA International Communication Association, 2010-06-25)Type: conference paper
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PublicationImplementing Stakeholder Engagement : A Case Study from the Pharmaceutical IndustryThis paper identifies some success factors of implementing stakeholder engagement based on empirical insights gained from a case study of a multinational pharmaceutical company. Pharmaceutical companies are faced with various - and oftentimes pressing and vocal - expectations as to their corporate social responsibility (CSR). Therefore, a need for the implementation of adequate stakeholder engagement activities has been established in this sector. We argue that stakeholder engagement can still be considered an emerging management function and that significant strategic advantages can be won through the implementation of deliberate, pro-active stakeholder engagement processes. Based on experiences gained within a multinational pharmaceutical company, this study propose that companies can do well in their stakeholder engagement efforts by employing proper stakeholder analyses, clearly defined standards and procedures, appropriate objectives and incentives, a credible commitment to relationship-building and continuous knowledge management.Type: conference paper
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PublicationFraming Corporate Social Responsibility for Capital Market Communications( 2008-05-22)The empirical findings presented in this paper were gained from interviews with equity analysts at the Frankfurt Stock Exchange. The interviews sought to identify how mainstream equity analysts, that are not particularly involved in Socially Responsible Investment research, perceive the concept of Corporate Social Responsibility. On the one hand, the evidence suggests that ecological, social and governance issues are increasingly becoming part of mainstream investment analysis. However, in order to gain legitimacy among capital market participants, sustainability issues have to be communicated and framed according to the financial community's perspective. In particular, the impact of CSR measures on a company's strategic development, its corporate governance, image and employee relations seem to be most relevant to the financial community. Based on our findings, we propose that CSR issues could become a greater component of investor relations activities, if framed appropriately.Type: conference paper