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Disclosing investor relation communication principles in corporate codes of conducts: Organization’s pursuit of legitimacy – Case of 25 Nasdaq Helsinki companies
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School of Business |
Master's thesis
Electronic archive copy is available via Aalto Thesis Database.
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en
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74+6
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Abstract
Research objective
The aim of this study is firstly to explore the types of business codes employed by the 25 Finnish large listed companies included in OMX Helsinki 25 index for the purpose of disclosing investor relation communications principles. Secondly, it aims at examining the investor relation communication principles related content disclosed in those business codes. Adding to a contribution to the investigation of IR communication practices, the study strived to place a contribution to investor relations as an academic field, which attributes for the least examined discipline within corporate communications.
Methodological and theoretical foundations
To shed light on practices of business codes used and content disclosed, content analysis was chosen for examining the content of total of 50 business codes of 25 Finnish large listed companies included in OMX Helsinki 25. The content of business code is categorized into a predefined coding system including discourses related to investor relation communication principles.
Findings and conclusions
The study found that in addition to disclosure policies, companies employ other business codes and policy texts to disclose about their investor relation communication principles, such as corporate governance statements, code of conduct, debt investor relation disclosure, sustainability reports, etc. Using more than one type of business codes for disclosing investor relation communication policies enables them to gain and maintain legitimacy. Legitimacy is secured through the process of disclosing discourses relating to investor relation communication principles which help to acquire certain forms of legitimacy. Moreover, the analysis concludes that the disclosure in each document assists the companies to gain more than one forms of legitimacy which helps to strengthen the legitimate status.