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THE QUALITY OF WEB INVESTOR RELATIONS IN LISTED ITALIAN COMPANIES: MEMBERSHIP IN THE STAR SEGMENT – DOES IT MAKE A DIFFERENCE?

Antonio D’Amato, Claudia Cacia

DOI: 10.22495/cocv10i3c3art1

Abstract

The Internet has influenced corporate communication practices as concerns providing timely, comprehensive and accurate financial information. The paper investigates the quality of investor relation of listed Italian companies. In line with Borsa Italiana which defines STAR the companies with a strong vocation for communication, we aim to verify that such companies actually do communicate better than the others. In this perspective, we consider that the companies listed on the other MTA - Telematic Stock Market- segments of the Italian Stock Exchange, could align the quality of financial disclosure to that of STAR companies as a result of imitative strategies. Our main findings reveal that in the Italian market herding does not characterize the behavior of companies as regards Web Investor Relations (W.I.R.) practices and quality.

Keywords: Financial Communications, Web Investor Relation Index (WIRI), Italian Listed Companies, Star Segment, Voluntary Disclosure, Herd Behaviour

How to cite this paper: D’Amato, A., & Cacia, C. (2013). The quality of web investor relations in listed Italian companies: Membership in the star segment – Does it make a difference? Corporate Ownership & Control, 10(3-3), 333-353. http://doi.org/10.22495/cocv10i3c3art1

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