Influence of the growing ETF industry on active investor relations work36 Fundamentals of investor relations based information by IR Schnorrenberg 2008 p 11 244 That information e g about the devel opment of the company should be communicated in a transparent precise complete and regu lar way as possible Allgäuer and Larisch 2011 p 244 Therefore the continuous improvement of the information standards and information effi ciency between the company and the capital mar ket is one sub target of IR in order to achieve a fair valuation Streuer 2004 p 22 Conformance and performance of legal transpar ency and information requirements is a major objective of IR Allgäuer and Larisch 2011 p 244 It is important that IR ensures transparency and fair information for all market participants Streuer 2004 p 31 Transparency requirements are also increasingly imposed by the legislator on listed companies to protect market participants in par ticular shareholders and to avoid unequal treat ment as much as possible Schnorrenberg 2008 p 11 IR tries to eliminate information deficits and to optimize the transparency level and thus con tributes to a fair valuation of the share price Due to the fact that IR activities directly influence the value of the company it has a company strategic and value adding function within the company Allgäuer and Larisch 2011 p 244 Compliance with the increasing legal requirements e g with regard to corporate governance is a further duty on the part of the IR department which is directly linked to transparency requirements Schnorren berg 2008 p 11 Another major aim of IR is to attract new inves tors and keep existing ones for the company primarily done through active IR communica tion Thereby attracting new investors is not only limited to the company s domestic country but includes globally expanding the contact base and as a consequence increasing an internationaliza tion of the shareholder structure Schnorrenberg 2008 p 14 In order not to have to constantly look for new investors building up long term rela tionships are essential Frankel Lumley and Hen nessey 2006 p 117 Positioning and increasing the awareness level of the company and its share in the capital market as well as maintaining and improving the image are other targets of IR Allgäuer and Larisch 2011 p 244 Clarifying the future potential of the com pany is one key element in the IR communication Streuer 2004 p 21 Other objectives can be subdivided into financial policy and communication policy targets In addi tion to reducing the cost of capital and share price volatility financial policy aims include the control of the shareholder structure and their loyalty as well as protection against hostile takeovers and the preservation of capital raising opportunities Raising capital at the lowest costs possible espe cially in case of capital increases is another finan cial objective of IR Allgäuer and Larisch 2011 p 244 An expansion of free floating shares con tributes to an increase in shareholder value The reduction of information asymmetries for exam ple can be counted among the communication policy aims Theilen 2008 p 42 Moreover a balance referred as expectations management between internal planning regard ing the development of the company and external market s expectations should be ensured Schnor renberg 2008 pp 11 3 2 2 Target groups As the main addressees of communication the focus is mainly on three target groups within the financial community private shareholders institu tional shareholders and multipliers such as ana lysts economic and financial journalists financial advisors and rating agencies Allgäuer and Larisch 2011 p 245 Since each target group has differ ent experiences and investment horizons and derived from this different expectations a target group oriented approach is necessary

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