Influence of the growing ETF industry on active investor relations work44 Influence of the ETF industry on IR work 4 Influence of the ETF industry on IR work After the theoretical fundamentals were described in the previous chapters the following section is based on the survey and interviews conducted With the help of the primary data collected the influence of the ETF industry on the IR work is to be found out 4 1 Hypothesis formulation Due to the expected development of passive investments the following hypothesis can be derived with regard to IR The work of investor relations will be impacted by the growing ETF industry in the future but will not become com pletely superfluous This hypothesis can be broken down into two sub hypotheses 1 If the ETF and overall passive investment indus try continues to further grow as is expected and described in former chapters this increase will also affect IR work to some extent 2 However this influence will not be so great that IR will no longer be needed 4 2 Methodology A collection of primary data is necessary as sec ondary data sources cannot be used because they do not yet exist The following methodological steps are carried out as part of the empirical part of the bachelor thesis A questionnaire as the main data collection instrument has been set up to get a quantitatively broader insight of the sentiment of IR experts regarding the future of active investor relations work Additionally interviews are used as a method to obtain further qualitative primary data Therefore three IR experts have been con sulted on the topic during 15 minute and 30 min ute telephone and video interviews The tran scripts of these interviews are attached in annex 3 for further detailed information on the topic The target group are IR experts from all over Ger many whose companies belong to the DAX fam ily Since the target group is very specific and the number of potential respondents is very small compared to broader target groups a suitable way has to be found to address as many people of this target group as possible The DIRK Deutscher Investor Relations Verband e V is the German professional association for IR and the largest European professional association for the link between companies and capital markets DIRK 2021 Since nearly all German companies in the DAX group are members of DIRK a promotion in the DIRK newsletter through a short teaser text with a built in link to the survey is a good method to reach as many people of the target group as possible The survey has also been advertised in the newsletter of the IR club one of the largest IR associations in Europe IR Club 2021 In addition emails are sent as a classic distribution channel to directly address IR experts As social media is becoming increasingly important not only in the private but also in the professional world and a large group of people can be reached in real time attention has been drawn to the survey via a post on LinkedIn Structure of the survey The online questionnaire was created with and conducted via LamaPoll an internet based tool for surveys and questionnaires The questionnaire consists of closed questions which formed the largest part of the questionnaire semi open and open questions For the closed questions there are several answer options to choose from In open questions participants can freely formulate an answer of their own choice Semi open ques tions combine the former two variants In total the questionnaire consists of 27 questions which are divided thematically into seven categories on seven pages In addition to the topic of the ques tion the intro text explains the aspects of ano nymity and voluntariness of participation in the survey The questionnaire is attached in annex 1 for a detailed view of the layout and structure of the seven pages

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