Integrated financial communication: Insights on the coordination and integration among investor relations and public relations departments of listed corporations in Germany, Austria and Switzerland

Abstract This study applies insights from integrated communication research to address the research gap regarding the coordination of corporations’ financial communications across the Public Relations and Investor Relations functions. Findings are based on 14 expert interviews as well as a quantitative survey of 128 heads of investor relations departments as well as financial communication experts within the public relations department from the largest listed corporations in Germany, Austria and Switzerland. This study shows that the departments distinguish their roles and tasks mostly by audience group. Overall, the need for and frequency of coordination is perceived as high, however it remains largely informal and event-driven. We document a strong focus on content- and timing-related integration, while strategic integration is lacking. Findings show that higher levels of integration are associated with a better working atmosphere, a broader set of instruments for coordination, and more alignment in both objectives and evaluation. We highlight the benefits of more strategic coordination and integration by comparing distinct levels of integration.