Study: Cross media annual reports

How do capital market participants use annual reports, which channels, which content is relevant for them? So far, there is little empirical evidence about the expectations of professional report users.

The Center for Research in Financial Communication at the University of Leipzig has conducted a large-scale study on the use of annual reports together with the Mainz agency MPM Corporate Communication Solutions. As part of a quantitative survey, 100 analysts and investors active on the German capital market were surveyed. In addition, qualitative interviews were conducted with selected analysts and investors from the DACH region.

The results show different usage behavior of analysts and investors regarding the annual report as well as factors influencing the format choice. Companies should focus their annual reports on fast usability. The report's USP remains its detailed information, especially on ESG.

The full study is available here for download or on request at