How do capital market participants use annual reports, which channels, which contents are relevant for them? So far, there is little empirical evidence about the expectations of professional report users.
The Center for Research in Financial Communication, together with the Mainz agency MPM Corporate Communication Solutions, has conducted a broad-based study on the use of annual reports. Within the framework of a quantitative survey, 100 analysts and investors active on the German capital market were surveyed. Qualitative interviews were also conducted with selected analysts and investors from the DACH region.
The results show the different usage behavior of analysts and investors with regard to the annual report as well as factors influencing the choice of format. Companies should focus their annual reports on rapid usability. The report's USP remains its detailed information, especially on ESG.
The full study is available here (German only)
By Christian P. Hoffmann, Sandra Tietz & Jan Reinholz