The paper aims to indicate the lack of corporate culture and investor communication on the Serbian stock market by analyzing investor relations via e-communication tools of some of the best Serbian companies. At start, the authors broadly discuss the concept of investment relations and the role of good information disclosure for the company.
Then, the study investigates investor relations on the Internet of companies listed on the Belgrade Stock Exchange (BELEX 15 and BELEX LINE). For this purpose, the websites of the 20 largest listed companies of the Republic of Serbia were screened in year 2010 for investor relations items. The main findings of the paper are as follows:
13,6% of companies do not have web-sites at all. None of those having a web-site has an investor’s internet page there
only 36,4% of Serbian companies presented on the Internet showed current share values and historical share values on their sites
only 9,1% of Serbian companies presented on the Internet provided contacts of management team and persons responsible for a specific areas of business which are of importance to investors on their sites
firms do not put audio content and Power Point presentations on their web-sites, do not run web-conferences, blogs, or RNS services
The above findings suggest several implications. First, domestic companies should put extra information and comments in their annual reports, Internet presentations, and other materials meant for the investing public, in accordance with other developed capital markets. Moreover, companies that wish to actively compete for foreign investors should improve their reports in English.