SavedAdd your journal

Journals / TAM Akademi Dergisi / 2026 / Cilt: 3 Sayı: 2

The Use of Annual Reports and Websites as Investor Relations Tools: An Analysis of Turkish Airlines

Yatırımcı İlişkileri Aracı Olarak Yıllık Raporların ve Web Sitesinin Kullanımı: Türk Hava Yolları Üzerine Bir Analiz

Deniz Akbulut(İSTANBUL AYDIN ÜNİVERSİTESİ)0000-0003-0236-525X
Aynur Acer(İSTANBUL AREL ÜNİVERSİTESİ)0000-0002-7315-7020
Nihal Paşalı Taşoğlu(KOCAELİ ÜNİVERSİTESİ, İLETİŞİM FAKÜLTESİ)0000-0003-2985-5638
Pages
205–223
Publication Date
2024-11-30
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

As a result of the examination of the annual report and website, the proficiency of Turkish Airlines in using these two investor relations tools was discussed.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:Investor relations today require the ability to develop strategic communication not only with investors but with all financial circles.
📊
Key Findings & Data:Companies now structure their investor relations to include the management of decisions that will contribute to the long-term valuation of the company's shares, such as crisis management and social responsibility activities, from a strategic communication perspective with all their financial circles.
💡
Conclusion & Impact:As a result of the examination of the annual report and website, the proficiency of Turkish Airlines in using these two investor relations tools was discussed.
🔬Design:Araştırma Makalesi
📍Scope:2022 Verileri
⚙️Variables:Yatırımcı İlişkileri · Yıllık Rapor · Web Sitesi

Abstract

Investor relations today require the ability to develop strategic communication not only with investors but with all financial circles. Companies now structure their investor relations to include the management of decisions that will contribute to the long-term valuation of the company's shares, such as crisis management and social responsibility activities, from a strategic communication perspective with all their financial circles. Therefore, in recent years, the format and content of annual reports, a classic and effective tool for delivering messages to investors, are handled with simplicity and professionalism that all stakeholders can understand. Language and expression are developed, and non-financial topics such as social responsibility, corporate reputation, and sustainability are increasingly included in the reports. On the other hand, a website that meets investors' information needs, is always kept up-to-date, and contains retrospective information is also an important instrument of investor relations. In this study, the inclusion of non-financial information that affects investors' decision-making in annual reports and websites was examined, with Turkish Airlines' 2022 annual report and website taken as a case study. The language and expression used in the company's annual report, the cover design, the topics emphasized in the president's letter, and the subject headings were analyzed, and the messages addressed to all stakeholders, especially investors, were subjected to qualitative content analysis. Additionally, the company's organizational structure, corporate communication activities, prominent social responsibility efforts, and sustainability messages were examined in terms of their impact on investor relations. The analysis conducted with the Maxqda program identified thematic topics that guide the company's investor relations, and subcategories were created and presented. Furthermore, the scorecard scale developed by TÜYİD to be used in the examination of businesses' internet-based investor relations was used, and the richness and currency of the websites' content were rated. As a result of the examination of the annual report and website, the proficiency of Turkish Airlines in using these two investor relations tools was discussed.

Özet

Yatırımcı ilişkileri günümüzde sadece yatırımcılarla değil tüm finansal çevrelerle stratejik iletişim kurma becerisi geliştirmeyi gerektirmektedir. Bu nedenle şirketler günümüzde yatırımcı ilişkilerini kriz yönetimi ve sosyal sorumluluk çalışmaları gibi uzun vadede şirketin hisse değerlemesine katkıda bulunacak kararların yönetimini de içine alacak biçimde yapılandırmaya çalışmaktadırlar. Yatırımcılara mesaj vermenin klasik ve etkili bir aracı olarak yıllık raporlarda da biçim ve içerik, tüm paydaşların anlayabileceği sadelik ve profesyonellikle ele alınmakta, dil ve anlatım geliştirilmekte, kurum kimliği öğeleri başta olmak üzere sosyal sorumluluk, kurumsal itibar, sürdürülebilirlik gibi finans dışı konu başlıklarına raporlarda daha fazla yer verilmektedir. Öte yandan, yatırımcıların bilgi ihtiyacını giderebilen, her zaman güncel tutulan, geçmişe dönük bilgileri barındıran bir web sitesi de yatırımcı ilişkilerinin önemli bir enstrümanıdır. Bu çalışmada, yatırımcıların karar vermesinde etkili olan finans dışı bilgilerin yıllık raporlarda ve web sitelerinde ne şekilde yer aldığı incelenmiş, havayolu taşımacılığının lider şirketi olan Türk Hava Yolları’nın 2022 yılına ait yıllık raporu ile web sitesi örnek olay olarak ele alınmıştır. Şirketin yıllık raporunda kullandığı dil ve anlatım, kapak tasarımı, başkanın mektubunda vurgulanan konular ile konu başlıkları analiz edilmiş, başta yatırımcıları olmak üzere tüm paydaşlara hitaben verdiği mesajlar niteliksel içerik analizine tabi tutulmuştur. Öte yandan, şirketin organizasyon yapısı, kurumsal iletişim ile ilgili faaliyetleri yanında öne çıkan sosyal sorumluluk çalışmaları ve sürdürülebilirlik mesajları yatırımcı ilişkilerine etkileri açısından incelenmiştir. Maxqda programı ile yapılan analiz sonucu şirketin yatırımcı ilişkilerine yön veren konular tematik olarak belirlenmiş ve alt kategoriler oluşturularak ortaya konmuştur. Ayrıca çalışmada, TÜYİD’in işletmelerin internet tabanlı yatırımcı ilişkilerinin incelenmesinde kullanılmak üzere geliştirdiği skor kart ölçeği kullanılmış ve web sitelerinin içeriğinin zenginliğine ve güncelliğine dair puanlama yapılmıştır. Türk Hava Yolları'nın 2022 yılı faaliyet raporunu ve web sitesini, kurum kimliği ve öğelerini etkin bir şekilde tanıtan ve yatırımcı ilişkilerini güçlendiren kapsamlı bir bilgi kaynağı olarak değerlendirmek mümkündür. Ancak, şeffaflık ve bilgi erişimi konusunda hala geliştirilecek alanlar bulunmaktadır.

🔖

Cite This Article

Akbulut, D., Acer, A., Taşoğlu, N. P. (2024). The Use of Annual Reports and Websites as Investor Relations Tools: An Analysis of Turkish Airlines. TAM Akademi Dergisi, Cilt: 3 Sayı: 2, 205–223. https://doi.org/10.58239/tamde.2024.02.004.x

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (56)

  1. Battal, Ü. (2018). Sürdürülebilirlik raporlaması ve entegre raporlama: Türk Hava Yolları ve Güney Afrika Hava Yolları incelemesi. Muhasebe ve Vergi Uygulamaları Dergisi, 11(3), 393-424.
  2. Beattie, V. A., & Jones, M. J. (2000). Changing graph use in corporate annual reports: A time-series analysis. Contemporary Accounting Research, 17(2), 213-226. https://doi.org/10.1506/AAT8-3CGL-3J94-PH4F
  3. Beattie, V., Dhanani, A., & Jones, M. J. (2008). Investigating presentational change in U.K. annual reports. Journal of Business Communication, 45(2), 181-222. https://doi.org/10.1177/0021943607313993
  4. Binder-Tietz, S., Hoffmann, C. P., & Reinholz, J. (2021). Integrated financial communication: Insights on the coordination and integration among investor relations and public relations departments of listed corporations in Germany, Austria and Switzerland. Public Relations Review, 47(4), Article 102075. https://doi.org/10.1016/J.PUBREV.2021.102075
  5. Black, C. (2014). The PR professional's handbook: Powerful, practical communications. Kogan Page.
  6. Bollen, L., Hassink, H., & Bozic, G. (2006). Measuring and explaining the quality of Internet investor relations activities: A multinational empirical analysis. International Journal of Accounting Information Systems, 7(4), 273-298. https://doi.org/10.1016/J.ACCINF.2006.04.005
  7. Branco, M. C., & Rodrigues, L. L. (2008). Social responsibility disclosure: A study of proxies for the public visibility of Portuguese banks. The British Accounting Review, 40(2), 161-181. https://doi.org/10.1016/J.BAR.2008.02.004
  8. Bushee, B. J., & Miller, G. S. (2012). Investor relations, firm visibility, and investor following. The Accounting Review, 87(3), 867-897. https://doi.org/10.2308/ACCR-10211
  9. Clarke, G., & Murray, L. W. B. (2000). Investor relations: Perceptions of the annual statement. Corporate Communications: An International Journal, 5(3), 144-151. https://doi.org/10.1108/13563280010377536
  10. Clarke, K. (2006). Finansal halkla ilişkilere giriş. A. Theaker (Ed.), Halkla İlişkilerin El Kitabı içinde. Mediacat Yayınları.
  11. Collis, T. (2004). Financial public relations. A. Gregory (Ed.), Public relations in practice içinde. Kogan Page.
  12. Cornelissen, J. (2014). Corporate communication: A guide to theory & practice. Sage.
  13. Diggs-Brown, B. (2012). Strategic public relations: An audience-focused approach. Wadsworth Cengage Learning.
  14. Doan, M. A., & McKie, D. (2017). Financial investigations: Auditing research accounts of communication in business, investor relations, and public relations (1994–2016). Public Relations Review, 43(2), 306-313. https://doi.org/10.1016/J.PUBREV.2017.02.010
  15. Dolphin, R. R. (2003). Approaches to investor relations: Implementation in the British context. Journal of Marketing Communications, 9(1), 29-43. https://doi.org/10.1080/13527260210167539
  16. Ettredge, M., Richardson, V. J., & Scholz, S. (2001). The presentation of financial information at corporate Web sites. International Journal of Accounting Information Systems, 2(3), 149-168. https://doi.org/10.1016/S1467-0895(00)00017-8
  17. Fill, C. (2013). Marketing communications: Brands, experiences and participation. Pearson.
  18. Gabbioneta, C., Mazzola, P., & Ravasi, D. (2011). Corporate reputation and stock market behavior. Management for Professionals, Part F381, 215-229. https://doi.org/10.1007/978-3-642-19266-1_20
  19. Gackowski, T. (2017). The idea of investor relations in the modern economy: A communication approach. Economic Research - Ekonomska Istraživanja, 30(1), 1-13. https://doi.org/10.1080/1331677X.2016.1265894
  20. Goodman, M. B. (2004). Today's corporate communication function. S. M. Oliver (Ed.), Handbook of corporate communication and public relations içinde (s. 200-226). Routledge.
  21. Goodman, M. B., & Hirsch, P. B. (2010). Corporate communication: Strategic adaptation for global practice. Peter Lang.
  22. Helm, S. (2007). The role of corporate reputation in determining investor satisfaction and loyalty. Corporate Reputation Review, 10(1), 22-37. https://doi.org/10.1057/PALGRAVE.CRR.1550036
  23. Hockerts, K., & Moir, L. (2004). Communicating corporate responsibility to investors: The changing role of the investor relations function. Journal of Business Ethics, 52(1), 85-98. https://doi.org/10.1023/B:BUSI.0000033109.35980.16
  24. Hoffmann, A. O. I., Pennings, J. M. E., & Wies, S. (2011). Relationship marketing's role in managing the firm-investor dyad. Journal of Business Research, 64(8), 896-903. https://doi.org/10.1016/J.JBUSRES.2010.09.005
  25. Hoffmann, C. P., Tietz, S., & Hammann, K. (2018). Investor relations: A systematic literature review. Corporate Communications, 23(3), 294-311. https://doi.org/10.1108/CCIJ-05-2017-0050
  26. Hong, Y., & Ki, E. J. (2007). How do public relations practitioners perceive investor relations? An exploratory study. Corporate Communications, 12(2), 199-213. https://doi.org/10.1108/13563280710744856
  27. Hrasky, S., & Smith, B. (2008). Concise corporate reporting: Communication or symbolism? Corporate Communications, 13(4), 418-432. https://doi.org/10.1108/13563280810914847
  28. Hutchins, H. (2008). Financial communication. W. Donsbach (Ed.), The international encyclopedia of communication içinde (Vol. 1). Wiley-Blackwell.
  29. Karadeniz, E., & Ünlübulduk, S. N. (2018). Dünyada marka değeri en yüksek havayolu işletmeleri ile Borsa İstanbul havayolu işletmelerinde kurumsal sosyal sorumluluk faaliyetlerinin analizi. Seyahat ve Otel İşletmeciliği Dergisi, 15(2), 370-385.
  30. Karreman, J., De Jong, M., & Hofmans, S. (2014). The effects of different parts of the annual report on potential investors' attitudes towards the company and on the corporate reputation. IEEE Transactions on Professional Communication, 57(2), 78-97. https://doi.org/10.1109/TPC.2014.2311872
  31. Kelly, K. S., Laskin, A. V., & Rosenstein, G. A. (2010). Investor relations: Two-way symmetrical practice. Journal of Public Relations Research, 22(2), 182-208. https://doi.org/10.1080/10627261003601630
  32. Kemp, L. J., & Vinke, J. (2012). CSR reporting: A review of the Pakistani aviation industry. South Asian Journal of Global Business Research, 1(2), 276-292. https://doi.org/10.1108/20454451211252778
  33. Kotler, P., Kartajaya, H., & Setiawan, I. (2014). Pazarlama 3.0 (K. Dündar, Çev.). Optimist Yayınları.
  34. Laskin, A. (2010). Managing investor relations: Strategies for effective communication. Business Expert Press.
  35. Laskin, A. V. (2011). How investor relations contributes to the corporate bottom line. Journal of Public Relations Research, 23(3), 302-324. https://doi.org/10.1080/1062726X.2011.582206
  36. League of American Communications Professionals. (2024, Nisan 26). https://www.lacp.com/competition.htm
  37. Lordan, E. J. (2003). Essentials of public relations management. Burnham.
  38. Mak, B. L., & Chan, W. W. (2006). Environmental reporting of airlines in the Asia Pacific region. Journal of Sustainable Tourism, 14(6), 618-628. https://doi.org/10.2167/JOST586.0
  39. Marston, C. (1996). The organization of the investor relations function by large UK quoted companies. Omega, 24(4), 477-488. https://doi.org/10.1016/0305-0483(96)00015-1
  40. MerComm. Inc. (2024, Nisan 26). https://www.mercommawards.com/arc.htm
  41. Nilsson, S. (1997). Understandability of narratives in annual reports. Journal of Technical Writing and Communication, 27(4), 361-384. https://doi.org/10.2190/F7FC-HJA6-W2P5-U2J3
  42. Okay, A. (2013). Kurum kimliği. Derin Yayınları.
  43. Okumus, F., Kuyucak Sengur, F., Koseoglu, M. A., & Sengur, Y. (2020). What do companies report for their corporate social responsibility practices on their corporate websites? Evidence from a global airline company. Journal of Hospitality and Tourism Technology, 11(3), 385-405. https://doi.org/10.1108/JHTT-01-2019-0007
  44. Penning, T. (2011). The value of public relations in investor relations: Individual investors' preferred information types, qualities, and sources. Journalism & Mass Communication Quarterly, 88(3), 615-631. https://doi.org/10.1177/107769901108800309
  45. Polishchuk, Y., Kornyliuk, A., & Ivashchenko, A. (2020). Investor relations tools for business in smart specialization strategy. Baltic Journal of Economic Studies, 6(4), 133-140. https://doi.org/10.30525/2256-0742/2020-6-4-133-140
  46. Rowbottom, N., Allam, A., & Lymer, A. (2005). An exploration of the potential for studying the usage of investor relations information through the analysis of web server logs. International Journal of Accounting Information Systems, 6(1), 31-53. https://doi.org/10.1016/J.ACCINF.2004.08.002
  47. Ryan, T. M., & Jacobs, C. A. (2005). Using investor relations to maximize equity valuation. Wiley.
  48. Selimoglu, S. K., & Caliskan, A. O. (2018). Sustainability reporting in airlines industry: Evidence from Turkey. International Journal of Sustainable Aviation, 4(2), 114-134. https://doi.org/10.1504/IJSA.2018.094224
  49. Silver, D. (2004). The IR-PR nexus. B. M. Cole (Ed.), The new investor relations: Expert perspectives on the state of the art içinde. Bloomberg Press.
  50. The Association for Investor Relations. (2024, Nisan 21). https://www.niri.org/about-niri
  51. TÜYİD. (2024). TÜYİD Yatırımcı İlişkileri Derneği skor kart çalışması raporu.
  52. van Riel, C. B. M. (2007). Essentials of corporate communication: Implementing practices for effective reputation management. Routledge. https://doi.org/10.4324/9780203390931
  53. Westbrook, I. (2014). Strategic financial and investor communication: The stock price story. Routledge. https://doi.org/10.4324/9780203069516
  54. Wilcox, D. L., Cameron, G. T., & Reber, B. H. (2015). Public relations: Strategies and tactics (11th ed.). Pearson.
  55. Yaxley, H. (2013). Financial and investor relations. A. H. Theaker (Ed.), The public relations strategic toolkit: An essential guide to successful public relations practice içinde. Routledge.
  56. Yu, S., Hu, N., & Chen, W. (2023). The value of communication: Evidence from in-depth investor relations management data. Accounting & Finance, 63(4), 3873-3909. https://doi.org/10.1111/ACFI.13074