Messages from CEOs: a content analysis approach

The message an investment company sends to shareholders in its annual report summarizes and explains the financial and economic performance which is presented. These companies are becoming aware that the annual report is an increasingly potent tool for marketing to potential clients as well as combining their statutory duty to report to shareholders. Uncovers the major themes of the Chairman's report from samples of companies in this sector. In particular, seeks to determine the differences in messages associated with the mission of the company; increasing share value, increasing dividends or both. Also aims to uncover differences in content resulting from positive and negative financial performance. Uses content analysis to uncover the major themes in these annual reports. Methods include word frequency counts, KWIK‐Key Word in Context and concordances which list words by type into construct categories. The smaller the unit of examination the more difficult it is to analyse, but the more conclusive the results. Compares the results of this content analysis with previous research in this area and on this construct Records and analyses them quantitatively using appropriate statistical analysis to determine the strength of association between the variables measured and the hypothetical constructs or categories considered.