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

Yıl 2024, Cilt: 3 Sayı: 2, 205 - 223, 30.11.2024

Deniz Akbulut , Aynur Acer , Nihal Paşalı Taşoğlu

Öz

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.

Anahtar Kelimeler

Investor Relations, Annual Report, Website, Non-Financial Information, Turkish Airlines.

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

Öz

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.

Anahtar Kelimeler

Yatırımcı İlişkileri, Yıllık Rapor, Web Sitesi, Finans Dışı Bilgi, Türk Hava Yolları

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