Development of Web Corporate Communications Function by
Official Web Sites and Value Added Ranking: Case of Croatia
Ivana Bilic, MA, University of Split
ABSTRACT
The complex and dynamic modern business environment driven by empowerment of individual
stakeholders and supported by technology has launched a new era of disclosure of a business. The advent of the
Internet has changed the way how companies do their business and how they communicate with all interested
stakeholders. Driven and empowered by new communication technology development stakeholders have raised
their expectations and now require more information about companies, products and services. The development
of the web, especially of WEB 2.0 with its two-way, mostly read-write web and ability of stakeholders to
communicate with one another, social networking etc. make companies more vulnerable than ever before.
Upgrading of Corporate Communication function to strategic level can be correlated with companies’ high
performances. In response to the dynamic and stakeholder oriented environment, companies with strategic
positioning of corporate communications function try to assure a two-way dialog with its stakeholders through
the official web site. The aim of this paper is to provide evidence of transparency of selected companies’
corporate communications function disclosure on their official web sites. The development of corporate
communication function is observed through the components such as: basic web disclosure, online selling and
presenting companies’ product/service, media relations, investor relations, employee relations, CSR, disclosure
of corporate strategy, corporate communication executives’ direct contact and evidence of electronic media
communication. The sample was chosen from the top 500 value added Croatian companies in the year 2008
(according to the Institute for Business Intelligence). Analyzed companies are Croatian companies with the
highest and the lowest value added ranking in that year. We can assume there is a positive link between
achieving higher value added and companies’ disclosure to all interested stakeholders. Statistical methods will be
used to argument this hypothesis and to research how companies that are on the top and on the bottom of the
value added list communicated with interested stakeholders.
Keywords: corporate communication, management, strategy, electronic communication
INTRODUCTION
Corporate communications as a management function can be considered as a very important strategic
function in modern management. The development of new media, such as the Internet and its components such
as the World Wide Web, open a dialog between companies and interested stakeholders. Modern companies’
management can use official web sites for presenting a company and communicating with all interested
stakeholder. The times of recessions and economic downturns are especially sensitive and they highlight the
necessity of building intensive relationships between companies and their interested stakeholders. Recession
programs cut costs of doing business as a general rule so through official web site communications intelligent
companies can build and maintain stable relationships under the pressure of cost-cutting. There is an assumption
that the amount of contents for key stakeholder on company's official website is positively related to company's
higher value added and other characteristics of a business.
The main purpose of this paper is to look for evidence of companies’ corporate communications
through the official web sites. The remainder of this paper is organized as follows. Firstly, theoretical aspects of
corporate communications as the key factor of company’s success, particularly the importance of strategic
development of function and the impact of new communications media on the development of a web version of
corporate communication function will be presented. Then, research hypothesis will be developed in correlation
with higher or lower value added company’s ranking. After that, variables used and sampling methodology will
be described. The last part will summarize the findings, conclusions, and research limitations and provide
suggestions for future research.
CORPORATE COMMUNICATIONS FUNCTION
There is a widespread belief in the professional world that in today’s society the future of any one
company depends critically on how it is viewed by key stakeholders such as shareholders and investors,
customers and consumers, employees, and members of the community in which the company resides
(Cornelissen, 2006).
Corporate communications functions integrate communications efforts in building and maintaining
relationship with companies’ stakeholders particularly with key stakeholders such as customers, investors,
employees, media etc. Having analyzed the list of key influential stakeholders, the authors in the field of
corporate communication (Argenti, 2006, Goodman, 2000, Cornelissen, 2008) agree that corporate
communication function includes the following components: investor relations, media relations, employee
relations, government relations or public affairs, marketing communication, and corporate reputation.
Corporate communications is a management function that offers a framework for effective coordination
of all internal and external means of communications with the overall purpose of establishing and maintaining a
favorable reputation with stakeholder groups upon which the organization is dependent (Cornelissen, 2008).
Corporate communications is also an instrument of management by means of which all consciously
used forms of internal and external communication are harmonized as effectively and efficiently as possible, so
as to create a favorable basis for relationships with groups upon which the company is dependent (Van Riel,
1995).
Corporate communications as a management function need to establish and maintain a dialog between
company and their stakeholders. Moreover, the level of development of function has a strong influence on
companies’ brands, image and reputation what can be crucial in difficult times, such as those of crisis, recessions
or economic downturns which we have been experiencing for the past two years. Modern management need to
recognize corporate communication function as a strategic management function. Strategic approach, disclosure,
open dialog and interactivity with interested stakeholders are forms of invisible capital which companies owe
and valuable competitive advantage on the global market.
Literature review on Corporate Communications function on the official web sites
Marshall McLuhan predicted almost forty years ago that the world would become a global village
because of new technology which would be developing. Since that time the development of new technology,
particularly of communication technology has had a strong influence on the development of corporate
communication function. Since January 19, 1996, when the New York Times went online at www.nytimes.com
other newspapers, business magazines and Web portals and companies have also set up their official web sites.
The advent of the Internet has changed the meaning and process of corporate public relations.
Companies must react to public inquiries and dialogue, with less opportunity to prepare for presenting their own
version of reality. Although the Internet allows companies to present their viewpoints directly to key
constituents, control over information dissemination is lost (Ihator, 2001). Technologies such as the Internet
underscore the global character of communication (Goodman, 2000).
The Internet is a self-changing system and medium of communication which incorporates press, radio
and television, and more precisely, the web (Martin-Barbero 2006). Technologies such as the Internet underscore
the global character of communication. In practice, corporate communication is a strategic tool for the
corporation to gain a competitive advantage. Companies use it to lead, motivate, persuade, and inform
employees – and public as well (Goodman, 2004). The Internet facilitates rapid communication of information at
a very low cost. Many companies around the world have launched web sites, which are used to communicate
information to anyone who is interested and who possesses the technological resources to access it (Gowthorpe,
2004). Corporations have a different power dynamic with their constituents, who have ready access to mass
media and can post information on blogs or other online sources. Constituents can spread whatever stories they
want from their own perspectives, making them part of the public record (Argenti, 2006).
Today, companies have less control of communication while various constituencies, competitors and
the general public have greater access to information and to employees at all levels within companies.
Technology accommodates real-time dialog between companies and their constituents, replacing unidirectional
messages from faceless managers (Argenti, 2006).
Organizations engage in a variety of relationship-building communication strategies and behaviors. One
important tool for relationship building and maintenance is the organizational web site. Web sites have many
characteristics that make them attractive for public relations. They offer corporations an opportunity to
participate in "setting the agenda" on public policy issues. Web sites can also employ interactive features to
collect information, monitor public opinion on issues, and proactively engage citizens in direct dialogue about a
variety of matters (Esrock & Leichty, 1998). Furthermore, Esrock & Leichty agree that web sites have several
attractive features of organizational self-presentation and they can serve more active audiences when they seek
and process information.
Many scientists advocate the growing potential for the development of corporate communication
functions by the Internet. The Internet as a new and growing mass medium can ensure in a 24/7 cycle
connections between companies and its stakeholders. Upgrading the Corporate Communication function to a
strategic level can be correlated with companies’ high performances. In response to a dynamic and stakeholder
oriented environment, companies with strategic positioning of corporate communications function try to assure a
two-way dialog with their stakeholders through the official web site.
Furthermore, the Internet is seen as not just a tool, but as a crucial factor in strategic orientation and
development of corporate communication function. Communication is strategic more than ever before, as in an
information-driven society, it is an integral part of the corporation strategy (Argenti, 2001.) In corporate
communication research, Argenti pointed out that the Internet is not just a tool; the Internet is a strategy because,
according to anthropologists, a new tool in a human system changes that system. The Internet has changed
dramatically the way people in corporations communicate internally and externally. It has at once created a sense
of liberation, and also represents a constantly present taskmaster.
Since the advent of the Internet and its most popular part, i.e. the World Wide Web many companies
have started a new era of communication between an organization and all interested stakeholders. A great
percentage of companies all over the world have an official web site. Companies have used their official web site
with the intention of interacting and maintaining relationships with existing customers, employees, investors,
media and the general public. In general, companies use their web site for two main purposes: corporate
presentation or online selling. Independently of its business objectives, every company, particularly company
which is going public or has listed securities, needs to own a presentation web site.
Any information which can be interesting to stakeholders can be published on a company’s web site.
Companies all over the world usually publish financial reports, product and service catalogs, relevant
information on company’s strategy, company’s news, information for current and potential employees,
announcement for media, corporate social responsibility goals, strategy and activities etc. The main advantage of
WEB 2.0 is its interactivity, as it enables a company to be known as either being open to dialog with
stakeholders or not, because having only presentation without direct feedback is not enough.
The rapid growth of the number of the Internet users and the development of new online services like
blogs, forums, Twitter, Facebook, RSS, LinkedIn and other social networks open up the possibilities for
companies to establish and maintain a dialog with all interested stakeholders. Moreover, any of the interested
stakeholders has the possibility of becoming a journalist and publishing information about the company and their
experience with the company. When information is published, anybody can comment on it or republish it.
However, the old fashioned term “word of mouth” is becoming more interesting and powerful in the 21th
century through the electronic media and social networking owing to the well-known fact that people believe
more other people, ‘i.e. somebody like them’.
The first example of blog violation of corporate reputation was presented in 2005, when an irate blogger
attacked Dell for inadequate customer services. Dunkin Donuts have also been attacked by a blogger. Other
network services also provide information about companies, product, services, costumer experiences etc. Since
the advent of interactive online services, companies have become more vulnerable than ever before and
corporate communication function needs to handle more sources than ever before to reach their stakeholders.
Furthermore, intelligent companies step out and open online services (blogs, forums, Twitter, LinkedIn etc.) to
keep an eye on their stakeholders before they could do any damage to companies’ reputation.
‘People want interactivity’ is an assumption which has underpinned much recent debate about digitizing
of communications technology: the idea being that the way people want to communicate has changed (Sims,
2004). Sims statement supports the theory that electronic communication development of corporate
communication function is a part of modern business strategy for the 21th century.
Corporate Communication Institute recently conducted a study on the relationship between spending on
corporate communication functions and its reputation as reported by Fortune in its annual ranking of the ‘Most
Admired’ companies. According to this study, the Internet is isolated as having important implications twice, i.e.
because of two main reasons, one being a strategy, and the other being its speed. Internet experts compare the
Internet year to a ‘dog’ year (Goodman, 2004).
Research Review
According to the theoretical background, communication through organizational official web site is a
growing form of modern strategic oriented corporate communications function.
Ninety of the 100 corporations in the sample from Fortuna 500 had a web site at the time of the study in
November of 1997 (Esrock & Leichty, 1998). According to the same study, 92% of corporations had content
Product/Service Catalog, 90% had content Corporate Profile/History, 81% had Press Release, 61% had Contact
Information/Dealer and Retailer Location, and only 31% had content Annual Report.
Gowthorpe (2004) conducted a research into the web site content of smaller listed companies in the UK
in terms of financial reporting using the Internet. The results revealed that 95% of them had an e-mail link from
the web site, 81% of them had financial press release and as many as 77% of them had the full version of current
year annual report.
Financial reporting on the Internet is voluntary in Croatia. Companies that publish their financial
statements on the Internet on a timely basis try to establish and maintain a favorable reputation with stakeholder
groups. Financial reporting has a critical role in the corporate communication function of building and
maintaining relationships with existing and potential investors and creditors.
A recent extensive research on voluntary financial reporting on the Internet showed that only 32.7% of
Croatian listed companies published their balance sheets and income statements (Pervan, 2006).
Another research about companies’ disclosure of accounting information revealed that 98% of top 50
value added companies had an official Web site. The same research showed that 75.5% among them had an
English version of the site and that 58% of listed companies published their Supervisory Board report (Rogosic
and Ramljak and Bilic, 2008). A previous research showed that the greatest share of all Croatian joint stock
companies listed on the Zagreb Stock Exchange had an official Web site, i.e. 85.95% of those companies (Bilic
and Tadic, 2009).
Most previous researches in Croatia have been based on disclosure of financial information and
employees’ recruitment through the Internet and did not aim to find evidence on the development of corporate
communication function.
HYPOTHESYS, RESEARCH METODOLOGY AND FINDINGS
The methodology employed in this research is supported by the review of recent literature in the fields
of corporate communications and especially by institutional and individual research in the field of corporate
communication and the Internet as a new medium of communications. It can be stated without any doubt that the
Internet as a new medium is a relevant and strategically important medium of the function, and the most
powerful element of corporate strategy of Croatian companies’ web developments of corporate communications
function that has to be analyzed in depth.
Many academics agree on the list of key companies’ stakeholders, so the theoretical background will be
used to determine web site corporate communication components and new components, such as online selling or
electronic communications which are still not analyzed systematically in theory, will be taken into consideration.
The aim of this paper is to provide evidence of the transparency of companies’ corporate communications
function disclosure on their official web sites. Basic web disclosure is condition sine qua non of any existing
company’s web site (existing of the web site and companies contact information), online selling and presenting
of the company’s product/service, media relations, investors relations, employees relations, CSR, corporate
strategy and evidence of disclosure for a direct contact between corporate communication executives and
electronic media.
The sample is chosen from ‘the best 500 Value Added’ Croatian companies and the highest (top fifty)
and the lowest (bottom fifty) value added in the year 2008 (according to the Institute for Business Intelligence)
are analyzed. It is assumed that that the research will show a positive link between achieving higher value added
and the development of WEB corporate communication function. In addition, the researcher’s assumption is that
the research will show a significant difference in the development of function and company type. Moreover, the
industry the company is a part of can be relevant to management decision on the disclosure of information and
components of corporate communications function which will be disclosed and developed in the form of web
function.
Nine composite components that are parts of corporate communication function were isolated; they are:
basic web disclosure, investor relations, employee relations, online selling, and corporate social responsibility,
direct contact to corporate communication executives, strategy disclosure, media relations and electronic
communication. Many academics highlighted the importance of the components of corporate communication
function (Argenti, 2006, Goodman, 2000, Cornelissen, 2008 etc.), so in this research the route of theory was
followed.
Basic web disclosure included questions on the existence of company’s official web site, on direct
contact solutions (mail address, phone number, e-mails of company’s management and department
management). The existence of search engine and web map was included in this component. A previous research
(Rogosic and Ramljak and Bilic, 2008) revealed that basic web disclosure was correlated with companies’ value
added. Therefore, the basic web disclosure was not presented in this research. Furthermore, basic web disclosure
is not a part of corporate communications. The existence of basic web disclosure was used just as a starting point
for deeper research.
Through the component of online selling and presenting companies product/services, the questionnaire
was designed to include the following components: observing of existence of direct e-mail to sales manager,
customer services, possibility to reach information about product or services, prices, selling conditions and
possibilities for direct online shopping.
Media relations components was observed through the existence of a direct link to the media,
announcing press release to the media, announcing the marketing campaign (there was a try to highlight the
elements of integrated marketing communication what some authors Cornelissen 2008, Argenti 2006 took in
consideration as an element of corporate communication function) or announcing other relevant companies
news. A direct contact and access of companies’ information for media members were also considered.
Existence of a direct link for investors on the home page of company’s official web site, announcement
of financial reports and timeline of past reports were a part of investor relations components.
Employees’ relations were observed only through the existence of a direct link on company’s home
page for employees, possibilities for completing a job application online and vacancies. Our first intention was to
research the existence of intranet and internal communication in Croatian companies through the web site.
However, it was not possible as the electronic version of internal communication is still not developed enough to
be considered in more depth.
Corporate social responsibility was the sixth component of this questionnaire. The first question aimed
to reveal the existence of CSR direct link on company web site’s home page. The following questions were
designed to check for evidence of companies’ CSR strategy and announcement of activities such as sponsorships
and donations.
Disclosure of general corporate strategy as crucial information for many interesting stakeholders was
considered through its components such as vision, mission, and goals as relevant corporate strategy components.
Component of electronic communications was observed using questions on the evidence of the
existence of any electronic executives’ or companies’ use of any of new Internet services such as: Twitter, RSS,
blogs, forums, Facebook etc. in communication with their interested stakeholders.
Finally, from the entire questionnaire across the components, a ‘composite index’ was developed for
every component. The following step was the statistical analysis of only composite index for any component of
corporate communication function.
Statistical methods used to argument this hypothesis were also used to research how companies that
were on the top and on the bottom of the value added list presented all corporate communication function
activities and corporate communication function on companies’ official web sites. There was an attempt to find
out the level of development of electronic communications, and to explain the differences in terms of company
type, of value added positioning, of industry and level of each component of function etc.
Motivated by the assumption that there was no study on the relationship between value added and web
development of corporate communication function and no evidence about the level of development of particular
component of the function the official web site, the research was carried out on that particular subject.
Value added is a relatively new performance measure whose basic concept was developed on income
statement elements (Belak, 2003). Belak pointed out that traditional business performance measures, such as
profitability, did not give enough information on company's achievement and that those measures were the result
of different business and accounting practices.
Findings
Empirical results according to Pearson’s correlation coefficients reveal a positive and strong correlation
between eight components of corporate communication and realized value added. All estimated coefficients are
statistically significant at the level of 1%, except for the strategy disclosure component. The analysis of variance
confirms that there is a significant difference in representing of corporate communication function components
between companies with higher and lower value added (Table 1.). According to F-ratios it means that all
components of corporate communication function are more represented on companies’ web sites within higher
value added ranking companies.
Component
IR
Sig.
.000
Table 1. The analysis of variance - Web Communication Corporate and Value added
ER
OS
CSR
CCE
SD
MR
contact
.001
.000
.000
.000
.000
.000
EC
.013
The analysis of variance also confirms a significant difference in representing all components of
corporate communication function between company types Inc. and Corp., except for electronic communications
component, as shown in Table 2. Empirical results according to Pearson’s correlation coefficients reveal a
positive and strong correlation between eight components of corporate communication and company type. All
estimated coefficients are statistically significant at the level of 1%, except for the employee relations and
electronic communication which coefficients are statistically significant at the level of 5%.
Component
Sig.
IR
.000
Table 2. The analysis of variance - Web Communication Corporate and company type
ER
OS
CSR
CCE
SD
MR
.046
.012
.000
.021
.000
.000
EC
.234
Finally, the analysis of variance confirms a significant difference between components of corporate
communication function and industry only in components such as employee relations and online selling (Table
3.).
Component
Sig.
IR
.169
Table 3. The analysis of variance - Web Communication Corporate and industry
ER
OS
CSR
CCE
SD
MR
.002
.000
.478
.052
.191
.080
EC
.064
Hierarchical cluster analysis is performed in the analysis which corporate communication component is
more developed in comparison to less developed components. Ward method is used with Euclidean measure of
distance between variables for the clustering procedure between nine corporate communication components
(basic web disclosure being included in this step of research). Cluster analysis shows that more developed
components such as basic web disclosure, investor relations and contact to the corporate communication
executive form one cluster. Less developed components represent the second cluster, including the following
corporate communication components: online selling, media relations, employee relations and corporate social
responsibility. Electronic communication can be singled out as a cluster itself according to the maximum
distance in clustering procedure, as it is shown by the dendrogram (Figure 1.). Furthermore, this finding is
justified by the fact that electronic communication is not sufficiently developed in comparison to other corporate
communication components.
Figure 1. Dendrogram computed by cluster analysis
OS
MR
ER
CSR
SD
WEB DISCL.
IR
CCE Contact
EC
4
8
3
5
7
1
2
6
9
-+-----+
-+
+---------+
-------+
+ -------------------------------+
---------+-------+
|
---------+
|
-----------+-------+
|
-----------+
+-------------+
|
-------------------+
+--------------- +
---------------------------------+
In this research hierarchical cluster analysis is used because it gives priority to exploratory method,
rather than confirmatory analysis method. Therefore, multivariate statistical analysis confirms the main
hypothesis that the companies that are more efficient in achieving higher value added are also more efficient in
developing company’s official web site and web corporate communication function.
CONCLUSION
The complex and dynamic modern business environment driven by empowerment of individual
stakeholders and supported by technology has launched a new era of disclosure of a business. The advent of the
Internet and the development of WEB 2.0 have changed the way how companies do their business and how they
communicate with all interested stakeholders. The advent of a new medium has also had a strong influence on
stakeholders’ expectations. Driven and empowered by new communication technology stakeholders have raised
their expectations and now want more information about companies, products and services. Modern companies’
management can use official web sites for presenting a company and communicating with all interested
stakeholders and making their business more disclosed to company’s stakeholders.
Eight composite components were isolated. All of these components are parts of corporate
communication function: investor relations, employee relations, online selling, and corporate social
responsibility, direct contact to corporate communication executives, strategy disclosure, media relations and
electronic communication. The sample was chosen from ‘the best 500 Value Added’ Croatian companies in the
year 2008 (according to the Institute for Business Intelligence). Analyzed companies are Croatian companies
with the highest (50 from the top) and the lowest (50 from the bottom of the list) value added ranking in that
year.
Empirical results according to Pearson’s correlation coefficients reveal a positive and strong correlation
between eight components of corporate communication and realized value added. All estimated coefficients are
statistically significant at the level of 1%, except for the strategy disclosure component. Furthermore, the
analysis of variance confirms a significant difference between components of corporate communication function
and higher value added. The analysis of variance also confirms a significant difference between components of
corporate communication function and company type. Empirical results according to Pearson’s correlation
coefficients reveal a positive and strong correlation between eight components of corporate communication and
company type. All estimated coefficients are statistically significant at the level of 1%, except for the employee
relations and electronic communication which coefficient is statistically significant at the level of 5%.
Finally, the analysis of variance confirms a significant difference between components of corporate
communication function and industry which a company belongs to only in components such as employee
relations and online selling.
Hierarchical cluster analysis reveals that more developed components of web corporate communication
functions are basic web disclosure, investor relations and direct contact with the corporate communication
executives. Less developed components include the following corporate communication components: online
selling, media relations, employee relations and corporate social responsibility. In addition, component of
electronic communications is still less developed than any other corporate communication function component.
According to all empirical evidences and statistical analysis, general conclusions could be that the
companies with the highest or lower value added ranking have an official presentation web site. Furthermore,
companies with higher value added ranking recognized advantages more than companies with lower value added
ranking with the exception of electronic communications component. Electronic communication component is a
more sensitive and important component of corporate communications in the 21th century, especially in a
country where 47% of the population have access to the Internet. The exclusion of the component of electronic
communications from general corporate communications strategy has made Croatians companies more
vulnerable in the period of recession.
LIMITATION OF THE STUDY AND FUTURE STUDIES
One of the major limitations of this study could be the neglecting of the ownership structure. There is a
possibility of different research outcomes if corporate communication components are observed through
ownership structure. The analysis of variance also confirms a significant difference between components of
corporate communication function and company type. In terms of financial reporting, this difference could be
expected because, according to Croatian laws, there is no general obligation for corporations to reveal financial
report, and publishing of financial reporting is obligatory only for listed companies. Moreover, according to a
law recently passed there is no obligation to publish anything of financial reporting on companies’ official web
site.
Furthermore, a future research could be conducted in the form of direct questionnaire that could be
given to corporate communications executives. There is an assumption that corporate communication function is
more developed in companies but still not adequately presented in the form of WEB function. Moreover, the
intention of employees' relation was to analyze the existence of intranet and internal communication in Croatian
companies through web sites. However, an electronic version of internal communication is not yet developed.
Therefore, once it fully develops, it could be an interesting starting point for future research.
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