Communication Strategies in Financial Disclosure

Communication is central to how organisations present themselves in the public domain, shape perceptions and build legitimacy among investors and other external audiences. Through numbers, narratives as well as images, companies influence how their activities and performance are interpreted.

Corporate reporting is one of the main channels through which companies communicate with investors and an increasingly diverse range of stakeholders. As reporting expands beyond financial performance to include social, environmental and governance matters, companies are expected to account for the broader consequences of their activities. The course examines recent innovations in corporate disclosure arising in this “age of corporate responsibilization” (Reinecke and Ansari, 2016), while also exploring the often-overlooked subjectivity inherent in corporate communication (Stenka, 2021).

Outline of the Syllabus

1. The Main Theoretical Frameworks Concerning Communication Strategies in Corporate Disclosure
2. Forms of Corporate Disclosure – Reporting on Financial and Non-Financial Performance Indicators
3. Persuasive and Performative Aspects of Corporate Disclosure – Numbers, Narratives, and Images
4. Three-Dimensional Character of Numbers – Calculative, Existential, and Symptomatic (Vollmer, 2007)
5. Main Stakeholders and Interest Groups in the Corporate Arena – Who Are We Reporting To?
6. Recent Innovations in Corporate Reporting - various forms of sustainability reporting
7. The ESG Reporting Versus ESG Performance – Do They Walk the Talk?
8. Economic and Social Implications of Financial and Non-Financial Performance Indicators in Corporate Reports
9. Analysis of Various Communication Strategies – Oppositional Versus ‘Bridging’ Rhetoric
10. Crisis of Legitimacy and Corporate Scandals

The course examines corporate reporting as a form of strategic communication. It considers not only what companies disclose, but also how they frame and legitimise their performance and actions, as these choices shape how corporate conduct is understood by increasingly diverse audiences.

The course focuses on recent developments in reporting that reflect growing expectations for businesses to be accountable not only for their financial performance, but also for the broader social and environmental consequences of their activities.

In presence

The course examines relevant theoretical frameworks while incorporating a strong practical component, featuring real-world examples and case studies from the corporate sector. Students will be expected to demonstrate how they can apply the theoretical foundations learned throughout the course to gain deeper insights into current corporate reporting practices

In addition to attending lectures, students will be required to prepare and deliver presentations on selected topics and actively participate in group discussions informed by both academic and professional literature. Through these activities, students will have an opportunity to develop transferable skills, such as teamwork, leadership, critical thinking, and analytical skills to engage with complex study material.

• oral group presentations (20%)
• closed-book written exam (80%)