Investor relations on the internet. An empirical study of Romanian listed companies

Corporate disclosure is critical for the functioning of an efficient capital market (Healy & Palepu, 2001) and investor relations has more and more importance in comunication between company and its investors. In recent years many publicly traded companies use internet as a new channel to inform current and potential investors about their financial performance. In this paper we investigate the extent to which Romanian listed companies use internet for investor relations purposes. To achieve this goal we carried out an investigation of the Romanian companies listed on Bucharest Stock Exchange (BSE) and data from all the listed companies have been collected. The objective of our paper is to identify the stage Romanian listed companies are as regarding the internet advantages they use for disclosing information for their investors. The results suggest that is a poor use of internet advantages for investor relations.