Recently, the institution investors have affected greatly on the stock trading market. Besides the economic environment, the investors also use the information from the listed companies as one of the criteria for their evaluation. Thus, to conduct the investor relation (IR), the enterprises will make use of the public relations (P.R.) policy and make the company information open to the public through the mass media so that they can communicate with the institutional investors constantly as well as earn the support from them. The study is based on the collection of the secondary data analysis and the in-depth interview from the listed companies focusing on the relationship among the investors which expand the public relation policy via the message strategy, the mass media, the mutual interaction with the media and the public relation activities. Take the automotive crash parts manufacturers for example, in P.R. managing, the P.R. dep. must convince and be authorized by the managing dep. before demanding other sections of fully supporting the P.R. in setting the target, expanding the P.R. plans and evaluating its profit. In the P.R. policy and message strategy, the publicists have to control the firm information in hand, including polishing the open company info and creating more appealing topics to proceed with the mutual communication with the mass media and the institution investors. Of all the communication tools (inclusive of the current print media and electronic media), the press release, the press conferences, the investor conferences and the enterprise websites are indispensable for the mutual interaction between the listed company and the investors besides the compulsively- regulated message strategy.

[pt] Em suas operações, companhias abertas devem se comunicar com seus investidores e toda a comunidade financeira. Para isso devem articular estrategicamente suas narrativas de modo que atendam conjuntamente às necessidades de divulgação da empresa e necessidades de informação do mercado, de maneira simétrica. Para uma empresa estatal e de combustível fóssil, em virtude das características inerentes à sua composição societária e ao segmento onde atua, os desafios de comunicação podem se mostrar ainda maiores. O objetivo do presente trabalho é analisar as comunicações oficiais da área de Relações com Investidores da Petrobras para compreender: (1) Quais principais temas emergem das narrativas e (2) Como os temas são articulados e aplicados narrativamente para viabilizar o sensemaking estratégico para seus investidores. A pesquisa foi qualitativa com paradigma intepretativista. O design de pesquisa utilizado foi o Estudo de Caso. A unidade de análise foi o departamento de relações com investidores da empresa estudada. O corpus de pesquisa compreendeu material público de 2012 até 2022, disponível no site de relações com investidores da empresa. Os dados utilizados são dados públicos e provenientes de fontes documentais. Os dados coletados foram analisados pelo método de análise de narrativa temática de Riessman (2008) e a operacionalização da análise temática foi elaborada conforme metodologia proposta por Braun e Clarke (2021). Foram identificados e mapeados nove eixos temáticos presentes na comunicação da Petrobras com seus investidores: Petrobras Protagonista, Petrobras Competitiva, Petrobras Responsável, Petrobras Realizadora, Petrobras – Fatores fora de Controle, Petrobras Brasil, Petrobras Confiante, Petrobras Resiliente e Nova Petrobras. / [en] In their operations, publicly traded companies must communicate with their investors and the entire financial community. To do this, they must strategically articulate their narratives in such a way that they jointly meet the company s disclosure needs and the market s information needs, in a symmetrical manner. For a state-owned fossil fuel company, due to the inherent characteristics of its corporate composition and the segment in which it operates, the communication challenges can be even greater. The aim of this study is to analyze the official communications of Petrobras Investor Relations department in order to understand: (1) which main themes emerge from the narratives and (2) how the themes are articulated and applied narratively to enable strategic sensemaking for its investors. The research was qualitative with an interpretivist paradigm. The research design used was a case study. The unit of analysis was the investor relations department of the company studied. The research corpus comprised public material from 2012 to 2022, available on the company s investor relations website. The data used is public data and comes from documentary sources. The data collected was analyzed using Riessman s (2008) thematic narrative analysis method and the operationalization of the thematic analysis was carried out according to the methodology proposed by Braun and Clarke (2021). Nine thematic axes present in Petrobras communication with its investors were identified and mapped: Petrobras Protagonist, Petrobras Competitive, Petrobras Responsible, Petrobras Achiever, Petrobras - Factors Out of Control, Petrobras Brazil, Petrobras Confident, Petrobras Resilient and New Petrobras.