The research problem this study seeks to address is that confusion exists regarding the nature, management and organisation of financial communication. Six objectives guide the research efforts. Theoretical perspectives surrounding investor relations, public relations and accounting are used to describe the current approach to financial communication (Objective 1). Two main shortcomings of the current approach are identified (Objective 2): - a lack of integration in the management and organisation of financial communication; and - a narrow focus on communication with the financial community alone. This leads to Objective 3 (theoretical justification for an inclusive approach to financial communication). Perspectives from the corporate governance, corporate social responsibility, stakeholder and public relations as relationship management literature are used to prove that organisations need to engage in financial communication with all relevant stakeholders, not only "financial" stakeholders. In order to achieve Objective 4, the theoretical perspectives mentioned above are used to develop a conceptual model for an inclusive and integrated approach to financial communication. The model provides a point of departure for future research. The empirical component of the study supplements the theoretical component. Quantitative, exploratory survey research is done to establish whether a number of South African companies listed on the Johannesburg Stock Exchange follow an inclusive and integrated approach to financial communication (Objective 5). The main conclusions are: - that there are indications of an inclusive approach to financial communication, although respondents varied in their opinions; and - that there are indications of an integrated approach to financial communication, although the majority of respondents indicated that a single department takes responsibility for financial communication. Similarities and differences between the results of this study and those of studies conducted previously in the USA, United Kingdom and Europe, are also identified (Objective 6). Finally, the limitations of both the theoretical and empirical components are used to formulate recommendations for future research. It is recommended that future efforts concentrate on the contributions that disciplines such as marketing, law, economics and financial management can make to financial communication. The research strategy (qualitative or quantitative) also needs to be carefully considered. / Dissertation (MCom)--University of Pretoria, 2005. / Communication Management / MCom / Unrestricted

Det är sedan länge konstaterat att intern kommunikation har stor betydelse för företagets framgång. Syftet med att kommunicera intern ekonomiinformation är att redogöra för den ekonomiska situationen samt att ge en bild av företagets framtida utveckling. En viktig faktor med intern ekonomiinformation är att skapa målöverenstämmelse. Företag upplever ofta kommunikationsproblem och svårigheter med att nå ut med intern information. Det uppstår barriärer i kommunikationen mellan sändare och mottagare, vilket orsakar att budskapet inte når fram. Företag med hierarkisk struktur med flera ledningsskikt tenderar att uppvisa sämre kommunikation jämfört med mindre företag. Syftet med studien är att identifiera organisationsbetingade barriärer som kan uppstå i kommunikationen av intern ekonomisk information mellan vd -mellanchef -medarbetare i ett storthierarkisktföretag. Genom undersökning av kommunikationsprocessen ämnar studien att urskilja barriärerna samt ge förslag på hur dessa kan överbryggas. Studien har även för avsikt att utröna vad som fordras för att intern ekonomiinformation ska få en målöverensstämmande verkan.För att svara på syftet utfördes en fallstudie av kvalitativ karaktär. Intervjuer genomfördes med utgångspunkt i en teoretisk kommunikationsmodell som sedan låg till grund för analysen. Resultatet visar att otillräckliga ekonomikunskaper, skilda ekonomikunskaper mellan sändare och mottagare, tidsbristsamtför mycket eller för lite ekonomiinformation är barriärer som kan uppstå. Resultatet visar även att det fordras att informationen som kommuniceras är anpassad så att den är relevant och lätt att förstå för mottagaren för att den ska verka målöverensstämmande. För att överbrygga dessa barriärer rekommenderas att företag erbjuder kompetensutveckling och att sändaren av informationen skapar sig en uppfattning både om mottagarens kunskapsnivå och informationsbehov för att sedan anpassa informationen efter det. Slutligen är det viktigt att göra en prioritering av hur arbetstiden ska fördelas, så att det ges tillräckligt med tid till kommunikation av ekonomiinformation. Ett förslag till vidare forskning är att inrikta undersökningen mot individbetingade barriärer som kan uppkomma i kommunikationen av intern ekonomisk information. / For a long time it has beenestablished that internal communication is of great importance for business success. The purpose of communicating internal financial information is to describe the financial situation and to give a picture of the company's future development. An important factor with internal financial information is to create goal congruence. Companies often experience communication problems and difficulties in reaching out with internal information. It occurs barriers in communication between the sender and the receiver, causing the message not getting through. Companies with hierarchical structure with multiple management layers tend to show poorer communication compared to smaller companies. The purpose of the study is to identify organizational barriers that may arise in the communication of internal financial information between the CEO -middle manager -employees in a largehierarchicalcompany. Through examination of the communication process, the study intends to distinguish the barriers and give suggestions on how these can be bridged. The study also intends to determine what is required for internal financial information to have a goal congruence effect. To answer the purpose, a case study of qualitative character was performed. Interviews were conducted on the basis of a theoretical communication model which formed the base for the analysis. The result shows that insufficient financial knowledge, different financial knowledge between sender and receiver, lack of timeandtoo much or too little financial information are barriers that can arise. The result also shows that the information which is communicated should necessarily be adapted to become relevant and easy to understand for the receiver in order to work goal congruently. To overcome these barriers, it is recommended that companies provide competence development and that the sender of the information creates an understandingof boththe receiver’s knowledge level and information needs in order to adapt the information accordingly. Finally, it is important to prioritize how working hours should be distributed, so sufficient time is provided for communication of financial information. A proposal for further research is to focus the study on individual-related barriers that may arise in the communication of internal financial information.