Reframing the industry perception: How investor relations adapts its financial communication in a company benefiting from a crisis

Abstract: The role of investor relations in publicly listed companies has changed significantly over the years, evolving from a simple function responsible for communicating financial information to having a strategic role in shaping a company's narrative. However, there is limited understanding of how investor relations leverage opportunities arising from negative events. This qualitative study aims to explore how investor relations adapts its financial communication in an industry benefiting from a crisis. By applying the sensemaking perspective to a single case study, our contribution to the investor relations research is threefold. Firstly, we find that financial communication exceeds investor relations and investors to encompass the entire organization and all stakeholders in situations with increased industry interest followed by a crisis. Secondly, we provide a deeper understanding of how sensegiving tools can be utilized. We contribute to the literature by adding metaphorical representations to financial communication strategies as helpful communication tools within a complex industry. Thirdly, we find that indirect communication strategies can be a powerful tool in a situation that benefits an industry but is harmful to society, suggesting a need to reevaluate and shift the conversation regarding investor relations approaches.