The Silence of Wirecard – HHL examined the financial communication of Wirecard over a period of six years.

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For many years, Wirecard’s financial communication was of subpar quality. This is the conclusion of a study examining a six-year period within the financial communication competition titled INVESTORS‘ DARLING.
INVESTORS‘ DARLING measures the quality of companies‘ financial communication. It assesses the reporting of the 160 largest companies listed on the German capital market. INVESTORS‘ DARLING has been jointly organized by manager magazin and HHL Leipzig Graduate School of Management since 2014. It is considered to be the toughest competition on financial communication in Germany.
For stakeholders, including analysts and investors, financial reporting is the only profound look into a company’s assets, finances and earnings.
Wirecard has been a part of this examination every year because of it being a component of the Tex DAX and, since September 2018, of the DAX index. Each year, the company has underperformed compared to others.
The 2019 results of the competition indicate clear communication deficits in Wirecard’s financial reporting. Wirecard was ranked 28th out of 30 DAX-listed companies. Out of 160 examined companies altogether, the DAX newcomer came in 107th, losing nine places compared to 2018. Wirecard significantly underperformed in the fields of financial reporting and investor relations compared to the peer group of DAX-listed companies. Wirecard’s performance in relation to companies participating in the competition was far below average.
The publication of Wirecard’s 2019 financial report has been postponed three times and still has not happened yet.
For more information on the detailed research results, please refer to the file titled „Details_WIRECARD_Investors Darling_EN“.
Wissenschaftlicher Ansprechpartner:
Prof. Dr. Henning Zülch, Chair of Accounting and Auditing
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