Executive live streaming

IF 6.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2026-03-01 Epub Date: 2026-01-09 DOI:10.1016/j.jcorpfin.2026.102954

Zuben Jin , Zhewei Cheng

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Abstract

This paper explores the emerging phenomenon of executive live streaming, in which corporate executives engage directly with broad audiences through live-streamed events. Using a manually collected dataset of executive live streaming events from 2016 to 2023, we explore the factors influencing the adoption of live streaming and its real effect on firm sales. Our findings show that firms with lower returns, higher stock volatility, and better disclosure quality are more likely to adopt live streaming, while an overseas background hinders adoption. Using propensity score matching (PSM) and difference-in-differences (DiD) methods, we find that executive live streaming leads to a 39.2% increase relative to the standard deviation of monthly online sales. Cross-sectional regressions of percentage changes of quarterly sales reveal a 17.9% increase in online sales and a 7.4% increase in total sales. The effect is stronger for male and younger executives and for firms with higher information asymmetry. Additionally, we find that executive live streaming significantly boosts firm visibility, as measured by increases in search volume index. Overall, these results underscore the strategic value of executive live streaming in enhancing stakeholder communication, consumer engagement and sales growth.

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行政直播

本文探讨了新兴的高管直播现象，即企业高管通过直播活动直接与广大受众互动。本文利用人工收集的2016年至2023年高管直播事件数据集，探讨了影响直播采用的因素及其对公司销售的实际影响。我们的研究结果表明，回报率较低、股票波动率较高、披露质量较好的公司更有可能采用直播，而海外背景则会阻碍采用直播。使用倾向得分匹配（PSM）和差异中差异（DiD）方法，我们发现高管直播导致每月在线销售的标准差增加39.2%。季度销售额百分比变化的横截面回归显示，在线销售额增长了17.9%，总销售额增长了7.4%。这种效应在男性和年轻高管以及信息不对称程度较高的公司中更为明显。此外，我们发现，通过搜索量指数的增加，高管直播显著提高了公司的知名度。总的来说，这些结果强调了高管直播在加强利益相关者沟通、消费者参与和销售增长方面的战略价值。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.