Mohamed Al Guindy, James P. Naughton, Ryan Riordan
{"title":"企业微博使用的演变","authors":"Mohamed Al Guindy, James P. Naughton, Ryan Riordan","doi":"10.1111/jbfa.12758","DOIUrl":null,"url":null,"abstract":"<p>We study the evolution of corporate Twitter usage from 2006 to 2021 using a comprehensive dataset of over 19 million tweets covering publicly listed US firms. Overall, we find that Twitter usage has changed substantially over the past 15 years, with a broader set of firms using Twitter and with more firms using Twitter to communicate financial information. The stock market response to tweets, measured using abnormal returns and trading volume, is positive and significant in all periods but has declined over time. Retweeting and “liking” behavior has increased substantially in recent years, suggesting broader dissemination. In addition, although firms continue to use press releases for the most economically important information, our results suggest that firms are increasingly substituting tweets for press releases. Moreover, we find that firms continue to be strategic with both the content and timing of their Twitter usage. Collectively, our findings provide useful context for the interpretation of prior studies and valuable information for the design of future studies on the corporate use of social media.</p>","PeriodicalId":48106,"journal":{"name":"Journal of Business Finance & Accounting","volume":"51 3-4","pages":"819-845"},"PeriodicalIF":2.2000,"publicationDate":"2023-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jbfa.12758","citationCount":"0","resultStr":"{\"title\":\"The evolution of corporate twitter usage\",\"authors\":\"Mohamed Al Guindy, James P. Naughton, Ryan Riordan\",\"doi\":\"10.1111/jbfa.12758\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>We study the evolution of corporate Twitter usage from 2006 to 2021 using a comprehensive dataset of over 19 million tweets covering publicly listed US firms. Overall, we find that Twitter usage has changed substantially over the past 15 years, with a broader set of firms using Twitter and with more firms using Twitter to communicate financial information. The stock market response to tweets, measured using abnormal returns and trading volume, is positive and significant in all periods but has declined over time. Retweeting and “liking” behavior has increased substantially in recent years, suggesting broader dissemination. In addition, although firms continue to use press releases for the most economically important information, our results suggest that firms are increasingly substituting tweets for press releases. Moreover, we find that firms continue to be strategic with both the content and timing of their Twitter usage. Collectively, our findings provide useful context for the interpretation of prior studies and valuable information for the design of future studies on the corporate use of social media.</p>\",\"PeriodicalId\":48106,\"journal\":{\"name\":\"Journal of Business Finance & Accounting\",\"volume\":\"51 3-4\",\"pages\":\"819-845\"},\"PeriodicalIF\":2.2000,\"publicationDate\":\"2023-10-05\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jbfa.12758\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Business Finance & Accounting\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/jbfa.12758\",\"RegionNum\":3,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Business Finance & Accounting","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/jbfa.12758","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
We study the evolution of corporate Twitter usage from 2006 to 2021 using a comprehensive dataset of over 19 million tweets covering publicly listed US firms. Overall, we find that Twitter usage has changed substantially over the past 15 years, with a broader set of firms using Twitter and with more firms using Twitter to communicate financial information. The stock market response to tweets, measured using abnormal returns and trading volume, is positive and significant in all periods but has declined over time. Retweeting and “liking” behavior has increased substantially in recent years, suggesting broader dissemination. In addition, although firms continue to use press releases for the most economically important information, our results suggest that firms are increasingly substituting tweets for press releases. Moreover, we find that firms continue to be strategic with both the content and timing of their Twitter usage. Collectively, our findings provide useful context for the interpretation of prior studies and valuable information for the design of future studies on the corporate use of social media.
期刊介绍：
Journal of Business Finance and Accounting exists to publish high quality research papers in accounting, corporate finance, corporate governance and their interfaces. The interfaces are relevant in many areas such as financial reporting and communication, valuation, financial performance measurement and managerial reward and control structures. A feature of JBFA is that it recognises that informational problems are pervasive in financial markets and business organisations, and that accounting plays an important role in resolving such problems. JBFA welcomes both theoretical and empirical contributions. Nonetheless, theoretical papers should yield novel testable implications, and empirical papers should be theoretically well-motivated. The Editors view accounting and finance as being closely related to economics and, as a consequence, papers submitted will often have theoretical motivations that are grounded in economics. JBFA, however, also seeks papers that complement economics-based theorising with theoretical developments originating in other social science disciplines or traditions. While many papers in JBFA use econometric or related empirical methods, the Editors also welcome contributions that use other empirical research methods. Although the scope of JBFA is broad, it is not a suitable outlet for highly abstract mathematical papers, or empirical papers with inadequate theoretical motivation. Also, papers that study asset pricing, or the operations of financial markets, should have direct implications for one or more of preparers, regulators, users of financial statements, and corporate financial decision makers, or at least should have implications for the development of future research relevant to such users.
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