{"title":"沉默的风险--资本市场如何惩罚社交媒体的被动性","authors":"Christian Beer, Janine Maniora, Christiane Pott","doi":"10.2308/isys-2023-059","DOIUrl":null,"url":null,"abstract":"\n We examine whether passivity on firms’ corporate Facebook pages moderates the relationship between the sentiment among social media users toward the firms and their future stock returns. We find that a longer period of posting passivity is likely to reverse a positive effect of positive sentiment on the firm’s future stock prices. For negative sentiment, we find that social media passivity results in amplified negative sentiment on the firm’s future stock prices. Moreover, we find that the longer the firm is passive, the longer it takes to overcome the negative effects of the posting passivity by resuming posting.\n Data Availability: Data are available from commercial databases and public sources identified in the paper.\n JEL Classification: D91, G40, M15, M40, M41.","PeriodicalId":46998,"journal":{"name":"Journal of Information Systems","volume":null,"pages":null},"PeriodicalIF":2.0000,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The Risk of Silence—How the Capital Market Penalizes Social Media Passivity\",\"authors\":\"Christian Beer, Janine Maniora, Christiane Pott\",\"doi\":\"10.2308/isys-2023-059\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"\\n We examine whether passivity on firms’ corporate Facebook pages moderates the relationship between the sentiment among social media users toward the firms and their future stock returns. We find that a longer period of posting passivity is likely to reverse a positive effect of positive sentiment on the firm’s future stock prices. For negative sentiment, we find that social media passivity results in amplified negative sentiment on the firm’s future stock prices. Moreover, we find that the longer the firm is passive, the longer it takes to overcome the negative effects of the posting passivity by resuming posting.\\n Data Availability: Data are available from commercial databases and public sources identified in the paper.\\n JEL Classification: D91, G40, M15, M40, M41.\",\"PeriodicalId\":46998,\"journal\":{\"name\":\"Journal of Information Systems\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":2.0000,\"publicationDate\":\"2024-02-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Information Systems\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.2308/isys-2023-059\",\"RegionNum\":4,\"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 Information Systems","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.2308/isys-2023-059","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
The Risk of Silence—How the Capital Market Penalizes Social Media Passivity
We examine whether passivity on firms’ corporate Facebook pages moderates the relationship between the sentiment among social media users toward the firms and their future stock returns. We find that a longer period of posting passivity is likely to reverse a positive effect of positive sentiment on the firm’s future stock prices. For negative sentiment, we find that social media passivity results in amplified negative sentiment on the firm’s future stock prices. Moreover, we find that the longer the firm is passive, the longer it takes to overcome the negative effects of the posting passivity by resuming posting.
Data Availability: Data are available from commercial databases and public sources identified in the paper.
JEL Classification: D91, G40, M15, M40, M41.
期刊介绍:
The Journal of Information Systems (JIS) is the academic journal of the Accounting Information Systems (AIS) Section of the American Accounting Association. Its goal is to support, promote, and advance Accounting Information Systems knowledge. The primary criterion for publication in JIS is contribution to the accounting information systems (AIS), accounting and auditing domains by the application or understanding of information technology theory and practice. AIS research draws upon and is informed by research and practice in management information systems, computer science, accounting, auditing as well as cognate disciplines including philosophy, psychology, and management science. JIS welcomes research that employs a wide variety of research methods including qualitative, field study, case study, behavioral, experimental, archival, analytical and markets-based.