ISSN 0253-2778

CN 34-1054/N

open
Free to Publish. Free to Read.
Open AccessOpen Access JUSTC Management 06 April 2022

Impact of social media adoption on firm value: Evidence from China

  • 1.

    School of Management, University of Science and Technology of China, Hefei 230026, China

  • 2.

    School of Management, Hefei University of Technology, Hefei 230061, China

Cite this:
https://doi.org/10.52396/JUSTC-2021-0145
More Information
  • Author Bio:

    Li Lin is currently a graduate student in Logistics Engineering at the University of Science and Technology of China. Her research interest is consumer behavior

    Wenpei Fang is currently a postdoctoral researcher at the School of Management, University of Science and Technology of China. His research interests mainly focus on innovation management and consumer behavior

  • Corresponding author: E-mail: wenpei@mail.ustc.edu.cn
  • Received Date: 04 June 2021
  • Accepted Date: 09 February 2022
  • Rev Recd Date: 02 February 2022
    • Available Online: 06 April 2022
    Abstract

  • Abstract

    Social media has become an essential channel for increasing firm value. This study explores the impacts of social media operation (i.e., microblog and short video platforms) on firm value in the context of China. The research adopts the multi-stage propensity score matching (PSM) and differences-in-differences (DID) design, and the reseach results indicating that the operation of short video platforms for social media marketing can significantly increase firm value. However, the operation of microblogs for social media marketing insignificantly affects firm value. This means that the company’s operation of emerging social media platforms is of positive significance to firm value. Moreover, the conclusions of this study will guide the company's social media operations.

    Abstract

    Social media has become an essential channel for increasing firm value. This study explores the impacts of social media operation (i.e., microblog and short video platforms) on firm value in the context of China. The research adopts the multi-stage propensity score matching (PSM) and differences-in-differences (DID) design, and the reseach results indicating that the operation of short video platforms for social media marketing can significantly increase firm value. However, the operation of microblogs for social media marketing insignificantly affects firm value. This means that the company’s operation of emerging social media platforms is of positive significance to firm value. Moreover, the conclusions of this study will guide the company's social media operations.

    • Public Summary

    • Verifies the relationship between social media applications and firm value, in China.
    • Utilizes measures of policy evaluation to reduce the endogeneity.
    • Some empirical support for the positive impact of short video platforms on firm value, but not microblogs.
    • More research is needed into relations between emerging social media application and firm value.

    FullText(HTML)
  • loading
    • References(95)
  • [1]
    Chahine S, Malhotra N K. Impact of social media strategies on stock price: The case of Twitter. European Journal of Marketing, 2018, 52 (7): 1526–1549. doi: 10.1108/EJM-10-2017-0718
    [2]
    Bai L, Yan X. Impact of firm-generated content on firm performance and consumer engagement: Evidence from social media in China. Journal of Electronic Commerce Research, 2020, 21 (1): 56–74.
    [3]
    Smith K T, Blazovich J L, Smith L M. Social media adoption by corporations: An examination by platform, industry, size, and financial performance. Academy of Marketing Studies Journal, 2015, 19 (2): 127–143.
    [4]
    Coursaris C K, van Osch W, Balogh B A. Informing brand messaging strategies via social media analytics. Online Information Review, 2016, 40 (1): 6–24. doi: 10.1108/OIR-02-2015-0062
    [5]
    Uyar A, Boyar E, Kuzey C. Does social media enhance firm value? Evidence from Turkish firms using three social media metrics. Electronic Journal of Information Systems Evaluation, 2018, 21 (2): 131–142.
    [6]
    Goh K Y, Heng C S, Lin Z. Social media brand community and consumer behavior: Quantifying the relative impact of user-and marketer-generated content. Information Systems Research, 2013, 24 (1): 88–107. doi: 10.1287/isre.1120.0469
    [7]
    Scuotto V. Improving absorptive capacity through social media networks for firms’ innovativeness. In: Proceedings of the 9th European Conference on Innovation and Entrepreneurship. Belfast, UK: Academic Conferences and Publishing Limited (ACPIL), 2014: 401–409.
    [8]
    Kumar A, Bezawada R, Rishika R, et al. From social to sale: The effects of firm-generated content in social media on customer behavior. Journal of Marketing, 2016, 80 (1): 7–25. doi: 10.1509/jm.14.0249
    [9]
    Sgrò F, Curina I, Ciambotti M, et al. Social media influence on the intellectual capital growth of listed companies. In: European Conference on Intangibles and Intellectual Capital. Academic Conferences International Limited, 2019: 262-XIV.
    [10]
    Schniederjans D, Cao E S, Schniederjans M. Enhancing financial performance with social media: An impression management perspective. Decision Support Systems, 2013, 55 (4): 911–918. doi: 10.1016/j.dss.2012.12.027
    [11]
    Kim W G, Lim H, Brymer R A. The effectiveness of managing social media on hotel performance. International Journal of Hospitality Management, 2015, 44: 165–171. doi: 10.1016/j.ijhm.2014.10.014
    [12]
    Schaupp L C, Bélanger F. The value of social media for small businesses. Journal of Information Systems, 2014, 28 (1): 187–207. doi: 10.2308/isys-50674
    [13]
    Ainin S, Parveen F, Moghavvemi S, et al. Factors influencing the use of social media by SMEs and its performance outcomes. Industrial Management & Data Systems, 2015, 115 (3): 570–588. doi: 10.1108/IMDS-07-2014-0205
    [14]
    Moreno Á, Navarro C, Tench R, et al. Does social media usage matter? An analysis of online practices and digital media perceptions of communication practitioners in Europe. Public Relations Review, 2015, 41 (2): 242–253. doi: 10.1016/j.pubrev.2014.12.006
    [15]
    Parveen F, Jaafar N I, Ainin S. Social media usage and organizational performance: Reflections of Malaysian social media managers. Telematics and Informatics, 2015, 32 (1): 67–78. doi: 10.1016/j.tele.2014.03.001
    [16]
    Tajvidi R, Karami A. The effect of social media on firm performance. Computers in Human Behavior, 2017, 115: 105174. doi: DOI:10.1016/j.chb.2017.09.026
    [17]
    Culnan M J, McHugh P J, Zubillaga J I. How large US companies can use Twitter and other social media to gain business value. MIS Quarterly Executive, 2010, 9 (4): 243–259.
    [18]
    DiStaso M W, McCorkindale T, Wright D K. How public relations executives perceive and measure the impact of social media in their organizations. Public Relations Review, 2011, 37 (3): 325–328. doi: 10.1016/j.pubrev.2011.06.005
    [19]
    Birkinbine B, Gomez R, Wasko J. Global Media Giants. New York: Routledge, 2016.
    [20]
    Kyriakoullis L, Zaphiris P. Culture and HCI: A review of recent cultural studies in HCI and social networks. Universal Access in the Information Society, 2016, 15 (4): 629–642. doi: 10.1007/s10209-015-0445-9
    [21]
    Liu K J, Li Q L. Four dimensions of relevant English research on Chinese social media practice from the perspective of western academics since 2015. News Front, 2017 (8): 4.
    [22]
    Cao Y N. Practical utilitarian trajectory of Chinese social media research in Anglo-American academic circles: Take the study of commercial marketing function. Journalism and Mass Communication(In Chinese), 2021 (10): 88–96. doi: 10.15897/j.carolcarrollnki/g2.20210918.001cn51-1046
    [23]
    Hoffman D L, Fodor M. Can you measure the ROI of your social media marketing? MIT Sloan Management Review, 2010, 52 (1): 41.
    [24]
    Ma R, Kim S. Use, motivations, and responses of TikTok as an advertising channel. The Journal of the Korea Contents Association, 2021, 21 (2): 507–519. doi: 10.5392/JKCA.2021.21.02.507
    [25]
    San M. Micro-blog is the "accelerator" to build regional agricultural brand. China Brand, 2020 (1): 1.
    [26]
    Meng J. A brief analysis of the communication mode of government Douyin symbol—Taking Wuhan Public Security Douyin Symbol as an example. News Sentinel, 2019 (10): 2.
    [27]
    Ye Y, Yu Q, Zheng Y, et al. Investigating the effect of social media application on firm capabilities and performance: The perspective of dynamic capability view. Journal of Business Research, 2022, 139: 510–519. doi: 10.1016/j.jbusres.2021.10.008
    [28]
    Luo X, Zhang J, Duan W. Social media and firm equity value. Information Systems Research, 2013, 24 (1): 146–163. doi: 10.1287/isre.1120.0462
    [29]
    Kim S, Koh Y, Cha J, et al. Effects of social media on firm value for US restaurant companies. International Journal of Hospitality Management, 2015, 49: 40–46. doi: 10.1016/j.ijhm.2015.05.006
    [30]
    Tajudeen F P, Jaafar N I, Ainin S. Understanding the impact of social media usage among organizations. Information & Management, 2018, 55 (3): 308–321. doi: 10.1016/j.im.2017.08.004
    [31]
    Aral S, Dellarocas C, Godes D. Introduction to the special issue—Social media and business transformation: A framework for research. Information Systems Research, 2013, 24 (1): 3–13. doi: 10.1287/isre.1120.0470
    [32]
    Garrido-Moreno A, García-Morales V, King S, et al. Social media use and value creation in the digital landscape: A dynamic-capabilities perspective. Journal of Service Management, 2020, 31 (3): 313–343. doi: 10.1108/JOSM-09-2018-0286
    [33]
    Goldenberg J, Oestreicher-Singer G, Reichman S. The quest for content: How user-generated links can facilitate online exploration. Journal of Marketing Research, 2012, 49 (4): 452–468. doi: 10.1509/jmr.11.0091
    [34]
    Tucker C E. Social networks, personalized advertising, and privacy controls. Journal of Marketing Research, 2014, 51 (5): 546–562. doi: 10.1509/jmr.10.0355
    [35]
    Siamagka N T, Christodoulides G, Michaelidou N, et al. Determinants of social media adoption by B2B organizations. Industrial Marketing Management, 2015, 51: 89–99. doi: 10.1016/j.indmarman.2015.05.005
    [36]
    Verheyden M, Goeman K. Does (company) size matter? Differences in social edia usage for bussiness purposes. Journal of Applied Quantitative Methods, 2013, 8 (4): 3–16.
    [37]
    Dorminey J W, Dull R B, Schaupp L C. The effect of SEC approval of social media for information dissemination. Research in Accounting Regulation, 2015, 27 (2): 165–173. doi: 10.1016/j.racreg.2015.09.007
    [38]
    Bayus B L. Crowdsourcing new product ideas over time: An analysis of the Dell IdeaStorm community. Management Science, 2013, 59 (1): 226–244. doi: 10.1287/mnsc.1120.1599
    [39]
    Holsapple C W, Singh M. Toward a unified view of electronic commerce, electronic business, and collaborative commerce: A knowledge management approach. Knowledge and Process Management, 2000, 7 (3): 151–164. doi: 10.1002/1099-1441(200007/09)7:3<151::AID-KPM83>3.0.CO;2-U
    [40]
    Park C W, MacInnis D J, Priester J, et al. Brand attachment and brand attitude strength: Conceptual and empirical differentiation of two critical brand equity drivers. Journal of Marketing, 2010, 74 (6): 1–17. doi: 10.1509/jmkg.74.6.1
    [41]
    Gopinath S, Chintagunta P K, Venkataraman S. Blogs, advertising, and local-market movie box office performance. Management Science, 2013, 59 (12): 2635–2654. doi: 10.1287/mnsc.2013.1732
    [42]
    Li Y M, Shiu Y L. A diffusion mechanism for social advertising over microblogs. Decision Support Systems, 2012, 54 (1): 9–22. doi: 10.1016/j.dss.2012.02.012
    [43]
    Drèze X, Bonfrer A. An empirical investigation of the impact of communication timing on customer equity. Journal of Interactive Marketing, 2008, 22 (1): 36–50. doi: 10.1002/dir.20103
    [44]
    Zhao L, Lu Y. Enhancing perceived interactivity through network externalities: An empirical study on micro-blogging service satisfaction and continuance intention. Decision Support Systems, 2012, 53 (4): 825–834. doi: 10.1016/j.dss.2012.05.019
    [45]
    Hoehle H, Scornavacca E, Huff S. Three decades of research on consumer adoption and utilization of electronic banking channels: A literature analysis. Decision Support Systems, 2012, 54 (1): 122–132. doi: 10.1016/j.dss.2012.04.010
    [46]
    Kovacs T, Pichler P, Shen Y. Seeking the limelight—Not for all firms. Northeastern University, Boston, MA: D’Amore-McKim School of Business, 2017: Research Paper No. 3051754.
    [47]
    Gunarathne P, Rui H, Seidmann A. Whose and what social media complaints have happier resolutions? Evidence from Twitter. Journal of Management Information Systems, 2017, 34 (2): 314–340. doi: 10.1080/07421222.2017.1334465
    [48]
    Xu Y, Zong G J, Yuan Q J, et al. Research on negative word-of-mouth communication of microblog. Journal of Information (in Chinese), 2012, 31 (7): 7–24.
    [49]
    Zhang W, Xu M. Research on the impact of microblog comments on consumer buying behavior. China Market (in Chinese), 2012 (40): 7–9.
    [50]
    Wang Y Y, Guo C, Susarla A, et al. Online to offline: The impact of social media on offline sales in the automobile industry. Information Systems Research, 2021, 32 (2): 582–604. doi: 10.1287/isre.2020.0984
    [51]
    Foroudi P, Yu Q, Gupta S, et al. Enhancing university brand image and reputation through customer value co-creation behaviour. Technological Forecasting and Social Change, 2019, 138: 218–227. doi: 10.1016/j.techfore.2018.09.006
    [52]
    Parsons A L, Lepkowska-White E. Social media marketing management: A conceptual framework. Journal of Internet Commerce, 2018, 17 (2): 81–95. doi: 10.1080/15332861.2018.1433910
    [53]
    Liu J Q, Qi J Y. Research on the influence of corporate signaling on short-term sales revenue in social media context: Social capital as a mediating variable. Management Review, 2021, 33 (4): 193–204.
    [54]
    Slater M D. Operationalizing and analyzing exposure: The foundation of media effects research. Journalism & Mass Communication Quarterly, 2004, 81 (1): 168–183. doi: 10.1177/107769900408100112
    [55]
    Murdough C. Social media measurement: It’s not impossible. Journal of Interactive Advertising, 2009, 10 (1): 94–99. doi: 10.1080/15252019.2009.10722165
    [56]
    Wessel R. Activist investors turn to social media to enlist support. New York Times. March 24, 2011. http://dealbook.nytimes.com/2011/03/24/activist-investors-turn-to-social-media-to-enlist-support/.
    [57]
    Hardy Q. Salesforce bets small companies need social media too. New York Times. February 2, 2012. http://bits.blogs.nytimes.com/2012/02/02/salesforce-bets-small-companies-need-social-media-too/.
    [58]
    Alberghini E, Cricelli L, Grimaldi M. A methodology to manage and monitor social media inside a company: A case study. Journal of Knowledge Management, 2014, 18 (2): 255–277. doi: 10.1108/JKM-10-2013-0392
    [59]
    Fan J C. The impact of microblog information on corporate performance (in Chinese). Hangzhou: Hangzhou Dianzi University, 2016.
    [60]
    De Vries L, Gensler S, Leeflang P S H. Popularity of brand posts on brand fan pages: An investigation of the effects of social media marketing. Journal of Interactive Marketing, 2012, 26 (2): 83–91. doi: 10.1016/j.intmar.2012.01.003
    [61]
    Mohammadpour A, Arbatani T R, Gholipour T H, et al. A survey of the effect of social media marketing on online shopping of customers by mediating variables. Journal of Service Science and Management, 2014, 7 (05): 368. doi: 10.4236/jssm.2014.75034
    [62]
    Tajudeen F P, Jaafar N I, Ainin S. Understanding the impact of social media usage among organizations. Information & Management, 2018, 55 (3): 308–321. doi: 10.1016/j.im.2017.08.004
    [63]
    Wan F, Ren F. The effect of firm marketing content on product sales: Evidence from a mobile social media platform. Journal of Electronic Commerce Research, 2017, 18 (4): 288–302.
    [64]
    Borzykowski B. How investors are using social media to make money. CNBC. June 9, 2016. http://www.cnbc.com/2016/06/
    [65]
    Wallens Z. Key stakeholders debate investor relations and social media. CommPRO. June 10, 2016. http://www.commpro.biz/key-stakeholders-debate-ir-and-social-media/.
    [66]
    Chung S, Animesh A, Han K, et al. Financial returns to firms’ communication actions on firm-initiated social media: Evidence from Facebook business pages. Information Systems Research, 2020, 31 (1): 258–285. doi: 10.1287/isre.2019.0884
    [67]
    Da Z, Engelberg J, Gao P. In search of attention. The Journal of Finance, 2011, 66 (5): 1461–1499. doi: 10.1111/j.1540-6261.2011.01679.x
    [68]
    Yu Y, Duan W, Cao Q. The impact of social and conventional media on firm equity value: A sentiment analysis approach. Decision Support Systems, 2013, 55 (4): 919–926. doi: 10.1016/j.dss.2012.12.028
    [69]
    Zhang J, Wang J D. Short video marketing communication in the new media era: Take Douyin as an example. Journal of Hangzhou Normal University (Social Science Edition), 2020, 42 (4): 113–120.
    [70]
    Luo Y. Brief analysis of network marketing in the era of short video: Taking Kuaishou short video platform as an example. Modern Marketing, 2021 (1): 56–57.
    [71]
    Wang Y, Liu G. Research on the impact of short video social platform on marketing methods. Science and Technology Think Tank, 2020 (11): 69–74.
    [72]
    Gong Y J. Analysis on the characteristics and future development of short video: A case study of short video during COVID-19 epidemic. Western Radio and Television, 2020, 41 (18): 18–20.
    [73]
    Godey B, Manthiou A, Pederzoli D, et al. Social media marketing efforts of luxury brands: Influence on brand equity and consumer behavior. Journal of Business Research, 2016, 69 (12): 5833–5841. doi: 10.1016/j.jbusres.2016.04.181
    [74]
    Ismail A R. The influence of perceived social media marketing activities on brand loyalty: The mediation effect of brand and value consciousness. Asia Pacific Journal of Marketing and Logistics, 2017, 29 (1): 129–144. doi: 10.1108/APJML-10-2015-0154
    [75]
    Manthiou A, Rokka J, Godey B, et al. How social media marketing efforts influence brand equity creation and its consequences: the case of luxury brands. In: Let’s Get Engaged! Crossing the Threshold of Marketing’s Engagement Era. Cham, Switzerland: Springer, 2016: 561.
    [76]
    Seo E J, Park J W. A study on the effects of social media marketing activities on brand equity and customer response in the airline industry. Journal of Air Transport Management, 2018, 66: 36–41. doi: 10.1016/j.jairtraman.2017.09.014
    [77]
    Balakrishnan B K P D, Dahnil M I, Yi W J. The impact of social media marketing medium toward purchase intention and brand loyalty among generation Y. Procedia-Social and Behavioral Sciences, 2014, 148: 177–185. doi: 10.1016/j.sbspro.2014.07.032
    [78]
    Kim A J, Ko E. Impacts of luxury fashion brand’s social media marketing on customer relationship and purchase intention. Journal of Global Fashion Marketing, 2010, 1 (3): 164–171. doi: 10.1080/20932685.2010.10593068
    [79]
    Laksamana P. Impact of social media marketing on purchase intention and brand loyalty: Evidence from Indonesia’s banking industry. International Review of Management and Marketing, 2018, 8 (1): 13–18.
    [80]
    Lee D, Hosanagar K, Nair H S. The effect of social media marketing content on consumer engagement: Evidence from Facebook. Stanford, CA: Stanford Graduate School of Business, 2014. .
    [81]
    Ashley C, Tuten T. Creative strategies in social media marketing: An exploratory study of branded social content and consumer engagement. Psychology & Marketing, 2015, 32 (1): 15–27. doi: 10.1002/mar.20761
    [82]
    Teece D J, Pisano G, Shuen A. Dynamic capabilities and strategic management. Strategic Management Journal, 1997, 18 (7): 509–533. doi: 10.1002/(SICI)1097-0266(199708)18:7<509::AID-SMJ882>3.0.CO;2-Z
    [83]
    Huang J. Research on the influence of Chinese listed companies' executives' microblogs on corporate value (in Chinese). Beijing: University of International Business and Economics, 2015.
    [84]
    Yuan B, Xia H, Yang D Z. The impact of multi-source intellectual capital information disclosure on enterprise value: The moderating effect of external factors in the context of big data. Journal of Finance and Accounting, 2020 (12): 83–92.
    [85]
    Blazovich J L, Smith K T, Smith M. An examination of financial performance and risk of environmentally friendly green companies. Journal of Legal, Ethical and Regulatory Issues, Forthcoming, 2013. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2206949.
    [86]
    Smith K T, Huang J, Smith L M. An examination of advertising expenditures, revenues, and market performance in the pharmaceutical and IT industries. Journal of International Business Management & Research, 2012, 3 (9): 1–8.
    [87]
    Reineking C, Chamberlain D H, Rudolph H R, et al. An examination of inventory costing convergence under generally accepted accounting principles and international financial reporting standards. Journal of International Business Research, 2012. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2112558.
    [88]
    Du H, Jiang W. Do social media matter? Initial empirical evidence. Journal of Information Systems, 2015, 29 (2): 51–70. doi: 10.2308/isys-50995
    [89]
    Liao J L. Research on the image construction of state-owned enterprises based on social media (in Chinese). Changsha: Hunan University, 2018.
    [90]
    Qin Y. Research on the image communication of State-owned enterprises based on social media platform(in Chinese). Guangzhou: Jinan University, 2018.
    [91]
    Ying L M, Yang J, Gao M R. Intelligent manufacturing and firm performance: An empirical test based on PSM-DID method. Finance and Accounting Monthly, 2020 (12): 7.
    [92]
    Yao S S. Firm size, management power and firm performance. Accounting Learning (in Chinese), 2020 (2): 225–226.
    [93]
    Li Z L, Liu X J, Zhang Q. The dynamic evolution of the scale and performance of listed companies under the background of mixed ownership reform. Journal of Quantitative and Technical Economics (in Chinese), 2021, 38 (5): 96–113.
    [94]
    Zhang W D, Li H R, Yan X et al. Institutional investor heterogeneity and firm performance in private placement: Empirical evidence from Chinese listed companies. Contemporary Finance and Economics (in Chinese), 2020 (2): 12.
    [95]
    Blankespoor E, Miller G S, White H D. The role of dissemination in market liquidity: Evidence from firms’ use of Twitter. The Accounting Review, 2013, 89 (1): 79–112.
    • Supplements(0)
    • Related Articles
    • Track Citations
  • 加载中

Catalog

    |
    Get Citation
    PDF
    XML

    Figure  1.  Parallel trend test.

    Figure  2.  Standardized deviation graph for variables.

    Figure  3.  Kernel density map before and after matching.

    [1]
    Chahine S, Malhotra N K. Impact of social media strategies on stock price: The case of Twitter. European Journal of Marketing, 2018, 52 (7): 1526–1549. doi: 10.1108/EJM-10-2017-0718
    [2]
    Bai L, Yan X. Impact of firm-generated content on firm performance and consumer engagement: Evidence from social media in China. Journal of Electronic Commerce Research, 2020, 21 (1): 56–74.
    [3]
    Smith K T, Blazovich J L, Smith L M. Social media adoption by corporations: An examination by platform, industry, size, and financial performance. Academy of Marketing Studies Journal, 2015, 19 (2): 127–143.
    [4]
    Coursaris C K, van Osch W, Balogh B A. Informing brand messaging strategies via social media analytics. Online Information Review, 2016, 40 (1): 6–24. doi: 10.1108/OIR-02-2015-0062
    [5]
    Uyar A, Boyar E, Kuzey C. Does social media enhance firm value? Evidence from Turkish firms using three social media metrics. Electronic Journal of Information Systems Evaluation, 2018, 21 (2): 131–142.
    [6]
    Goh K Y, Heng C S, Lin Z. Social media brand community and consumer behavior: Quantifying the relative impact of user-and marketer-generated content. Information Systems Research, 2013, 24 (1): 88–107. doi: 10.1287/isre.1120.0469
    [7]
    Scuotto V. Improving absorptive capacity through social media networks for firms’ innovativeness. In: Proceedings of the 9th European Conference on Innovation and Entrepreneurship. Belfast, UK: Academic Conferences and Publishing Limited (ACPIL), 2014: 401–409.
    [8]
    Kumar A, Bezawada R, Rishika R, et al. From social to sale: The effects of firm-generated content in social media on customer behavior. Journal of Marketing, 2016, 80 (1): 7–25. doi: 10.1509/jm.14.0249
    [9]
    Sgrò F, Curina I, Ciambotti M, et al. Social media influence on the intellectual capital growth of listed companies. In: European Conference on Intangibles and Intellectual Capital. Academic Conferences International Limited, 2019: 262-XIV.
    [10]
    Schniederjans D, Cao E S, Schniederjans M. Enhancing financial performance with social media: An impression management perspective. Decision Support Systems, 2013, 55 (4): 911–918. doi: 10.1016/j.dss.2012.12.027
    [11]
    Kim W G, Lim H, Brymer R A. The effectiveness of managing social media on hotel performance. International Journal of Hospitality Management, 2015, 44: 165–171. doi: 10.1016/j.ijhm.2014.10.014
    [12]
    Schaupp L C, Bélanger F. The value of social media for small businesses. Journal of Information Systems, 2014, 28 (1): 187–207. doi: 10.2308/isys-50674
    [13]
    Ainin S, Parveen F, Moghavvemi S, et al. Factors influencing the use of social media by SMEs and its performance outcomes. Industrial Management & Data Systems, 2015, 115 (3): 570–588. doi: 10.1108/IMDS-07-2014-0205
    [14]
    Moreno Á, Navarro C, Tench R, et al. Does social media usage matter? An analysis of online practices and digital media perceptions of communication practitioners in Europe. Public Relations Review, 2015, 41 (2): 242–253. doi: 10.1016/j.pubrev.2014.12.006
    [15]
    Parveen F, Jaafar N I, Ainin S. Social media usage and organizational performance: Reflections of Malaysian social media managers. Telematics and Informatics, 2015, 32 (1): 67–78. doi: 10.1016/j.tele.2014.03.001
    [16]
    Tajvidi R, Karami A. The effect of social media on firm performance. Computers in Human Behavior, 2017, 115: 105174. doi: DOI:10.1016/j.chb.2017.09.026
    [17]
    Culnan M J, McHugh P J, Zubillaga J I. How large US companies can use Twitter and other social media to gain business value. MIS Quarterly Executive, 2010, 9 (4): 243–259.
    [18]
    DiStaso M W, McCorkindale T, Wright D K. How public relations executives perceive and measure the impact of social media in their organizations. Public Relations Review, 2011, 37 (3): 325–328. doi: 10.1016/j.pubrev.2011.06.005
    [19]
    Birkinbine B, Gomez R, Wasko J. Global Media Giants. New York: Routledge, 2016.
    [20]
    Kyriakoullis L, Zaphiris P. Culture and HCI: A review of recent cultural studies in HCI and social networks. Universal Access in the Information Society, 2016, 15 (4): 629–642. doi: 10.1007/s10209-015-0445-9
    [21]
    Liu K J, Li Q L. Four dimensions of relevant English research on Chinese social media practice from the perspective of western academics since 2015. News Front, 2017 (8): 4.
    [22]
    Cao Y N. Practical utilitarian trajectory of Chinese social media research in Anglo-American academic circles: Take the study of commercial marketing function. Journalism and Mass Communication(In Chinese), 2021 (10): 88–96. doi: 10.15897/j.carolcarrollnki/g2.20210918.001cn51-1046
    [23]
    Hoffman D L, Fodor M. Can you measure the ROI of your social media marketing? MIT Sloan Management Review, 2010, 52 (1): 41.
    [24]
    Ma R, Kim S. Use, motivations, and responses of TikTok as an advertising channel. The Journal of the Korea Contents Association, 2021, 21 (2): 507–519. doi: 10.5392/JKCA.2021.21.02.507
    [25]
    San M. Micro-blog is the "accelerator" to build regional agricultural brand. China Brand, 2020 (1): 1.
    [26]
    Meng J. A brief analysis of the communication mode of government Douyin symbol—Taking Wuhan Public Security Douyin Symbol as an example. News Sentinel, 2019 (10): 2.
    [27]
    Ye Y, Yu Q, Zheng Y, et al. Investigating the effect of social media application on firm capabilities and performance: The perspective of dynamic capability view. Journal of Business Research, 2022, 139: 510–519. doi: 10.1016/j.jbusres.2021.10.008
    [28]
    Luo X, Zhang J, Duan W. Social media and firm equity value. Information Systems Research, 2013, 24 (1): 146–163. doi: 10.1287/isre.1120.0462
    [29]
    Kim S, Koh Y, Cha J, et al. Effects of social media on firm value for US restaurant companies. International Journal of Hospitality Management, 2015, 49: 40–46. doi: 10.1016/j.ijhm.2015.05.006
    [30]
    Tajudeen F P, Jaafar N I, Ainin S. Understanding the impact of social media usage among organizations. Information & Management, 2018, 55 (3): 308–321. doi: 10.1016/j.im.2017.08.004
    [31]
    Aral S, Dellarocas C, Godes D. Introduction to the special issue—Social media and business transformation: A framework for research. Information Systems Research, 2013, 24 (1): 3–13. doi: 10.1287/isre.1120.0470
    [32]
    Garrido-Moreno A, García-Morales V, King S, et al. Social media use and value creation in the digital landscape: A dynamic-capabilities perspective. Journal of Service Management, 2020, 31 (3): 313–343. doi: 10.1108/JOSM-09-2018-0286
    [33]
    Goldenberg J, Oestreicher-Singer G, Reichman S. The quest for content: How user-generated links can facilitate online exploration. Journal of Marketing Research, 2012, 49 (4): 452–468. doi: 10.1509/jmr.11.0091
    [34]
    Tucker C E. Social networks, personalized advertising, and privacy controls. Journal of Marketing Research, 2014, 51 (5): 546–562. doi: 10.1509/jmr.10.0355
    [35]
    Siamagka N T, Christodoulides G, Michaelidou N, et al. Determinants of social media adoption by B2B organizations. Industrial Marketing Management, 2015, 51: 89–99. doi: 10.1016/j.indmarman.2015.05.005
    [36]
    Verheyden M, Goeman K. Does (company) size matter? Differences in social edia usage for bussiness purposes. Journal of Applied Quantitative Methods, 2013, 8 (4): 3–16.
    [37]
    Dorminey J W, Dull R B, Schaupp L C. The effect of SEC approval of social media for information dissemination. Research in Accounting Regulation, 2015, 27 (2): 165–173. doi: 10.1016/j.racreg.2015.09.007
    [38]
    Bayus B L. Crowdsourcing new product ideas over time: An analysis of the Dell IdeaStorm community. Management Science, 2013, 59 (1): 226–244. doi: 10.1287/mnsc.1120.1599
    [39]
    Holsapple C W, Singh M. Toward a unified view of electronic commerce, electronic business, and collaborative commerce: A knowledge management approach. Knowledge and Process Management, 2000, 7 (3): 151–164. doi: 10.1002/1099-1441(200007/09)7:3<151::AID-KPM83>3.0.CO;2-U
    [40]
    Park C W, MacInnis D J, Priester J, et al. Brand attachment and brand attitude strength: Conceptual and empirical differentiation of two critical brand equity drivers. Journal of Marketing, 2010, 74 (6): 1–17. doi: 10.1509/jmkg.74.6.1
    [41]
    Gopinath S, Chintagunta P K, Venkataraman S. Blogs, advertising, and local-market movie box office performance. Management Science, 2013, 59 (12): 2635–2654. doi: 10.1287/mnsc.2013.1732
    [42]
    Li Y M, Shiu Y L. A diffusion mechanism for social advertising over microblogs. Decision Support Systems, 2012, 54 (1): 9–22. doi: 10.1016/j.dss.2012.02.012
    [43]
    Drèze X, Bonfrer A. An empirical investigation of the impact of communication timing on customer equity. Journal of Interactive Marketing, 2008, 22 (1): 36–50. doi: 10.1002/dir.20103
    [44]
    Zhao L, Lu Y. Enhancing perceived interactivity through network externalities: An empirical study on micro-blogging service satisfaction and continuance intention. Decision Support Systems, 2012, 53 (4): 825–834. doi: 10.1016/j.dss.2012.05.019
    [45]
    Hoehle H, Scornavacca E, Huff S. Three decades of research on consumer adoption and utilization of electronic banking channels: A literature analysis. Decision Support Systems, 2012, 54 (1): 122–132. doi: 10.1016/j.dss.2012.04.010
    [46]
    Kovacs T, Pichler P, Shen Y. Seeking the limelight—Not for all firms. Northeastern University, Boston, MA: D’Amore-McKim School of Business, 2017: Research Paper No. 3051754.
    [47]
    Gunarathne P, Rui H, Seidmann A. Whose and what social media complaints have happier resolutions? Evidence from Twitter. Journal of Management Information Systems, 2017, 34 (2): 314–340. doi: 10.1080/07421222.2017.1334465
    [48]
    Xu Y, Zong G J, Yuan Q J, et al. Research on negative word-of-mouth communication of microblog. Journal of Information (in Chinese), 2012, 31 (7): 7–24.
    [49]
    Zhang W, Xu M. Research on the impact of microblog comments on consumer buying behavior. China Market (in Chinese), 2012 (40): 7–9.
    [50]
    Wang Y Y, Guo C, Susarla A, et al. Online to offline: The impact of social media on offline sales in the automobile industry. Information Systems Research, 2021, 32 (2): 582–604. doi: 10.1287/isre.2020.0984
    [51]
    Foroudi P, Yu Q, Gupta S, et al. Enhancing university brand image and reputation through customer value co-creation behaviour. Technological Forecasting and Social Change, 2019, 138: 218–227. doi: 10.1016/j.techfore.2018.09.006
    [52]
    Parsons A L, Lepkowska-White E. Social media marketing management: A conceptual framework. Journal of Internet Commerce, 2018, 17 (2): 81–95. doi: 10.1080/15332861.2018.1433910
    [53]
    Liu J Q, Qi J Y. Research on the influence of corporate signaling on short-term sales revenue in social media context: Social capital as a mediating variable. Management Review, 2021, 33 (4): 193–204.
    [54]
    Slater M D. Operationalizing and analyzing exposure: The foundation of media effects research. Journalism & Mass Communication Quarterly, 2004, 81 (1): 168–183. doi: 10.1177/107769900408100112
    [55]
    Murdough C. Social media measurement: It’s not impossible. Journal of Interactive Advertising, 2009, 10 (1): 94–99. doi: 10.1080/15252019.2009.10722165
    [56]
    Wessel R. Activist investors turn to social media to enlist support. New York Times. March 24, 2011. http://dealbook.nytimes.com/2011/03/24/activist-investors-turn-to-social-media-to-enlist-support/.
    [57]
    Hardy Q. Salesforce bets small companies need social media too. New York Times. February 2, 2012. http://bits.blogs.nytimes.com/2012/02/02/salesforce-bets-small-companies-need-social-media-too/.
    [58]
    Alberghini E, Cricelli L, Grimaldi M. A methodology to manage and monitor social media inside a company: A case study. Journal of Knowledge Management, 2014, 18 (2): 255–277. doi: 10.1108/JKM-10-2013-0392
    [59]
    Fan J C. The impact of microblog information on corporate performance (in Chinese). Hangzhou: Hangzhou Dianzi University, 2016.
    [60]
    De Vries L, Gensler S, Leeflang P S H. Popularity of brand posts on brand fan pages: An investigation of the effects of social media marketing. Journal of Interactive Marketing, 2012, 26 (2): 83–91. doi: 10.1016/j.intmar.2012.01.003
    [61]
    Mohammadpour A, Arbatani T R, Gholipour T H, et al. A survey of the effect of social media marketing on online shopping of customers by mediating variables. Journal of Service Science and Management, 2014, 7 (05): 368. doi: 10.4236/jssm.2014.75034
    [62]
    Tajudeen F P, Jaafar N I, Ainin S. Understanding the impact of social media usage among organizations. Information & Management, 2018, 55 (3): 308–321. doi: 10.1016/j.im.2017.08.004
    [63]
    Wan F, Ren F. The effect of firm marketing content on product sales: Evidence from a mobile social media platform. Journal of Electronic Commerce Research, 2017, 18 (4): 288–302.
    [64]
    Borzykowski B. How investors are using social media to make money. CNBC. June 9, 2016. http://www.cnbc.com/2016/06/
    [65]
    Wallens Z. Key stakeholders debate investor relations and social media. CommPRO. June 10, 2016. http://www.commpro.biz/key-stakeholders-debate-ir-and-social-media/.
    [66]
    Chung S, Animesh A, Han K, et al. Financial returns to firms’ communication actions on firm-initiated social media: Evidence from Facebook business pages. Information Systems Research, 2020, 31 (1): 258–285. doi: 10.1287/isre.2019.0884
    [67]
    Da Z, Engelberg J, Gao P. In search of attention. The Journal of Finance, 2011, 66 (5): 1461–1499. doi: 10.1111/j.1540-6261.2011.01679.x
    [68]
    Yu Y, Duan W, Cao Q. The impact of social and conventional media on firm equity value: A sentiment analysis approach. Decision Support Systems, 2013, 55 (4): 919–926. doi: 10.1016/j.dss.2012.12.028
    [69]
    Zhang J, Wang J D. Short video marketing communication in the new media era: Take Douyin as an example. Journal of Hangzhou Normal University (Social Science Edition), 2020, 42 (4): 113–120.
    [70]
    Luo Y. Brief analysis of network marketing in the era of short video: Taking Kuaishou short video platform as an example. Modern Marketing, 2021 (1): 56–57.
    [71]
    Wang Y, Liu G. Research on the impact of short video social platform on marketing methods. Science and Technology Think Tank, 2020 (11): 69–74.
    [72]
    Gong Y J. Analysis on the characteristics and future development of short video: A case study of short video during COVID-19 epidemic. Western Radio and Television, 2020, 41 (18): 18–20.
    [73]
    Godey B, Manthiou A, Pederzoli D, et al. Social media marketing efforts of luxury brands: Influence on brand equity and consumer behavior. Journal of Business Research, 2016, 69 (12): 5833–5841. doi: 10.1016/j.jbusres.2016.04.181
    [74]
    Ismail A R. The influence of perceived social media marketing activities on brand loyalty: The mediation effect of brand and value consciousness. Asia Pacific Journal of Marketing and Logistics, 2017, 29 (1): 129–144. doi: 10.1108/APJML-10-2015-0154
    [75]
    Manthiou A, Rokka J, Godey B, et al. How social media marketing efforts influence brand equity creation and its consequences: the case of luxury brands. In: Let’s Get Engaged! Crossing the Threshold of Marketing’s Engagement Era. Cham, Switzerland: Springer, 2016: 561.
    [76]
    Seo E J, Park J W. A study on the effects of social media marketing activities on brand equity and customer response in the airline industry. Journal of Air Transport Management, 2018, 66: 36–41. doi: 10.1016/j.jairtraman.2017.09.014
    [77]
    Balakrishnan B K P D, Dahnil M I, Yi W J. The impact of social media marketing medium toward purchase intention and brand loyalty among generation Y. Procedia-Social and Behavioral Sciences, 2014, 148: 177–185. doi: 10.1016/j.sbspro.2014.07.032
    [78]
    Kim A J, Ko E. Impacts of luxury fashion brand’s social media marketing on customer relationship and purchase intention. Journal of Global Fashion Marketing, 2010, 1 (3): 164–171. doi: 10.1080/20932685.2010.10593068
    [79]
    Laksamana P. Impact of social media marketing on purchase intention and brand loyalty: Evidence from Indonesia’s banking industry. International Review of Management and Marketing, 2018, 8 (1): 13–18.
    [80]
    Lee D, Hosanagar K, Nair H S. The effect of social media marketing content on consumer engagement: Evidence from Facebook. Stanford, CA: Stanford Graduate School of Business, 2014. .
    [81]
    Ashley C, Tuten T. Creative strategies in social media marketing: An exploratory study of branded social content and consumer engagement. Psychology & Marketing, 2015, 32 (1): 15–27. doi: 10.1002/mar.20761
    [82]
    Teece D J, Pisano G, Shuen A. Dynamic capabilities and strategic management. Strategic Management Journal, 1997, 18 (7): 509–533. doi: 10.1002/(SICI)1097-0266(199708)18:7<509::AID-SMJ882>3.0.CO;2-Z
    [83]
    Huang J. Research on the influence of Chinese listed companies' executives' microblogs on corporate value (in Chinese). Beijing: University of International Business and Economics, 2015.
    [84]
    Yuan B, Xia H, Yang D Z. The impact of multi-source intellectual capital information disclosure on enterprise value: The moderating effect of external factors in the context of big data. Journal of Finance and Accounting, 2020 (12): 83–92.
    [85]
    Blazovich J L, Smith K T, Smith M. An examination of financial performance and risk of environmentally friendly green companies. Journal of Legal, Ethical and Regulatory Issues, Forthcoming, 2013. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2206949.
    [86]
    Smith K T, Huang J, Smith L M. An examination of advertising expenditures, revenues, and market performance in the pharmaceutical and IT industries. Journal of International Business Management & Research, 2012, 3 (9): 1–8.
    [87]
    Reineking C, Chamberlain D H, Rudolph H R, et al. An examination of inventory costing convergence under generally accepted accounting principles and international financial reporting standards. Journal of International Business Research, 2012. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2112558.
    [88]
    Du H, Jiang W. Do social media matter? Initial empirical evidence. Journal of Information Systems, 2015, 29 (2): 51–70. doi: 10.2308/isys-50995
    [89]
    Liao J L. Research on the image construction of state-owned enterprises based on social media (in Chinese). Changsha: Hunan University, 2018.
    [90]
    Qin Y. Research on the image communication of State-owned enterprises based on social media platform(in Chinese). Guangzhou: Jinan University, 2018.
    [91]
    Ying L M, Yang J, Gao M R. Intelligent manufacturing and firm performance: An empirical test based on PSM-DID method. Finance and Accounting Monthly, 2020 (12): 7.
    [92]
    Yao S S. Firm size, management power and firm performance. Accounting Learning (in Chinese), 2020 (2): 225–226.
    [93]
    Li Z L, Liu X J, Zhang Q. The dynamic evolution of the scale and performance of listed companies under the background of mixed ownership reform. Journal of Quantitative and Technical Economics (in Chinese), 2021, 38 (5): 96–113.
    [94]
    Zhang W D, Li H R, Yan X et al. Institutional investor heterogeneity and firm performance in private placement: Empirical evidence from Chinese listed companies. Contemporary Finance and Economics (in Chinese), 2020 (2): 12.
    [95]
    Blankespoor E, Miller G S, White H D. The role of dissemination in market liquidity: Evidence from firms’ use of Twitter. The Accounting Review, 2013, 89 (1): 79–112.
    Recommended articles
    TrendMD
    Volume 52 Issue 4 page: 4
    Cover

    Article Metrics

    Article views (753) PDF downloads(4547)
    Proportional views

    Copyright © Editorial Office of JUSTC, All Rights Reserved. 皖ICP备05002528号

    Supported by: Beijing Renhe Information Technology Co. Ltd    

    /

    DownLoad:  Full-Size Img  PowerPoint
    Return
    Return