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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.

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    • References(95)
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    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]
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