Econ Papers Daily / 期刊论文
互联社交媒体
Connected Social Media
摘要
We examine whether and how firms use connected social media outlets to counteract negative coverage in traditional media. Employing a sample of Chinese listed firms with ties to social media outlets, we find that connected outlets portray firms more favorably than unconnected ones. Following unfavorable coverage in traditional media, connected outlets shift attention toward long-term prospects and promote favorable narratives, consistent with an optimism-shifting mechanism. The effect is more pronounced when firms have stronger incentives to stabilize stock prices and when managers face heightened career concerns. Our findings highlight the role of connected social media outlets in shaping corporate narratives.
中文摘要
我们考察企业是否以及如何利用关联社交媒体渠道来抵消传统媒体中的负面报道。以与社交媒体渠道存在关联的中国上市公司为样本，我们发现，关联渠道相比非关联渠道对企业进行了更为有利的呈现。在传统媒体出现不利报道之后，关联渠道将注意力转向长期前景并推广有利叙事，这与乐观转移机制相一致。当企业稳定股价的动机更强、且管理者面临更高的职业担忧时，这一效应更为显著。我们的发现凸显了关联社交媒体渠道在塑造企业叙事中的作用。