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Does corporate online interaction activeness affect investors’ perceptions of earnings information? Evidence from China

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  • Li Huang
  • Qianwei Ying

Abstract

This study investigates the effect of corporate online interaction activeness on investors’ perceptions of earnings information. Using a large sample of Chinese listed firms for the period 2010–2019, we find that investors’ perceptions of earnings information, measured by earnings response coefficients (ERCs), increase with the level of corporate online interaction activeness, and the effect is more pronounced in firms with a larger retail investor base and higher stock illiquidity. Our results suggest that social media interaction helps to improve stock price efficiency.

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  • Li Huang & Qianwei Ying, 2022. "Does corporate online interaction activeness affect investors’ perceptions of earnings information? Evidence from China," Applied Economics Letters, Taylor & Francis Journals, vol. 29(2), pages 97-101, January.
    • Handle: RePEc:taf:apeclt:v:29:y:2022:i:2:p:97-101
    DOI: 10.1080/13504851.2020.1855309
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    Cited by:

    1. Liu, Huan & Tao, Yunqing & Zeng, Lin & Chen, Dong, 2023. "Investor-enterprise interactions and shadow banking of non-financial enterprises in China," Finance Research Letters, Elsevier, vol. 55(PB).
    2. Haidong Li & Ziming Qian & Shanyong Wang & Jing Wang & Qian Wang, 2023. "Do green concerns promote corporate green innovation? Evidence from Chinese stock exchange interactive platforms," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(3), pages 1786-1801, April.

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