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The impact of information disclosure from user-generated content media on corporate value: Evidence from Douyin

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Listed:
  • Chen, Rongda
  • Zhang, Tingyi
  • Zhang, Shuonan
  • Yu, Jingjing
  • Xu, Feng

Abstract

This paper examines the impact of information disclosure on the value of A-share listed companies from 2019 to 2023, by employing Douyin as a typical User-Generated Content (UGC) media landscape. Empirical results indicate that the disclosure of information through Douyin enhances corporate value, primarily by reducing the information asymmetry. Within the algorithmic distribution mechanisms of UGC media, the companies actively seek network traffic to augment the visibility of their information. Traffic-attracting behaviors can enhance corporate value, whereas decentralizing-traffic behaviors has the opposite effect. Heterogeneous outcomes resulting from the information disclosure, regional characteristics, and industrial sectors.

Suggested Citation

  • Chen, Rongda & Zhang, Tingyi & Zhang, Shuonan & Yu, Jingjing & Xu, Feng, 2025. "The impact of information disclosure from user-generated content media on corporate value: Evidence from Douyin," Finance Research Letters, Elsevier, vol. 71(C).
    • Handle: RePEc:eee:finlet:v:71:y:2025:i:c:s1544612324014338
    DOI: 10.1016/j.frl.2024.106404
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    References listed on IDEAS

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