How do the content, format, and tone of Twitter-based corporate disclosure vary depending on earnings performance?

IF 4.1 3区管理学 Q2 BUSINESS International Journal of Accounting Information Systems Pub Date : 2022-12-01 DOI:10.1016/j.accinf.2022.100574

Jongkyum Kim , Jee-Hae Lim , Kyunghee Yoon

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引用次数: 1

Abstract

Using 86,891 tweets, from the official corporate Twitter accounts of 715 unique firms, this study examines whether and how managers strategically attract and distract investors’ attention from corporate news through Twitter. We find that firms with good earnings news use Twitter to post more earnings-related information directly, whereas firms with bad earnings news post more non-earnings-related information on Twitter. We further find that depending on earnings performance firms strategically choose the format of tweets (qualitative or quantitative) and the tone of earnings tweets (positive or negative) to attract investors’ attention to good news or distract investors’ attention from bad news. Our results are robust to difference-in-differences (DID), alternative sample periods, and different variable specifications. Our findings provide empirical evidence for investors and regulators regarding current practices in corporate information on Twitter.

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基于twitter的公司信息披露的内容、格式和语气如何随盈利表现而变化?

本研究使用来自715家独特公司的官方企业Twitter账户的86,891条推文，研究了管理者是否以及如何通过Twitter战略性地吸引和分散投资者对企业新闻的注意力。我们发现，拥有良好盈利消息的公司使用Twitter直接发布更多与盈利相关的信息，而拥有糟糕盈利消息的公司则在Twitter上发布更多与盈利无关的信息。我们进一步发现，根据盈利表现，公司战略性地选择推文的格式(定性或定量)和推文的语气(积极或消极)来吸引投资者对好消息的注意力或分散投资者对坏消息的注意力。我们的结果对差异中的差异(DID)、可选择的样本周期和不同的变量规格具有鲁棒性。我们的研究结果为投资者和监管机构提供了有关Twitter公司信息当前做法的经验证据。

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来源期刊

International Journal of Accounting Information Systems Multiple-

CiteScore

9.00

自引率

6.50%

发文量

期刊介绍： The International Journal of Accounting Information Systems will publish thoughtful, well developed articles that examine the rapidly evolving relationship between accounting and information technology. Articles may range from empirical to analytical, from practice-based to the development of new techniques, but must be related to problems facing the integration of accounting and information technology. The journal will address (but will not limit itself to) the following specific issues: control and auditability of information systems; management of information technology; artificial intelligence research in accounting; development issues in accounting and information systems; human factors issues related to information technology; development of theories related to information technology; methodological issues in information technology research; information systems validation; human–computer interaction research in accounting information systems. The journal welcomes and encourages articles from both practitioners and academicians.