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首页> 外文期刊>Strategic Management Journal >How Do Social Media Affect Analyst Stock Recommendations? Evidence from S&P 500 Electric Power Companies' Twitter Accounts
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How Do Social Media Affect Analyst Stock Recommendations? Evidence from S&P 500 Electric Power Companies' Twitter Accounts

机译：社交媒体如何影响分析师的股票推荐？标普500电力公司Twitter帐户的证据

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Research summary: The importance of firm-stakeholder relationships is gaining increasing attention. Although a theory of the drivers and consequences of stakeholder pressure has been developing, it focuses on pressures from organized stakeholders such as shareholders, NGOs, and activists, and does not incorporate the emerging possibility that individual voices may matter. By exploring corporate Twitter, which facilitates movement of individual stakeholders such as customers to a higher stakeholder class by providing them with a greater sense of power and urgency, we study the circumstances under which customer voices significantly affect analyst stock recommendations. We find that favorable reactions to firm-initiated messages matter, directly or indirectly, depending on the messages' growth implications. Customer-initiated negative messages have a significant impact only with high volume and formal institutions that support customer opinions.Managerial summary: Social media is increasingly used by firms for disclosing information and engaging stakeholders. Yet, we know little about whether and how social media usage matters. We show how corporate Twitter usage may influence analyst stock recommendations. Our interviews of securities analysts suggest that social media is not institutionalized yet, but increasingly used as a source of channel checks, especially for vibes, validations, and so on. Our analyses of corporate Twitter accounts show that both firm-initiated and customer-initiated tweets can have significant impact on analyst recommendations under certain conditions. For firm-initiated tweets, the extent of retweets is an important factor, along with the content of tweets, in particular, growth implications. For customer-initiated tweets, negative tweets matter, but only with high volume and regulatory structure that supports customer protection. Copyright (c) 2017 John Wiley & Sons, Ltd.
机译：研究摘要：公司与利益相关者关系的重要性日益受到关注。尽管有关利益相关者压力的驱动因素和后果的理论一直在发展，但它关注的是来自股东，非政府组织和活动家等有组织的利益相关者的压力，并且没有考虑到个人声音可能产生影响的可能性。通过探索公司的Twitter，它通过向客户提供更高的权力感和紧迫感，促进诸如客户之类的单个利益相关者向更高利益相关者类别的转移，我们研究了在何种情况下客户的声音会显着影响分析师的股票推荐。我们发现，根据消息的增长影响，对公司发起的消息的正面或直接或间接的反应都至关重要。客户引发的负面信息仅在支持客户意见的大量正式机构中具有重大影响。管理摘要：企业越来越多地使用社交媒体来公开信息并吸引利益相关者。但是，我们对社交媒体使用是否重要以及如何重要一无所知。我们展示了公司Twitter使用情况如何影响分析师的股票推荐。我们对证券分析师的采访表明，社交媒体尚未制度化，而是越来越多地用作渠道检查的来源，尤其是用于共鸣，验证等方面。我们对公司Twitter帐户的分析表明，在某些情况下，公司发起的和客户发起的推文都可能对分析师的建议产生重大影响。对于公司发起的推文，转发的程度以及推文的内容（尤其是增长影响）是一个重要因素。对于客户启动的推文，否定推文很重要，但仅具有支持客户保护的高容量和监管结构。版权所有（c）2017 John Wiley＆Sons，Ltd.

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