Online social networks, media supervision and investment efficiency: An empirical examination of Chinese listed firms
Journal article
| Authors | Yang, Zonghan, Bass, Tina, Yang, Xiaoping, Andrikopoulos, Panagiotis and Cao, Dongmei |
|---|---|
| Abstract | Prior literature suggests that media reports acting as external supervision improve information transparency and corporate governance leading to increased investment efficiency. This study empirically tests this hypothesis in the context of online social networks by investigating the combined effects of online social networking and media reports on investment efficiency using a sample of Chinese listed firms. Our results show that the interaction of media reports and Tobin's q ratio is negatively related to corporate investment efficiency. However, the introduction of online social networks turns this relationship from a negative to a positive and statistically significant one. The combined factors significantly increase investment efficiency in non-SOEs (State Owned Enterprises) but not in SOEs. We provide evidence that online social networking effectively mitigates the negative effect of media supervision on investment efficiency, further advancing knowledge of the link of external supervision and corporate governance. |
| Keywords | Management of Technology and Innovation; Applied Psychology; Business and International Management; Investment psychology; Investment efficiency |
| Year | 2020 |
| Journal | Technological Forecasting and Social Change |
| Journal citation | 154, p. 119969 |
| Publisher | Elsevier BV |
| ISSN | 0040-1625 |
| Digital Object Identifier (DOI) | https://doi.org/10.1016/j.techfore.2020.119969 |
| Web address (URL) | http://hdl.handle.net/10545/624557 |
| https://www.elsevier.com/tdm/userlicense/1.0/ | |
| hdl:10545/624557 | |
| Publication dates | 22 Feb 2020 |
| Publication process dates | |
| Deposited | 06 Mar 2020, 09:12 |
| Accepted | 17 Feb 2020 |
| Rights | © 2020 Elsevier Inc. All rights reserved. |
| Contributors | Zhejiang Yuexiu University of Foreign Language, Coventry University, University of Shanghai for Technology and Science and University of Derby |
| File | File Access Level Open |
| File |
https://repository.derby.ac.uk/item/93961/online-social-networks-media-supervision-and-investment-efficiency-an-empirical-examination-of-chinese-listed-firms
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