Keasey, K., Lambrinoudakis, C., Mascia, D.V. orcid.org/0000-0002-3776-0420 et al. (1 more author) (2025) The impact of social media influencers on the financial market performance of firms. European Financial Management, 31 (2). pp. 745-785. ISSN 1354-7798
Abstract
Despite the huge growth in the number of influencers and their use by firms, there is a lack of analysis of how social media influencers affect the financial market performance of firms. Anecdotal evidence suggests mega influencers can impact the stock prices of firms via social media. We ask whether such an effect is generalizable to all mega influencers and other financial market characteristics of firms. Using a hand-collected data set of 16,156,419 mega influencer posts on Instagram, we find that mega influencers affect investors' attention, volatility and trading volume but not stock returns. It takes top influencers with extreme sentiment posts to affect returns and, even here, the effect is short-lived.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2024 The Author(s). This is an open access article under the terms of the Creative Commons Attribution License (CC-BY 4.0), which permits unrestricted use, distribution and reproduction in any medium, provided the original work is properly cited. |
Keywords: | financial market performance; firms; influencers; investors; mega influencers; sentiment |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Accounting & Finance Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 16 Sep 2024 15:54 |
Last Modified: | 27 Mar 2025 09:48 |
Status: | Published |
Publisher: | Wiley |
Identification Number: | 10.1111/eufm.12513 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:217223 |