Value relevance of blog visibility |
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| Authors: | Nan Hu Ling Liu Arindam Tripathy Lee J Yao |
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| Institution: | aDepartment of Accounting and Finance, University of Wisconsin Eau Claire, Eau Claire, WI 54702, United States;bMilgard School of Business, University of Washington Tacoma, Tacoma, WA 98402, United States;cJ.A. Butt College of Business, Loyola University New Orleans, New Orleans, LA 70118, United States;dSchool of Business Administration, Southwestern University of Finance and Economics, China |
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| Abstract: | This study empirically examines the effect of a non-traditional information source, namely a firm's blog visibility on the capital market valuation of firms. After controlling for earnings, book value of equity and other value relevant variables, such as traditional media exposure, R&D spending, and advertising expense, we find a positive association between a firm's blog visibility and its capital market valuation. In addition, we find blog visibility Grange causes trading, not vice versa. Our findings indicate that non-traditional information sources such as blogs help disseminate information and influence consumers' investment decisions by capturing their attention. |
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| Keywords: | Blog visibility Value relevance Trading Volume Word of Mouth communication WOM |
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