How do the content,format, and tone of Twitter-based corporate disclosure vary depending on earnings performance? |
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| Institution: | 1. College of Business Administration, University of Seoul, Seoulsiripdaero 163, Dongdaemun-gu, Seoul 02504, South Korea;2. Shidler College of Business, University of Hawaii at Manoa, 2404 Maile Way, Honolulu, HI 96822, United States;3. School of Management, Clark University, 950 Main Street, Worcester, MA 01610, United States;1. TU Dortmund University, Faculty of Business and Economics, Germany;2. The University of Tampa, Sykes College of Business, Department of Accounting, United States;1. Florida State University, 1107 W. Call St., Tallahassee, FL 32306-4301, United States;2. Grand Valley State University, 3032 L William Seidman Center, 50 Front Ave SW, Grand Rapids, MI 49504-6424, United States;3. University of Tampa, JS 243, Mailbox O, 401 W. Kennedy Blvd., Tampa, FL 33606, United States;4. Florida State University, 346 RBB, 821 Academic Way, Tallahassee, FL 32306-1110, United States;5. Michigan State University, 632 Bogue St. Rm N220, East Lansing, MI 48824, United States;1. Strategic Security Sciences, Argonne National Laboratory, Ames, IA 50010, United States;2. Ivy College of Business, Iowa State University, Ames, IA 50010, United States;3. Strategic Security Sciences, Argonne National Laboratory, Argonne, IL 60439, United States;1. University of Waterloo, School of Accounting and Finance, 200 University Ave W, Waterloo, ON N2L 3G1, Canada;2. California State University Long Beach, College of Business, 1250 N Bellflower Blvd, Long Beach, CA 90815, USA |
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| 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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| Keywords: | Strategic disclosure Social media Twitter |
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