TY - JOUR
T1 - Quantifying the impact of CEO social media celebrity status on firm value
T2 - Novel measures from digital gatekeeping theory
AU - Bao, Xin
AU - Sun, Baiqing
AU - Han, Meini
AU - Lin, Han
AU - Lau, Raymond Y.K.
PY - 2023/4
Y1 - 2023/4
N2 - Recent literature has acknowledged the role of CEO social media presence in shaping firm strategic outcomes. We contribute to this literature by invoking the CEO's public recognition on social media as an essential part of the CEO social media presence and examining its impact on firm value. Based on the digital gatekeeping theory, we root on public recognition to develop two new measures of CEO celebrity status on social media: CEO social media prominence and tenor. Our empirical analysis reveals that both measures are positively associated with firm value. Moreover, we find that CEO awards from mass media positively moderate the association between CEO social media prominence and firm value. Our empirical analysis reveals that CEO social media prominence positively relates to firm value via advantages from firm sales, reputation, and risk management, while CEO social media tenor improves firm value via reputation enhancement. Collectively, our evidence suggests that CEO social media celebrity status is an important factor that top leaders and firms impound into their firm social media management strategies.
AB - Recent literature has acknowledged the role of CEO social media presence in shaping firm strategic outcomes. We contribute to this literature by invoking the CEO's public recognition on social media as an essential part of the CEO social media presence and examining its impact on firm value. Based on the digital gatekeeping theory, we root on public recognition to develop two new measures of CEO celebrity status on social media: CEO social media prominence and tenor. Our empirical analysis reveals that both measures are positively associated with firm value. Moreover, we find that CEO awards from mass media positively moderate the association between CEO social media prominence and firm value. Our empirical analysis reveals that CEO social media prominence positively relates to firm value via advantages from firm sales, reputation, and risk management, while CEO social media tenor improves firm value via reputation enhancement. Collectively, our evidence suggests that CEO social media celebrity status is an important factor that top leaders and firms impound into their firm social media management strategies.
KW - CEO celebrity
KW - CEO social media presence
KW - Digital gatekeepers
KW - Digital gatekeeping theory
KW - Firm social media strategies
KW - Firm value
UR - http://www.scopus.com/inward/record.url?scp=85146422960&partnerID=8YFLogxK
UR - https://www.scopus.com/record/pubmetrics.uri?eid=2-s2.0-85146422960&origin=recordpage
U2 - 10.1016/j.techfore.2023.122334
DO - 10.1016/j.techfore.2023.122334
M3 - RGC 21 - Publication in refereed journal
SN - 0040-1625
VL - 189
JO - Technological Forecasting and Social Change
JF - Technological Forecasting and Social Change
M1 - 122334
ER -