Abstract：Taking the effectiveness of executive equity incentives as the entry point, this study select Chinese A-share listed companies from 2013 to 2019 as samples to empirically test the governance effect of social media by using the data of WeChat finance and economics public account. The results show that: the more social media coverage, the higher the effectiveness of executive equity incentive; By differentiating different corporate contexts, it is found that social media can improve the effectiveness of equity incentives for companies with less analyst coverage, higher investor attention and better shareholder protection; By further differentiating the types of media reports, it is found that when enterprises are more likely to be reported in detail by media, be reported by original media and be reported by high-impact media, the governance effect of social media is more significant; By further separating the stage of equity incentives, it is found that social media mainly affects the effectiveness of equity incentives at the grant stage rather than the exercise stage.
赵文卓，张新民，杨道广. 社交媒体报道对高管股权激励有效性的影响研究[J]. 管理学报, 2025, 22(6): 1142-.
ZHAO Wenzhuo，ZHANG Xinmin，YANG Daoguang. Research on the Impact of Social Media Coverage on the Effectiveness of Executive Equity Incentives. Chinese Journal of Management, 2025, 22(6): 1142-.
