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| Research on the Impact of We-Media Marketing Information Disclosure of Listed Companies on Their Operating Performance Based on Fans Effect |
| HUANG Hongbin,LIU Qianru,XIONG Huiyin |
| 1. University of Tianjin Finance and Economics， Tianjin， China; 2. Guangdong University of Foreign Studies， Guangzhou， China |
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Abstract Using the data of A-share non-financial listed companies from 2009 to 2018, this study empirically tested the influence of we-media marketing information disclosure on corporate performance of listed companies and its internal mechanism. Based on the “two-level communication theory” in communication studies, the study finds that the disclosure of we-media marketing information significantly improves the corporate performance, and the improvement effect is more significant when the number of weibo fans is large. Through subdividing industry types, it is found that, different from consumer-sensitive industries, the we-media marketing information of non-sensitive industries can become a beneficial supplement to traditional advertising due to the advantage of huge fans effects, so as to improve corporate performance more significantly.
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Received: 10 April 2020
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