Affiliation:
1. School of Finance Central University of Finance and Economics Beijing China
2. School of Insurance and Economics University of International Business and Economics Beijing China
3. School of Economics Shandong University Jinan China
4. School of Economics Beijing Technology and Business University Beijing China
Abstract
AbstractUsing Sina Weibo data obtained through crawler technologies from 2013 to 2021, this study investigates the relationship between self‐media information disclosure and firm productivity. We find that self‐media information disclosure promotes firm productivity, a conclusion that withstands various robustness and endogeneity tests. Particularly, original microblogs exhibit a more significant impact. Further analysis reveals that the promoting effect is more pronounced in listed companies with lower annual retweets, small companies, and those with lower turnover. Finally, a mechanism analysis indicates that self‐media information disclosure enhances enterprise productivity by alleviating financing constraints, enhancing corporate innovation, and strengthening corporate governance.