Does social media elevate supply chain importance? An empirical examination of supply chain glitches, Twitter reactions, and stock market returns
Does social media elevate supply chain importance? An empirical examination of supply chain glitches, Twitter reactions, and stock market returns
复制标题
社交媒体是否提升了供应链的重要性？
DOI：
10.1002/joom.1087
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发表时间：
2020
影响因子：
7.8
通讯作者：
H. S. Heese
中科院分区：
文献类型：
--
作者：
Christoph G. Schmidt;David A. Wuttke;George P. Ball;H. S. Heese
我们以供应链管理和社交媒体研究为基础，探索Twitter对供应链故障的反应，以及这种反应可能如何缓和供应链故障与股市回报之间的关系。我们分析了5年来150家公司的213个供应链故障的数据，以及20多亿条关于上市公司的推文。利用事件研究方法，我们找到了对我们的假设的支持。使用推文数量和推文情绪，我们观察到供应链故障后推特上的显著反应；推文数量增加，推文变得更加负面。我们还发现，Twitter在一次故障后的反应加剧了供应链故障与股市回报之间的关系，表明社交媒体可能会提升供应链问题的重要性。为了解决与同时偏差相关的担忧，我们证明了股市开盘前的Twitter活动先于股市开盘后的回报。最后，我们进行了事后分析，探索公司如何利用Twitter来抵消Twitter对股市的负面影响，以及与最终客户的紧密联系可能如何影响推文如何缓和股市对故障的反应。
We build upon supply chain management and social media research by exploring the Twitter response to supply chain glitches and how this response may moderate the relationship between supply chain glitches and stock market returns. We analyze data on 213 supply chain glitches for 150 firms across 5 years and over 2 billion tweets on publicly traded firms. Leveraging event study methodology, we find support for our hypotheses. Using both volume and sentiment of tweets, we observe significant reactions on Twitter after supply chain glitches; tweet volume increases and tweets become more negative. We also find that Twitter reactions after a glitch accentuate the relationship between supply chain glitches and stock market returns, demonstrating how social media may elevate the prominence of supply chain problems. To address concerns associated with simultaneity bias, we demonstrate that pre‐stock‐market‐open Twitter activity preempts post‐stock‐market‐open returns. Finally, we conduct post hoc analyses that explore how firms can leverage Twitter to counteract the negative stock market consequences of Twitter, and how firm proximity to the end customer may influence how tweets moderate the stock market reaction to glitches.