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.

中文翻译：

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社交媒体是否提高了供应链的重要性？对供应链故障，Twitter反应和股市收益的实证研究

我们通过探索Twitter对供应链故障的响应以及这种响应如何缓解供应链故障与股票市场收益之间的关系，来建立在供应链管理和社交媒体研究的基础上。我们分析了5年中150家公司的213条供应链故障数据以及公开交易公司的20亿条推文。利用事件研究方法，我们可以支持我们的假设。使用推文的数量和情感，我们观察到供应链故障后Twitter上的重大反应。推文数量增加，推文变得更加负面。我们还发现，小故障后Twitter的反应加剧了供应链小故障与股票市场收益之间的关系，表明社交媒体如何提升供应链问题的突出性。为了解决与同时性偏见相关的担忧，我们证明了股票市场开盘前的Twitter活动优先于股票市场开盘后的收益。最后，我们进行事后分析，探讨公司如何利用Twitter来抵消Twitter对股市造成的负面影响，以及公司与最终客户的亲密关系如何影响推文缓解股市对故障的反应。