Purpose

This paper aims to systematically review how corporations are increasingly using social media to strategically disseminate information to investors, including different research tracks, then identify the gaps to propose future research opportunities.

Design/methodology/approach

The authors searched for relevant scholarly work on Scopus and Google Scholar databases published during the period 2000–2020 in English. Both quantitative and qualitative papers were reviewed. Articles were filtered based on their relevance to the study's goal, resulting in the selection of 84 articles. A total of 16 articles were selected for inclusion in the systematic review.

Findings

In light of the existing studies’ limitations, this paper derives and summarizes 16 leading future research tracks. Results indicated that corporations could use social media to reduce information asymmetry between managers and investors. Nevertheless, social media for information disclosure purposes is used in a strategic way, whereby only positive news and voluntary information are disseminated.

Research limitations/implications

The implications for investors are that they can make better decisions by engaging in the process of “the wisdom of crowd,” which is facilitated by reciprocal communication. The implications for corporations are that sharing earning information through social networking platforms presents them with an opportunity to effectively manage their investors by reducing negative perceptions and increasing market response.

Originality/value

As far as we know, this is the first paper that uses a systematic literature review over the social media research field.

中文翻译：

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社交媒体时代的投资者关系：将社交媒体作为企业披露战略工具的系统文献综述

目的

本文旨在系统地回顾企业如何越来越多地使用社交媒体向投资者战略性地传播信息，包括不同的研究轨道，然后找出差距以提出未来的研究机会。

设计/方法/方法

作者在 Scopus 和 Google Scholar 数据库中搜索了 2000-2020 年期间以英文发表的相关学术著作。对定量和定性论文进行了审查。根据文章与研究目标的相关性对文章进行过滤，最终选择了 84 篇文章。总共选择了 16 篇文章纳入系统评价。

发现

鉴于现有研究的局限性，本文推导出并总结了 16 条未来领先的研究方向。结果表明，企业可以利用社交媒体来减少管理者和投资者之间的信息不对称。然而，出于信息披露目的的社交媒体被以战略方式使用，仅传播正面新闻和自愿信息。

研究限制/影响

对投资者的影响是，他们可以通过参与“群体智慧”的过程做出更好的决策，这种过程由相互交流促进。对企业的影响是，通过社交网络平台分享盈利信息为他们提供了一个机会，通过减少负面看法和增加市场反应来有效管理投资者。

原创性/价值

据我们所知，这是第一篇对社交媒体研究领域进行系统文献综述的论文。