CEO Media Appearance and Corporate Performance: Evidence from Social Media in China

CEO media appearance has a significant impact on corporate performance and corporate financial performance under traditional media environment. In the social media environment, because of its interaction and dissemination, besides the CEO media appearance, we may consider the media transmission and media sentiment on the CEO in social media. Through the fixed effect model, this paper analyzes the impact of CEO media appearance, media transmission and media sentiment on corporate performance and corporate financial performance in the social media environment. The results show that CEO media appearance, media transmission and media sentiment have a significant impact on corporate performance. There is a direct positive impact on media appearance and media transmission, thus the media sentiment has a negative impact on corporate performance. However, the above value has no general significant impact on corporate financial performance, except the EPS. This conclusion provides a reference for the management of CEO related news and corporate performance in social media environment.