文献类型：期刊文献

英文题名：Do credit rating agencies listen to investors' voices on social media? Evidence from China

作者：Liu, Yu[1];Yang, Lingxuan[1];Zhou, Jing[2]

第一作者：刘玉

通讯作者：Yang, LX[1]

机构：[1]Henan Univ Econ & Law, Sch Accounting, 180 Jinshui East Rd, Zhengzhou 450000, Peoples R China;[2]Chongqing Univ Technol, Sch Accounting, Chongqing, Peoples R China

第一机构：河南财经政法大学会计学院

通讯机构：[1]corresponding author), Henan Univ Econ & Law, Sch Accounting, 180 Jinshui East Rd, Zhengzhou 450000, Peoples R China.|[104845]河南财经政法大学会计学院;[10484]河南财经政法大学;

年份：2023

卷号：88

起止页码：1475-1499

外文期刊名：INTERNATIONAL REVIEW OF ECONOMICS & FINANCE

收录：;Scopus(收录号：2-s2.0-85166507660);WOS:【SSCI(收录号:WOS:001053168100001)】；

基金：We thank Julia Junxia Liu, Qingquan Xin, and seminar participants at Hang Seng University of Hong Kong, Shanghai International Studies University, and Zhejiang University for comments and suggestions. We acknowledge financial support from the National Natural Science Foundation of China under Project No. 71232004 and 71872022, Scientific Research Foundation of Chongqing University of Technology, and Chongqing Social Science Planning Fund under Project No. 2021BS042. Any errors and omissions are our own.

语种：英文

外文关键词：Social media; Credit rating agency; Reputational pressure; Ratings quality

摘要：We examine the impact of social media on credit rating agency practices, as measured by issuer credit ratings. Information dissemination on social media increases the visibility of issuers, which is expected to exert reputational pressure on rating agencies. Consistent with the aim of rating agencies to mitigate such pressure, we find that credit ratings are lower for issuers with higher levels of information dissemination on social media. This result is more pronounced when online information contains negative sentiment, attracts more interactions, and is disseminated during the period of improvements in online environments. Our analysis confirms that reputational pressure is the mechanism through which social media affects credit ratings. Finally, we show that ratings quality increase with the level of information dissemination on social media. Overall, our results contribute to the literature on the economic benefits of social media, which acts as an informal institution to ensure the effectiveness of credit ratings in emerging economies.