The value-relevance of social media activity of Finnish listed companies

Purpose The use of social media tools by companies is common, but the links between multiple and stock price changes are largely unknown. Therefore, this study aims to analyze value-relevance activities on Facebook (FB), Instagram (IG), LinkedIn (LI), Twitter (TW) YouTube (YT). Design/methodology/approach Stock market data hand-picked in were collected from Finland, a small language area with consistent International Financial Reporting Standards (IFRS) reporting practices, expectation better comparability lower noise data.This uses correlation, regression factor analyses for sample 105 Finnish public limited listed Nasdaq Helsinki exchange. Findings This paper finds evidence that activity an important analysis popularity company value-relevant variables forecasting prices. Practical implications Not all necessarily equally managers investors. Focus visual messages recommended. Originality/value findings highlight using channels, particularly IG YT. suggests avenues future research analyzing information.