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The value of online investor relations under COVID-19: Evidence from investor interactive platforms in China

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  • Zhang, Xiaoqing

Abstract

Using the COVID-19 crisis as a quasi-natural experiment, this study explores the value of online investor relations (OIR) on the official investor interactive platforms (IIPs). The results show that OIR are positively associated with stock returns during the crisis. This indicates that firms with high level of OIR are more immune to the COVID-19 shock and outperform in the period following the shock. Furthermore, the “value protection” effect of OIR is more obvious for firms located in non-Hubei and surrounding provinces, and those with low visibility, such as small-cap firms and young firms.

Suggested Citation

  • Zhang, Xiaoqing, 2023. "The value of online investor relations under COVID-19: Evidence from investor interactive platforms in China," Finance Research Letters, Elsevier, vol. 56(C).
    • Handle: RePEc:eee:finlet:v:56:y:2023:i:c:s1544612323005184
    DOI: 10.1016/j.frl.2023.104146
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    References listed on IDEAS

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    Cited by:

    1. Lu, Jing & Chen, Rongze, 2023. "Do individual investors pay attention to the information acquisition activities of institutional investors?," Finance Research Letters, Elsevier, vol. 58(PD).

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    More about this item

    Keywords

    Online investor relations; Individual investors; Investor interactive platforms; COVID-19; Cumulative abnormal return;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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