The impact of information disclosure from user-generated content media on corporate value: Evidence from Douyin

Rongda Chen, Tingyi Zhang, Shuonan Zhang, Jingjing Yu and Feng Xu

Finance Research Letters, 2025, vol. 71, issue C

Abstract: This paper examines the impact of information disclosure on the value of A-share listed companies from 2019 to 2023, by employing Douyin as a typical User-Generated Content (UGC) media landscape. Empirical results indicate that the disclosure of information through Douyin enhances corporate value, primarily by reducing the information asymmetry. Within the algorithmic distribution mechanisms of UGC media, the companies actively seek network traffic to augment the visibility of their information. Traffic-attracting behaviors can enhance corporate value, whereas decentralizing-traffic behaviors has the opposite effect. Heterogeneous outcomes resulting from the information disclosure, regional characteristics, and industrial sectors.

Keywords: User-generated content media; Information disclosure; Douyin; Corporate value; Traffic (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:71:y:2025:i:c:s1544612324014338

DOI: 10.1016/j.frl.2024.106404

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