Self-media information disclosure and firm productivity

Using Sina Weibo data obtained through crawler technologies from 2013 to 2021, this study investigates the relationship between self-media information disclosure and firm productivity. We find that self-media information disclosure promotes firm productivity, a conclusion that withstands various robustness and endogeneity tests. Particularly, original microblogs exhibit a more significant impact. Further analysis reveals that the promoting effect is more pronounced in listed companies with lower annual retweets, small companies, and those with lower turnover. Finally, a mechanism analysis indicates that self-media information disclosure enhances enterprise productivity by alleviating financing constraints, enhancing corporate innovation, and strengthening corporate governance.