Title: How do CEO turnover and disclosures on social media influence investors' behaviours?

Authors: Yan Zhou; Shihui Fan

Addresses: James F. Dicke College of Business Administration, Ohio Northern University, Ada, OH 45810, USA ' Department of Accounting, School of Business, Central Connecticut State University, New Britain, CT 06050, USA

Abstract: This study examines whether: 1) the frequency of CEO turnover announced on social media; and 2) reposts of CEO turnover news on social media impacted investors' investment decisions. We provide two results. First, the frequency of CEO turnover negatively impacts the investor's willingness to invest. Second, the reposts of CEO termination news do not significantly impact investors' investment decisions. Our study fills the gap between CEO turnover and social media disclosures by investigating the impact of reposts and posts of CEO turnover news on social media instead of traditional media on investors' perceptions of firm performance and their investment decisions. Our study also complements and extends the CEO turnover literature by looking at a new angle of CEO turnover.

Keywords: CEO turnover; social media; investment decisions.

DOI: 10.1504/AJFA.2024.141556

American Journal of Finance and Accounting, 2024 Vol.8 No.2, pp.101 - 115

Received: 10 Jan 2024
Accepted: 29 May 2024
Published online: 23 Sep 2024 *

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