Executive Social Media Engagement and Capital Market Pricing Efficiency

This study investigates the impact of executive social media engagement on stock price synchronicity using a sample of Shanghai and Shenzhen A-share listed firms from 2018 to 2023. Executive Weibo accounts are identified through Python-based web crawling techniques, while financial data are sourced from the CSMAR database. We exclude financial and insurance firms, companies with abnormal trading status, and observations with missing data, resulting in a final sample of 22,172 firm-year observations. Continuous variables are winsorized at the 1% level to mitigate outlier effects.