Firms’ Social Media Efforts and Firm Value: Evidence from Facebook Business Pages

The primary goal of this study is to investigate the returns to firms’ social media efforts. To this end, we conceptualize and quantify two types of firms’ social media efforts: broadcast communication and one-to-one communication. Based on a sample of 63 South Korean firms across industries during three years, we find that a firm’s one-to-one-communication efforts (i.e., one-to-one interactions on social media to build sound relationship with...