This study aims to provide research results through empirical analysis on how customers’ reactions on social media affect the present and future value of a company. This research selected Korean ...KOSPI-listed companies that actually own and operate YouTube channels, and collected data through text mining the comments on YouTube videos with high views. In addition, the TF-IDF value was calculated, keywords were extracted, and keywords were classified into three groups through topic modeling. The characteristics of the three groups could be transformed into a “current-oriented topic” as advertising promotion content focused on fun or interest; a “future-oriented topic” as critical content pointing out problems, and a “neutral topic” as content of a neutral attitude toward companies. This study uses a regression analysis model to perform an empirical analysis by setting a company’s YouTube-related variable as an independent variable and setting a company’s current value and future value-related variable as a dependent variable. The results of this research are as follows. First, this paper found that companies that directly operate and manage YouTube accounts currently have lower corporate value than those that do not. Second, this study also found that companies which directly operate and manage YouTube accounts have higher future corporate value than those that do not. Third, the results showed that if a customer simply mentions interesting content or advertising/promotion-related content through corporate YouTube comments, the current corporate value may be improved in the short term, but in the long term, it has a negative effect on future corporate value. Fourth, the results of this research also presented that if a customer criticizes a company or points out a company’s problems through YouTube comments, the current corporate value decreases due to damage to the company’s image, but it was found that the future corporate value increases. Fifth, this paper found that neutral content, not just for fun and interest, nor for constructive criticism or dissatisfaction with the company, was not related to the company’s current and future corporate value. The contributions and expected effects of this paper are as follows. First of all, this paper provides useful information through research results which shows that companies are more advantageous in improving future corporate value from a long-term perspective by strategically operating social media directly. In addition, the research results of this study objectively demonstrated through YouTube channels that it is more helpful for companies in the long run to respond well to customer complaints and negative opinions, and to implement policies that continuously manage customer opinions. Finally, the research method used in this paper, that is, the research methodology that conducted empirical analysis through quantification of unstructured tax data, is expected to provide guidelines for many scholars to expand the scope of data available for empirical research in the future.
This research examines the association between CEO messages and current and future corporate value on the websites of fashion companies. The research methods of this paper are as follows: First, we ...extract the fashion firm samples among companies listed in Korea’s KOSPI and KOSDAQ in 2020. Second, CEO messages’ text data on the homepage of the fashion companies are obtained by hand-collecting. The repeated words with high TF-IDF values are selected as keywords using text-mining techniques. Third, the CEO messages of the fashion firms are classified with one of finance, customer, internal management process, learning and growth, and corporate social standpoints by the SBSC framework. This research investigates through regression analysis whether firms that emphasize certain factors affect their future or current corporate value. As an additional test, using social network analysis, CONCOR analysis, and 2SLS analysis, the paper checks the objectivity and robustness of the empirical results. The results of this paper are as follows: The first finding presents that all the standpoints of the CEO messages of fashion firms had no significant association with current company value. These results imply that CEO messages posted on the company homepage are generally expressed from a long-term standpoint, and a long time is needed to realize their visions or goals expressed in the CEO message to actually effect corporate value. The second finding shows that the future firm value can be improved as firms mention more words related to the corporation’s social responsibility among CEO messages of the company homepages disclosed by fashion companies. This result implies that if a fashion firm shows its vision and goals related to corporate social responsibility and makes an effort to achieve them, the company value will be increased in the future. The results of the additional tests support the fact that there is a significant positive association between the mention of social responsibility in the CEO message of the company’s website and future firm value. The contributions of this study are as follows: First, on research topics in the field of accounting, this study utilizes text mining and the SBSC framework and quantified qualitative data to perform empirical analysis. Introducing this new and innovative methodology contributes to the development of convergence research. Second, the results of this study suggest that the contents of the company’s CEO message contain symbolic and implicit important information. In particular, this study proved through empirical analysis that companies’ effort and achievement related to social responsibility help increase corporate value in the long run.
