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All Journal JABE (Journal of Accounting and Business Education)
Erianto, Bagas Tri
Unknown Affiliation
Economics, Econometrics & Finance Education

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Instagram Endorsement and Stock Return Erianto, Bagas Tri; Suryani, Ani Wilujeng
JABE (JOURNAL OF ACCOUNTING AND BUSINESS EDUCATION) Volume 8, Issue 1, September 2023
Publisher : Universitas Negeri Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.26675/jabe.v8i1.39218

Abstract

Investors obtain information from various sources, including social media, which can make them act irrationally by imitating the decisions of others. This study aims to investigate the impact of influencers endorsements on abnormal stock returns. This event study used 291 Instagram posts by social media influencers. Using Generalized Least Square (GLS), this study demonstrates that endorsement positively affects stock abnormal returns. The endorsement effect appears prior to the post and stops following the endorsement. Endorse was successful in creating a favorable sentiment, so that other investors are interested in making similar decisions to generate abnormal returns. This study shows the short-term effect of endorsements. Therefore, investors need to be aware and make rational decisions.
Co-Authors Suryani, Ani Wilujeng