Examining the Relationships Between Online Word-of-mouth and Stock investment intention using Social Network Analysis
With the emergence and development of the Internet, online word-of-mouth has become a vital marketing approach. Numerous recent research outcomes have indicated that many consumers would choose to refer to the information from online word-of-mouth when proceeding with their purchasing decisions, which would further influence purchasing behaviors and attitudes. However, there may be a similar vital association for the relationship between online word-of-mouth and stocks. Will online word-of-mouth influence stock investors’ investment behaviors and attitudes? Will online word-of-mouth affect the fluctuations of stock prices? Such issues are worthy for us to probe and study more in depth. It is hoped that through the perspectives of Social Network analysis that these relationships can be further clarified and verified. This research selected the popular electronic discussion board and treated online word-of-mouth and investment attitudes as the individual behaviors within the Internet structure and network through the perspectives of Social Network analysis. At the same time, this research analyzes the mutual relationship between the two via physical and online questionnaires, together with the dynamic variation of stock investment attitudes. The outcome of this research indicates that the interaction between members on the stock investment discussion board is low and there are fewer two-way discussion social groups. Furthermore, from the distribution model of its inner and outer readings, it can be found that there are a few information center types of nodal points responding extensively and providing investment topics to be asked by the board members on the board every day. The investment attitude has an obvious effect on influence and selection, and online members prefer to interact and establish relationships with other members having similar stock investment attitudes. Online members will also be influenced by other online members who share similar attitudes, which results in a more resolute investment attitude and confidence. Online word-of-mouth has a certain degree of influence on the fluctuation of stock prices; positive online word-of-mouth will have a positive influence, while negative online word-of-mouth will also result in negative influences on stock prices.
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