Whether Social Media Attention Inhibit Corporate Connected Transactions: Perspective from Baidu Tieba

With the rapid development and widespread use of social media, corporate behavior has come under increasing public scrutiny, particularly in sensitive areas like connected party transactions and becomes a research focus. This paper reviews recent studies on the impact of social media attention on corporate connected transactions, with a focus on platforms such as Baidu Tieba, to explore the role of social media in enhancing corporate transparency and curbing improper connected transactions. Research indicates that social media can influence corporate decision-making by disseminating information and facilitating public discussion, which serves as a form of supervisory oversight. This can help reduce the risks associated with connected transactions. However, there are significant variations in how companies respond to social media pressures, and existing research has notable limitations. This paper aims to summarize the current research findings, analyze the role of social media in corporate governance, and propose future research directions to further understand its impact.