The effects of use of multiple social media platforms on firm performance: an empirical study

Social media provides an opportunity for companies to interact with customers, improves the design process, and ensures that companies deliver products and services that meet customers' expectations. Previous studies have conceptualised and debated on the link between social media and firm performance, but few have investigated the business values of social media empirically with detailed measurement of usage of multiple social media platforms. Employing regression analysis with a dataset consists of 290 S&P 500 companies from 2015 to 2018, this study proposes to empirically test the relationship between social media platforms usage and firm performance. Our findings indicate that companies can benefit from having their business accounts on Facebook and Twitter with frequent use of such platforms, but the results from YouTube usage tell a different story.