“…These characteristics make social media helpful for firms to carry out self-interested information dissemination (Blankespoor, et al, 2014;Lee, et al, 2015;Jung, et al, 2017;Yang and Liu, 2017), thus guiding stakeholders' impressions (Lee, et al, 2015;Manetti and Bellucci, 2016;Saxton, et al, 2019;She and Michelon, 2019;Russo, et al, 2022). However, they also create increases in firms' external supervision, expand the uncertainty of public opinion (Hales, et al, 2018;Ang, et al, 2020;Lepore, et al, 2022;Turzo, et al, 2022), and even force firms to be more responsive (Lei, et al, 2018;Fan, et al, 2020;Dube and Zhu, 2021;Zhang and Yang, 2021;Shao and He, 2022). Tench and Jones (2015) argue that social media provide stakeholders with a more radical and open discussion environment, which challenges firms' attempts to maintain their social legitimacy through traditional rules.…”