LAUSR

The study uses the grey relation entropy method to explore the impact of online media big data on firm performance, based on 17 randomly selected Chinese A-share listed companies during the period from 2012 to 2017. It shows that the media big data, especially the negative media coverage, is highly associated with both short-term and long-term firm performance. Then, this study employs the system GMM method to testify how negative media coverage affects firm performance. It indicates that negative media coverage may be a damage crisis for the focal firm in the short term, but a favorable chance for change in the long run. These findings not only enrich the research on the influence of online media big data but also provide some references for enterprise managers.