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Publicação
The role of social media in the 2021 GameStop short squeeze
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Resumo(s)
This thesis examines the impact of social media—specifically Reddit’s WallStreetBets—on the decisions of retail investors during the 2021 GameStop short squeeze. While prior research has focused on market-level dynamics using secondary data, this study adopts a behavioral perspective by analyzing self-reported data from 380 participants via an online questionnaire. Drawing on constructs including social media engagement, perceived message credibility, sense of virtual community, fear of missing out (FOMO), and fear and anxiety, the study applies Partial Least Squares Structural Equation Modeling (PLS-SEM) to assess their relationship with investment behavior. The findings challenge common assumptions: social media engagement and FOMO were negatively correlated with investment amount, while perceived credibility showed no significant effect. In contrast, a strong sense of community was positively associated with investment, and anxiety showed a substantial adverse effect. These findings suggest that emotional dynamics and social identification—not informational trust or activity levels—were key drivers of financial behavior in this context. This study contributes to the literature on behavioral finance and digital communities by distinguishing between social and financial engagement. It also offers practical insights for financial platforms, regulators, and marketers navigating emotionally charged investment environments shaped by social media.
Descrição
Dissertation presented as the partial requirement for obtaining a Master's degree in Data Driven Marketing, specialization in Digital Marketing and Analytics
Palavras-chave
GameStop Short squeeze WallStreetBets Social Media Finance Retail Investor SDG 8 - Decent work and economic growth SDG 9 - Industry, innovation and infrastructure SDG 10 - Reduced inequalities SDG 12 - Responsible production and consumption