“…The use of social media and its impact on investment decisions has substantially improved (Bagozzi et al, 2007). The most widely used theory to study the subject domain is social theory (Bollampelly, 2016; Lin et al, 2020; Ouimet & Tate, 2020; Tham, 2018), which is followed by behavioural finance theory (Dayaratne & Wijethunga, 2015; Glaser & Weber, 2007; Hirshleifer, 2015; Shiundu, 2009), tensor theory (Li et al, 2017), social movement theory (Chong et al, 2021; Hong et al, 2004), decision theory (Pelster & Gonzalez, 2016; Shiundu, 2009), stakeholder theory (Popovic et al, 2018; Sendra et al, 2019), legitimacy theory (Wu et al, 2018), modern investor sentiment theory (Tham, 2018), social theory (Cheung et al, 2015; Hirshleifer, 2015; Ouimet & Tate, 2020; Reith et al, 2020) and theory of investor behaviour (Afif et al, 2018; Dayaratne & Wijethunga, 2015; Nadeem et al, 2020). The impact of social contacts on investor attitudes, behaviours and engagement has been investigated using social theories.…”