“…Taking additionally into account that the number of social media users is consistently growing and is expected to exceed 3 billion users by 2021 (eMarketer, 2017), it is not surprising that social media shift to the center of interests of not only entrepreneurs but also researchers. Current empirical evidence related to the impact of social media on economic life concerns mostly: (a) the strengthening of a customer-company relationship and engagement (Mangold & Faulds, 2009;Kaplan & Haenlein, 2010;Bolton, 2011;Tsimonis & Dimitriadis, 2014;Laroche, Habibi, Richard, & Sankaranarayanan, 2012;Lipsman, Mudd, Rich, & Bruich, 2012;Durkin, McGowan, & Murray, 2014), (b) improved efficiency of marketing (Edelman, 2010;Gallaugher & Ransbotham, 2010;Pozza, 2014;Cawsey & Rowley, 2016), or (c) stimulation of brand awareness and loyalty (Silver & Vegholm, 2009;Farshid, Plangger, & Nel, 2011;Laroche, Habibi, & Richard, 2013;Larsson & Vitaoja, 2017). Contributions related to financial aspects of social media adoption are relatively scarce, and concern mostly non-financial companies and links between social media investment and firm value or performance (Plangger, 2012;Paniagua & Sapena, 2014;Kim, Koh, Cha, & Lee 2015a;Kim, Lim, & Brymer, 2015b;Hsu & Lawrance, 2016).…”