Although research has examined the social media–shareholder value link, the role of consumer mindset metrics in this
relationship remains unexplored. To this end, drawing on the elaboration likelihood model and accessibility/
diagnosticity perspective, the authors hypothesize varying effects of owned and earned social media (OSM and
ESM) on brand awareness, purchase intent, and customer satisfaction and link these consumer mindset metrics to
shareholder value (abnormal returns and idiosyncratic risk). Analyzing daily data for 45 brands in 21 sectors using
vector autoregression models, they find that brand fan following improves all three mindset metrics. ESM engagement
volume affects brand awareness and purchase intent but not customer satisfaction, while ESM positive and negative
valence have the largest effects on customer satisfaction. OSM increases brand awareness and customer satisfaction
but not purchase intent, highlighting a nonlinear effect of OSM. Interestingly, OSM is more likely to increase purchase
intent for high involvement utilitarian brands and for brands with higher reputation, implying that running a socially
responsible business lends more credibility to OSM. Finally, purchase intent and customer satisfaction positively affect
shareholder value.