Does CEO Social Media Activity Influence Stock Price Volatility in Nigeria?

This study examines the relationship between chief executive officer (CEO) social media activity and stock price volatility in an emerging market context, utilizing panel data from 148 publicly listed Nigerian firms over the period 2010-2024. Drawing on signaling theory and information asymmetry frameworks, we investigate whether CEO digital communication affects investor uncertainty and market stability. Using fixed-effects panel regression with robust standard errors, our findings reveal a statistically significant positive relationship between CEO social media engagement and stock price volatility, suggesting that executive digital presence increases information flow complexity rather than reducing uncertainty. The relationship remains robust after controlling for firm size, profitability, leverage, firm age, growth opportunities, trading volume, and institutional ownership. These results contribute to the emerging literature on digital corporate communication in developing markets and offer practical implications for corporate governance frameworks, regulatory policy, and executive communication strategies in economies characterized by high information asymmetry.