Buy, Sell, or Hold? Just Never Sell : A qualitative content analysis of how new financial intermediaries communicate accounting information on social media

Sammanfattning

Background: Financial communication has traditionally been dominated by institutional actors such as banks, financial advisors and analysts. However, digitalisation and social media have enabled new actors, such as finfluencers, to communicate investment-related information to retail investors. Prior research has mainly focused on finfluencers credibility, authenticity, expertise and influence, while less attention has been directed towards the financial substance of their communication. This creates a need to understand how accounting information is used when financial communication moves into social media environments. Purpose: The purpose of this study is to examine how accounting information is translated, framed and presented in finfluencers financial communication on social media. Method: The study adopts a critical realist research philosophy and an abductive research approach. A qualitative methodology was applied through qualitative content analysis of publicly available TikTok videos from two Swedish finfluencers. The material was transcribed, coded and analysed using framing theory, supported by institutional theory and legitimacy theory. Conclusion: The findings support that finfluencers function as emerging intermediaries in digital financial communication by translating, framing and presenting accounting information. It is not merely reproduced but actively adapted to suit a semi-sophisticated retail audience, making it accessible while embedding it in engagement-driven and narrative-oriented formats. It also functions as a legitimacy resource, helping finfluencers appear credible and analytically competent despite operating outside traditional financial institutions. Together, these functions suggest that finfluencer communication is best understood as a hybrid form in which informational, educational and evaluative dimensions coexist and reinforce each other, making the boundary between informing, educating and influencing difficult to draw.