摘要：We examine the effect of social media advertising on the operating, financing and investing level of cash flow based on listed banks in emerging economies in Africa. We employ control variables such as board size and financial leverage to control other factors not captured in our model. Results obtained reveal that social media costs aid all levels of cash flow in Ghana and South-Africa. Social media costs in Botswana ha ve a significant impact with operating and financing cash flow and an insignificant effect with investing cash flow. The results obtained from Kenya revealed a significant relationship between the independent variable and the financing and investing cash flow while an insignificant relationship was statistically obtained when social media cost was regressed against the operating level of cash flow. The Tanzanian results reveal a significant impact with the financing and investing level of cash flow but an insignificant value was obtained from the operating level of cash flow. The Nigerian results yielded an insignificant value, from the operating and financing level of cash flow, while investing cash flow generated a significant relationship.
关键词：social media cost; cash flow; financial leverage; emerging economies
