Towards a comprehensive scale of social network index: A study from investors perspectives

Twitter is a major social media platform that helps investors to connect with their counterparts and obtain financial information through back-and-forth interactions. However, access to information on social networks depends on individuals' ties, positions, and network connectivity. In this study, we constructed a network structure and built social circle ties based on the frequency of interaction of investors, and the network size of the investors to develop a comprehensive measurement scale for the social network index. Our findings indicate that the acquisition of information in the social network of investors depends on different components or factors. A significant factor in the network index is the network degree (network connectivity). It implies that network members with higher degrees or connections acquire vast amounts of information. Likewise, investors with larger networks receive enormous amounts of information, notably "following," which is the principal component in terms of network size. As a result, network size appears as the network index's second biggest factor. The smaller contribution comes from social tie circles. However, collectively, all these factors represent the social network index.