Abstract: Disclosure, dissemination, and public acceptance all affect stock market volatility. The effect of digital information on the stock market is becoming more and more obvious as social media usage and speed increase. However, because it is challenging to automatically gather and analyse vast volumes of relevant data. There is a dearth of both sheer scope in the studies on how digital media affects the stock market. To evaluate how the stock market and online media are related, the study thoroughly reviewed 229 research publications from the domains of finance, business informatics, and computer science. By media type, we have intentionally grouped representative works and distilled the key methods for transforming text data into a machine-friendly format. The models that were employed to uncover the covert connection between web media and stock movements were compared in the end. Our objective is to clarify the direction by using the most recent, cutting-edge research to understand the mechanism of web information penetration and its impact on the stock marketplace of investor cognitive behaviour, financial reporting, and stock exchange regulation.

| DOI: 10.17148/IARJSET.2022.9717