好事多磨：探讨媒体正面情绪与 IPO 表现之间的关系形式

IF 7.4 2区管理学 Q1 BUSINESS Long Range Planning Pub Date : 2024-10-20 DOI:10.1016/j.lrp.2024.102483

Jiaju Yan , Lei Xu , Rhonda K. Reger , Codou Samba

{"title":"好事多磨：探讨媒体正面情绪与 IPO 表现之间的关系形式","authors":"Jiaju Yan , Lei Xu , Rhonda K. Reger , Codou Samba","doi":"10.1016/j.lrp.2024.102483","DOIUrl":null,"url":null,"abstract":"<div><div>The influence of mass media sentiment on the IPO performance of newly listed firms has received increasing research attention in management and entrepreneurship research. However, prior literature assumes the beneficial role of positive media sentiment in investors’ evaluation of the firm yet overlooks the potential downside of too much positive media sentiment. Based on two theories, dual processing theory and celebrity theory, we develop and test a curvilinear relationship between positive media sentiment and newly listed firms’ IPO performance. Further, we suggest that IPO market conditions, offering an important information cue, moderate this curvilinear relationship. Drawing a representative sample of newly listed U.S. firms in recent decades, we find support for the proposed inverted U-shape relationship and a moderating effect of market conditions.</div></div>","PeriodicalId":18141,"journal":{"name":"Long Range Planning","volume":"57 6","pages":"Article 102483"},"PeriodicalIF":7.4000,"publicationDate":"2024-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Too much of a good thing: Addressing the shape of relationship between positive media sentiment and IPO performance\",\"authors\":\"Jiaju Yan , Lei Xu , Rhonda K. Reger , Codou Samba\",\"doi\":\"10.1016/j.lrp.2024.102483\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>The influence of mass media sentiment on the IPO performance of newly listed firms has received increasing research attention in management and entrepreneurship research. However, prior literature assumes the beneficial role of positive media sentiment in investors’ evaluation of the firm yet overlooks the potential downside of too much positive media sentiment. Based on two theories, dual processing theory and celebrity theory, we develop and test a curvilinear relationship between positive media sentiment and newly listed firms’ IPO performance. Further, we suggest that IPO market conditions, offering an important information cue, moderate this curvilinear relationship. Drawing a representative sample of newly listed U.S. firms in recent decades, we find support for the proposed inverted U-shape relationship and a moderating effect of market conditions.</div></div>\",\"PeriodicalId\":18141,\"journal\":{\"name\":\"Long Range Planning\",\"volume\":\"57 6\",\"pages\":\"Article 102483\"},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2024-10-20\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Long Range Planning\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0024630124000700\",\"RegionNum\":2,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Long Range Planning","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0024630124000700","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}

引用次数: 0

摘要

在管理学和创业学研究中，大众媒体情绪对新上市企业首次公开募股表现的影响越来越受到关注。然而，以往的文献都认为媒体的正面情绪对投资者评价公司有利，但却忽视了过多的媒体正面情绪可能带来的负面影响。基于双重处理理论和名人理论，我们提出并检验了媒体正面情绪与新上市公司 IPO 表现之间的曲线关系。此外，我们还认为，IPO 市场条件提供了重要的信息线索，可以缓和这种曲线关系。通过对近几十年来新上市的美国公司进行代表性抽样调查，我们发现所提出的倒 U 型关系以及市场条件的调节作用得到了支持。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文

微信好友朋友圈 QQ好友复制链接

本刊更多论文

Too much of a good thing: Addressing the shape of relationship between positive media sentiment and IPO performance

The influence of mass media sentiment on the IPO performance of newly listed firms has received increasing research attention in management and entrepreneurship research. However, prior literature assumes the beneficial role of positive media sentiment in investors’ evaluation of the firm yet overlooks the potential downside of too much positive media sentiment. Based on two theories, dual processing theory and celebrity theory, we develop and test a curvilinear relationship between positive media sentiment and newly listed firms’ IPO performance. Further, we suggest that IPO market conditions, offering an important information cue, moderate this curvilinear relationship. Drawing a representative sample of newly listed U.S. firms in recent decades, we find support for the proposed inverted U-shape relationship and a moderating effect of market conditions.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Long Range Planning Multiple-

CiteScore

13.00

自引率

7.10%

发文量

期刊介绍： Long Range Planning (LRP) is an internationally renowned journal specializing in the field of strategic management. Since its establishment in 1968, the journal has consistently published original research, garnering a strong reputation among academics. LRP actively encourages the submission of articles that involve empirical research and theoretical perspectives, including studies that provide critical assessments and analysis of the current state of knowledge in crucial strategic areas. The primary user base of LRP primarily comprises individuals from academic backgrounds, with the journal playing a dual role within this community. Firstly, it serves as a platform for the dissemination of research findings among academic researchers. Secondly, it serves as a channel for the transmission of ideas that can be effectively utilized in educational settings. The articles published in LRP cater to a diverse audience, including practicing managers and students in professional programs. While some articles may focus on practical applications, others may primarily target academic researchers. LRP adopts an inclusive approach to empirical research, accepting studies that draw on various methodologies such as primary survey data, archival data, case studies, and recognized approaches to data collection.