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.

中文翻译：

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好事太多了：解决积极的媒体情绪与 IPO 表现之间的关系


大众媒体情绪对新上市公司 IPO 表现的影响在管理和创业研究中受到越来越多的研究关注。然而，先前的文献假设积极的媒体情绪在投资者对公司的评估中起着有益的作用，但忽视了过多积极媒体情绪的潜在负面影响。基于双重加工理论和名人理论两种理论，我们开发并测试了积极的媒体情绪与新上市公司 IPO 表现之间的曲线关系。此外，我们建议 IPO 市场状况提供重要信息线索，缓和这种曲线关系。通过抽取近几十年来新上市的美国公司的代表性样本，我们发现支持拟议的倒 U 型关系和市场条件的调节作用。