文章基本信息

标题：Examining affective and cognitive discourse at the time of IPO: Effects on underpricing and the moderating role of entrepreneurial orientation
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作者：William Wales ; Fariss-Terry Mousa
期刊名称：New England Journal of Entrepreneurship
印刷版ISSN：1550-333X
电子版ISSN：2574-8904
出版年度：2016
卷号：19
期号：2
页码：13-25
DOI：10.1108/NEJE-19-02-2016-B002
出版社：Emerald Publishing
摘要：This study presents evidence concerning the effects of affective and cognitive rhetoric on the underpricing of firms at the time of their initial public offering. It is suggested that firms that use less affective, and more cognitively oriented discourse in their IPO prospectus will experience better underpricing outcomes. We examine these assertions using a sample of young high-tech IPO firms where investors rely on prospectuses as accurate and informative firm communications. Results from a robust five-year time span observe initial support for the hypothesized effects. Moreover, the signaling of a higher degree of entrepreneurial orientation in the firm prospectus is found to worsen the negative effects of affective discourse.
关键词：Firm discourse;Initial public offering;Prospectus;Language;Entrepreneurial orientation