To tweet or not to tweet? the determinants of tweeting activity in initial coin offerings

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dc.contributor.author Moro, Andrea
dc.contributor.author Radić, Nemanja
dc.contributor.author Truong, Vinh
dc.date.accessioned 2023-02-08T12:02:09Z
dc.date.available 2023-02-08T12:02:09Z
dc.date.issued 2023-01-26
dc.identifier.citation Moro A, Radić N, Truong V. (2024) To tweet or not to tweet? the determinants of tweeting activity in initial coin offerings, British Journal of Management, Volume 35, Issue 1, January 2024, pp. 243-258 en_UK
dc.identifier.issn 1045-3172
dc.identifier.uri https://doi.org/10.1111/1467-8551.12709
dc.identifier.uri https://dspace.lib.cranfield.ac.uk/handle/1826/19152
dc.description.abstract Our research explores the causes of Twitter activity in highly technological start-ups that finance their activities via initial coin offerings (ICOs). By relying on weekly data of 297 ICOs for the period 2015–2020 (35,459 observations), we examine how major exogenous events affect the number of tweets issued by the start-up. Then, we explore how the community of followers reacts to the tweets. We discover that events external to firms reduce ICOs’ tweeting activity. Moreover, our evidence indicates that the followers’ reaction is positively related to the tweets issued by the firm and negatively related to major events unrelated to the firm. Interestingly, followers’ reaction has an inverted U-shaped relation with the firm’s Twitter volume, suggesting that excessive Twitter activity can harm the further dissemination of tweets. Our results, robust to alternative estimation techniques, emphasize the important role of Twitter as an information disseminator, legitimizer, and endorser for highly opaque firms. en_UK
dc.language.iso en en_UK
dc.publisher Wiley en_UK
dc.rights Attribution 4.0 International *
dc.rights.uri http://creativecommons.org/licenses/by/4.0/ *
dc.title To tweet or not to tweet? the determinants of tweeting activity in initial coin offerings en_UK
dc.type Article en_UK
dc.identifier.eissn 1467-8551


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