Hyped ventures attract valuable resources by framing their goals in line with the hype. However, in doing so they risk adopting problematic conduct that undermines their moral legitimacy and requires repair. To explore the overlooked internal dynamics of this phenomenon, we conduct a longitudinal case study of a hyped fintech venture that lost and repaired its legitimacy. Our paper uncovers that how hyped ventures frame the moral boundaries of the pursuit of growth influences their conduct and, in turn, facilitates the loss or repair of their legitimacy. Two dynamics underline this process: the activation of intense emotions among employees and the entrenchment of distinct organizational cultures. Importantly, our study reveals that when ventures are hyped, a “growth at all costs” frame risks kindling “antagonistic excitement” among employees and facilitating a “hubristic culture” that supports morally reckless practices. By shedding light on these dynamics within hyped ventures, our study contributes to scholarship on entrepreneurial framing, cultural entrepreneurship, and tech venture legitimacy.

中文翻译：

---

当炒作与道德发生冲突时：创业框架如何影响被炒作企业的行为和合法性


被炒作的企业通过与炒作相符来构建他们的目标来吸引宝贵的资源。然而，这样做可能会采取有问题的行为，从而破坏他们的道德合法性并需要修复。为了探索这一现象被忽视的内部动力，我们对一家大肆宣传的金融科技企业进行了纵向案例研究，该企业失去并修复了其合法性。我们的论文揭示了大肆宣传的企业如何构建追求增长的道德界限，从而影响他们的行为，进而促进他们合法性的丧失或修复。两个动力强调了这一过程：员工强烈情感的激活和独特组织文化的根深蒂固。重要的是，我们的研究表明，当企业被炒作时，“不惜一切代价增长”的框架有可能在员工中点燃“敌对的兴奋”，并助长一种支持道德鲁莽做法的“傲慢文化”。通过阐明炒作企业中的这些动态，我们的研究有助于创业框架、文化创业和科技风险合法性的学术研究。