Abstract
Despite the recognition of storytelling in resource acquisition, existing research typically isolates the net effects of narrative elements. Adopting a configurational perspective, this study examines how entrepreneurial narratives combine with organizational attributes and endorsements to drive IPO success. Using fsQCA on 95 Japanese ICT firms, we identify equifinal recipes for high funding. We find young ventures can overcome the "liability of newness" using "unfamiliar" narratives—generating "hype"—but only when buffered by prestigious lead underwriters. In contrast, mature firms achieve "optimal distinctiveness" by combining track records with novel storytelling. By revealing these causal asymmetries, we contribute to optimal distinctiveness theory, demonstrating that the value of hype is not intrinsic but relationally determined by specific constellations of organizational signals.