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ICOs conceptual unveiled: scholarly review of an entrepreneurial finance innovation

Author

Listed:
  • Mayank Joshipura

    (SVKM’s NMIMS Deemed to be University)

  • Rim El Khoury

    (Lebanese American University)

  • Muneer M. Alshater

    (The University of Jordan)

Abstract

This review synthesizes 48 academic studies on Initial Coin Offerings (ICOs) from 2018 to 2023, employing bibliometric and content analyses to illuminate their complexities and innovation in entrepreneurial finance. It identifies four key themes: (1) regulatory intricacies, market transformation, and strategic implications for emerging ventures; (2) the opportunities and challenges presented, and key factors influencing the success of ICOs; (3) ICOs and entrepreneurial finance; and finally, (4) review of reviews. By examining the intersection of legal frameworks, disruptive potential, and stakeholder challenges, this interdisciplinary perspective captures the essence of ICOs and charts a course for future inquiry. It serves as a pivotal reference for researchers, practitioners, and regulators to understand the multifaceted ICO landscape and its implications for the future of finance.

Suggested Citation

  • Mayank Joshipura & Rim El Khoury & Muneer M. Alshater, 2025. "ICOs conceptual unveiled: scholarly review of an entrepreneurial finance innovation," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-47, December.
    • Handle: RePEc:spr:fininn:v:11:y:2025:i:1:d:10.1186_s40854-024-00721-4
    DOI: 10.1186/s40854-024-00721-4
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Entrepreneurial finance; Initial coin offerings; ICOs; Tokenomics; ICO regulations; Conceptual review;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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