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Which investors’ characteristics are beneficial for initial coin offerings? Evidence from blockchain technology-based firms

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  • Hackober, Christian
  • Bock, Carolin

Abstract

Initial coin offerings have recently become one of the most important funding resources for ventures in the blockchain area. However, often ventures do not rely solely on initial coin offerings as funding source but receive also investments from more established investors prior or during their initial coin offering. In particular, blockchain related ventures have drawn the attention of (corporate) venture capitalists but only less is known on the interplay of these different funding sources and their influence on initial coin offerings as well as on ventures’ further development. Based on the signaling theory as well as the resource-based-view our empirical study find that venture capital investors as well as corporate venture capital investors have a significantly positive effect on initial coin offerings. Further, we find that the reputation, the time of treatment as well as the specialization of investors have a positive influence on the initial coin offering. Finally, our results indicate that the positive effect of venture capital investors as well as the specialization of an investor continues to influence blockchain based ventures’ success in the mid-term.

Suggested Citation

  • Hackober, Christian & Bock, Carolin, 2021. "Which investors’ characteristics are beneficial for initial coin offerings? Evidence from blockchain technology-based firms," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 125495, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    • Handle: RePEc:dar:wpaper:125495
    Note: for complete metadata visit http://tubiblio.ulb.tu-darmstadt.de/125495/
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    Cited by:

    1. Muneer M. Alshater & Mayank Joshipura & Rim El Khoury & Nohade Nasrallah, 2023. "Initial Coin Offerings: a Hybrid Empirical Review," Small Business Economics, Springer, vol. 61(3), pages 891-908, October.
    2. An, Jiafu & Hou, Wenxuan & Liu, Xianda, 2022. "Historical Determinants of Fintech Development: Evidence from Initial Coin Offerings," Finance Research Letters, Elsevier, vol. 46(PB).
    3. Ipert, Chloé & Mauer, René, 2023. "Infrastructural or organizational decentralization? Developing a typology of blockchain ventures," Technological Forecasting and Social Change, Elsevier, vol. 197(C).
    4. Kyriazis, Nikolaos & Papadamou, Stephanos & Tzeremes, Panayiotis & Corbet, Shaen, 2023. "Can cryptocurrencies provide a viable hedging mechanism for benchmark index investors?," Research in International Business and Finance, Elsevier, vol. 64(C).
    5. Patel, Ritesh & Migliavacca, Milena & Oriani, Marco E., 2022. "Blockchain in banking and finance: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 62(C).
    6. Chitsazan, Hasti & Bagheri, Afsaneh & Tajeddin, Mahdi, 2022. "Initial coin offerings (ICOs) success: Conceptualization, theories and systematic analysis of empirical studies," Technological Forecasting and Social Change, Elsevier, vol. 180(C).

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