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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, 2024. "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) 144176, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    • Handle: RePEc:dar:wpaper:144176
    DOI: 10.1007/s11573-021-01029-w
    Note: for complete metadata visit http://tubiblio.ulb.tu-darmstadt.de/144176/
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    References listed on IDEAS

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    1. Thomas Hellmann & Manju Puri, 2002. "Venture Capital and the Professionalization of Start‐Up Firms: Empirical Evidence," Journal of Finance, American Finance Association, vol. 57(1), pages 169-197, February.
    2. Sabrina T Howell & Marina Niessner & David Yermack & Jiang Wei, 2020. "Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales," The Review of Financial Studies, Society for Financial Studies, vol. 33(9), pages 3925-3974.
    3. Sapienza, Harry J. & Manigart, Sophie & Vermeir, Wim, 1996. "Venture capitalist governance and value added in four countries," Journal of Business Venturing, Elsevier, vol. 11(6), pages 439-469, November.
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