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What determines Initial Coin Offering success: A cross-country study

Author

Listed:
  • Muhammad Farooq AHMAD

    (SKEMA Business School – Université Côte d’Azur, Lille, France)

  • Oskar KOWALEWSKI

    (IESEG School of Management, Paris, France; LEM-CNRS 9221, Lille, France; Institute of Economics, Polish Academy of Sciences, Warsaw, Poland)

  • Pawel PISANY

    (Institute of Economics, Polish Academy of Sciences, Warsaw, Poland)

Abstract

We investigate the determinants of ICO campaigns' presence and success using data on 503 initial coin offerings (ICOs) from 60 countries that took place between 2015 and 2018. We took individual project perspective and country-wide perspective into account. Our findings show that expert ratings, insider retention, and resource-related signals, such as the number of team members and advisors, contribute positively to ICO funding success and post-ICO activity. Conversely, organizing presale and bonuses contribute negatively. Moreover, we established that countries' financial system development and ICO-related legal certainty boost the crypto-market. More importantly, we also document that countries' cultures foster ICO market development.

Suggested Citation

  • Muhammad Farooq AHMAD & Oskar KOWALEWSKI & Pawel PISANY, 2020. "What determines Initial Coin Offering success: A cross-country study," Working Papers 2020-ACF-10, IESEG School of Management.
    • Handle: RePEc:ies:wpaper:f202010
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    File URL: https://www.ieseg.fr/wp-content/uploads/2020/11/2020-ACF-10.pdf
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    Cited by:

    1. José Campino & Ana Brochado & Álvaro Rosa, 2022. "Initial coin offerings (ICOs): Why do they succeed?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-35, December.
    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. Alessandro Bitetto & Paola Cerchiello, 2024. "Initial Coin Offerings: can ESG mitigate Underpricing?," DEM Working Papers Series 221, University of Pavia, Department of Economics and Management.

    More about this item

    Keywords

    Initial Coin Offering; corporate finance; innovation; entrepreneurship;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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