ICOs conceptual unveiled: scholarly review of an entrepreneurial finance innovation

Mayank Joshipura (), Rim El Khoury () and Muneer M. Alshater ()
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Mayank Joshipura: SVKM’s NMIMS Deemed to be University
Rim El Khoury: Lebanese American University
Muneer M. Alshater: The University of Jordan

Financial Innovation, 2025, vol. 11, issue 1, 1-47

Abstract: 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.

Keywords: Entrepreneurial finance; Initial coin offerings; ICOs; Tokenomics; ICO regulations; Conceptual review (search for similar items in EconPapers)
JEL-codes: G23 G24 K22 O31 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1186/s40854-024-00721-4

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