 Signalling effects of doing good in global ICO marketsRuoran Zhao, Wenxuan Hou, V. Kumar and Ajay Kumar Journal of Business Research, 2023, vol. 168, issue C Abstract: The Initial Coin Offerings (ICOs) markets have experienced dramatic development and turmoil worldwide. This paper studies signalling effects of CSR among global ICOs by asking if CSR narratives reflect values that highlight the interests of broad stakeholders, reduce information asymmetry, and improve fundraising outcomes. We construct a sample of ICOs across 44 countries from 2014 to 2018 and define socially responsible ICOs as those that serving education, environment, health, and poverty as described in their whitepapers. We find that ICOs from countries with a lower individualism and high benevolence culture are more likely have socially responsible goals. These projects tend to have better disclosure in whitepapers and are more active in engaging with stakeholders on social networking platforms. They are as competitive as ordinary ICOs in fundraising outcomes. Our analyses could advice entrepreneurial ventures on how to build legitimacy and inform investors of the strategy to verify signals in the risky private equity markets. Keywords: Signalling Theory; CSR; Ethical Culture; Initial Coin Offerings; Fundraising; Information Disclosure (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:jbrese:v:168:y:2023:i:c:s0148296323005830 DOI: 10.1016/j.jbusres.2023.114224 Access Statistics for this article Journal of Business Research is currently edited by A. G. Woodside More articles in Journal of Business Research from Elsevier |
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