Initial Coin Offerings and Entrepreneurial Finance: The Role of Founders’ Characteristics

Tinghua Duan
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Tinghua Duan: LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - Université de Lille - CNRS - Centre National de la Recherche Scientifique

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Abstract: Initial coin offerings (ICOs) are a new financing instrument that allows start-ups to sell blockchain-based digital tokens for capital on the internet. This study tests the effects of disclosure of founders' background information and founding team's collective human capital on ICO outcomes. We find both the disclosure of founders' information and founding team's human capital are associated with better ICO outcomes measured either by the total amount raised or the speed of fundraising. Our results thus highlight the importance of information disclosure and human capital in entrepreneurial finance.

Keywords: Initial coin offerings (ICOs); founder characteristics; entrepreneurial finance; human capital (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (22)

Published in Journal of Alternative Investments, 2019, 21 (4), pp.26-40. ⟨10.3905/jai.2019.1.068⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02512437

DOI: 10.3905/jai.2019.1.068

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