What determines initial coin offering success: a cross-country study

Muhammad Farooq Ahmad, Oskar Kowalewski () and Paweł Pisany
Additional contact information
Muhammad Farooq Ahmad: SKEMA Business School - SKEMA Business School
Paweł Pisany: PAN - Polska Akademia Nauk = Polish Academy of Sciences = Académie polonaise des sciences

Post-Print from HAL

Abstract: This study investigates the determinants of the presence and success of initial coin offering (ICO) campaigns using data on 503 ICOs from 60 countries launched between 2015 and 2018. The analysis is based on an individual project, considering a country-wide perspective. The results show that while insider retention and resource-related signals, such as the number of team members and advisors, contribute positively to the ICO's funding success and post-ICO activity, presale offers and bonuses contributed negatively. Additionally, the results highlight that a country's financial system development and ICO-related legal friendliness boost the market. The study also documents that a country's culture strongly determines the ICO issue but less so its long-term performance.

Date: 2023-07-04
References: Add references at CitEc
Citations:

Published in Economics of Innovation and New Technology, 2023, 32 (5), pp.622-645. ⟨10.1080/10438599.2021.1982712⟩

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Journal Article: What determines initial coin offering success: a cross-country study (2023)
Working Paper: What determines Initial Coin Offering success: A cross-country study (2020)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04273865

DOI: 10.1080/10438599.2021.1982712

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().