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

Muhammad Farooq Ahmad (), Oskar Kowalewski () and Pawel Pisany ()
Additional contact information
Pawel Pisany: Institute of Economics, Polish Academy of Sciences, Warsaw, Poland

No 2020-ACF-10, Working Papers from IESEG School of Management

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.

Keywords: Initial Coin Offering; corporate finance; innovation; entrepreneurship (search for similar items in EconPapers)
JEL-codes: G10 L26 M13 O30 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2020-11
New Economics Papers: this item is included in nep-fmk and nep-pay
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Citations: View citations in EconPapers (2)

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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 (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:ies:wpaper:f202010

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