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Global minds, global funds: International top management and ICO fundraising in developing economies

Author

Listed:
  • Zhu, Tingting
  • Moro, Andrea
  • Gartner, Johannes
  • Puntaier, Elmar
  • Abebe, Solomon Akele

Abstract

Drawing on the Resource-Based View (RBV), our study examines how C-level management team composition influences fundraising through Initial Coin Offerings (ICOs) in the context of developing countries. Using a dataset of 458 ICOs and Probit regression analyses, we find that born-digital ventures led by internationally diverse management teams attract more capital, as investors associate diversity with superior entrepreneurial skills and valuable tacit knowledge. Moreover, having a foreign CEO with strong entrepreneurial experience further increases investor confidence by helping investors to distinguish credible, competent teams. Our findings contribute to the RBV by showing that managerial diversity and skillsets stand out during an investor's screening process. We discuss implications for policymakers, investors and local entrepreneurs in developing countries.

Suggested Citation

  • Zhu, Tingting & Moro, Andrea & Gartner, Johannes & Puntaier, Elmar & Abebe, Solomon Akele, 2026. "Global minds, global funds: International top management and ICO fundraising in developing economies," Technovation, Elsevier, vol. 149(C).
    • Handle: RePEc:eee:techno:v:149:y:2026:i:c:s0166497225001889
    DOI: 10.1016/j.technovation.2025.103356
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    JEL classification:

    • G40 - Financial Economics - - Behavioral Finance - - - General

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