IDEAS home Printed from https://ideas.repec.org/a/spr/gjorer/v7y2021i1d10.1365_s41056-020-00049-x.html
   My bibliography  Save this article

Real Estate Crowdfunding mit ICOs – Erfolgsfaktoren und Handlungsempfehlungen
[Real estate crowdfunding with iCOs—success factors and recommendations]

Author

Listed:
  • Stefan Tönnissen

    (Universität Osnabrück)

  • Frank Teuteberg

    (Universität Osnabrück)

Abstract

Zusammenfassung Real Estate Crowdfunding (RECF) nimmt international an Bedeutung zu. Eine besondere Form dieses RECF ist ein Crowdfunding mit Initial Coin Offerings (ICOs) auf der Grundlage der Blockchain-Technologie. Zahlreiche Blockchain-Projekte konnten in den vergangenen Jahren Milliarden von US-Dollar zur Unternehmensfinanzierung einsammeln. Der Hype scheint jedoch vorbei zu sein, denn die Anzahl der ICO-Emittenten sind in den vergangenen Monaten deutlich gesunken. Die Gründe sind vielfältig, zum einen warnen Börsenaufsichten wie die Security and Exchange Commission (SEC) als auch die Finanzmarktaufsichtsbehörde BaFin vor den hohen Risiken und zum anderen ist der Vertrauensverlust der Investoren aufgrund von Betrugsvorfällen groß. Jedoch sind die mit einem ICO verbundenen Möglichkeiten zur Unternehmensfinanzierung über das Internet weiterhin hoch. Das Risiko für den Investor verbunden mit einem latenten Vertrauensverlust erfordert einen Informationsaustausch zwischen Investor und Entrepreneur, der vorhandene Zweifel ausräumt und Sicherheit schafft. Anhand der Media Richness Theorie analysieren wir das Informationsangebot und den Medieneinsatz von erfolgreichen Real Estate Crowdfundings mit ICOs (RECFICOs) und stellen in einer Clusteranalyse die erfolgreichen Kombinationen dar. Hieraus leiten wir Handlungsempfehlungen zur Durchführung eines erfolgreichen RECFIOs ab.

Suggested Citation

  • Stefan Tönnissen & Frank Teuteberg, 2021. "Real Estate Crowdfunding mit ICOs – Erfolgsfaktoren und Handlungsempfehlungen [Real estate crowdfunding with iCOs—success factors and recommendations]," Zeitschrift für Immobilienökonomie (German Journal of Real Estate Research), Springer;Gesellschaft für Immobilienwirtschaftliche Forschung e. V., vol. 7(1), pages 35-58, April.
    • Handle: RePEc:spr:gjorer:v:7:y:2021:i:1:d:10.1365_s41056-020-00049-x
    DOI: 10.1365/s41056-020-00049-x
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1365/s41056-020-00049-x
    File Function: Abstract
    Download Restriction: no
    File URL: https://libkey.io/10.1365/s41056-020-00049-x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Johann Kranz & Esther Nagel & Youngjin Yoo, 2019. "Blockchain Token Sale," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 61(6), pages 745-753, December.
    2. Kaplan, Andreas M. & Haenlein, Michael, 2010. "Users of the world, unite! The challenges and opportunities of Social Media," Business Horizons, Elsevier, vol. 53(1), pages 59-68, January.
    3. Richard L. Daft & Robert H. Lengel, 1986. "Organizational Information Requirements, Media Richness and Structural Design," Management Science, INFORMS, vol. 32(5), pages 554-571, May.
    4. Jon R. Kettenring, 2006. "The Practice of Cluster Analysis," Journal of Classification, Springer;The Classification Society, vol. 23(1), pages 3-30, June.
    5. Marten Risius & Kai Spohrer, 2017. "A Blockchain Research Framework," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 59(6), pages 385-409, December.
    6. Kotas, Carsten, 2018. "Real Estate Crowdfunding in Deutschland: Eine empirische Untersuchung vom 01.01.2012 - 31.12.2017," Arbeitspapiere der FOM 69, FOM Hochschule für Oekonomie & Management.
    7. Alan R. Dennis & Susan T. Kinney, 1998. "Testing Media Richness Theory in the New Media: The Effects of Cues, Feedback, and Task Equivocality," Information Systems Research, INFORMS, vol. 9(3), pages 256-274, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Roma, Paolo & Aloini, Davide, 2019. "How does brand-related user-generated content differ across social media? Evidence reloaded," Journal of Business Research, Elsevier, vol. 96(C), pages 322-339.
    2. Giuseppe Crapa & Maria Elena Latino & Paolo Roma, 2024. "The performance of green communication across social media: Evidence from large‐scale retail industry in Italy," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(1), pages 493-513, January.
    3. Grant, Stephanie M. & Hodge, Frank D. & Sinha, Roshan K., 2018. "How disclosure medium affects investor reactions to CEO bragging, modesty, and humblebragging," Accounting, Organizations and Society, Elsevier, vol. 68, pages 118-134.
    4. Koo, Chulmo & Wati, Yulia & Jung, Jason J., 2011. "Examination of how social aspects moderate the relationship between task characteristics and usage of social communication technologies (SCTs) in organizations," International Journal of Information Management, Elsevier, vol. 31(5), pages 445-459.
    5. Erik Ernesto Vazquez, 2021. "Effect of an e-retailer’s product category and social media platform selection on perceived quality of e-retail products," Electronic Markets, Springer;IIM University of St. Gallen, vol. 31(1), pages 139-157, March.
    6. Seung Yeop Lee & Sang Woo Lee, 2020. "Social Media Use and Job Performance in the Workplace: The Effects of Facebook and KakaoTalk Use on Job Performance in South Korea," Sustainability, MDPI, vol. 12(10), pages 1-19, May.
    7. Mahan, Joseph E. & Seo, Won Jae & Jordan, Jeremy S. & Funk, Daniel, 2015. "Exploring the impact of social networking sites on running involvement, running behavior, and social life satisfaction," Sport Management Review, Elsevier, vol. 18(2), pages 182-192.
    8. Ofir Turel & Catherine E. Connelly, 2012. "Team Spirit: The Influence of Psychological Collectivism on the Usage of E-Collaboration Tools," Group Decision and Negotiation, Springer, vol. 21(5), pages 703-725, September.
    9. Zhenhui (Jack) Jiang & Cheng Suang Heng & Ben C. F. Choi, 2013. "Research Note —Privacy Concerns and Privacy-Protective Behavior in Synchronous Online Social Interactions," Information Systems Research, INFORMS, vol. 24(3), pages 579-595, September.
    10. Cade, Nicole L., 2018. "Corporate social media: How two-way disclosure channels influence investors," Accounting, Organizations and Society, Elsevier, vol. 68, pages 63-79.
    11. Stefan Hoffmann & Tom Joerß & Robert Mai & Payam Akbar, 2022. "Augmented reality-delivered product information at the point of sale: when information controllability backfires," Journal of the Academy of Marketing Science, Springer, vol. 50(4), pages 743-776, July.
    12. Lena Steinhoff & Denni Arli & Scott Weaven & Irina V. Kozlenkova, 2019. "Online relationship marketing," Journal of the Academy of Marketing Science, Springer, vol. 47(3), pages 369-393, May.
    13. Matej Kovač & Vesna Žabkar, 2020. "Do Social Media and E-Mail Engagement Impact Reputation and Trust-Driven Behavior?," Tržište/Market, Faculty of Economics and Business, University of Zagreb, vol. 32(1), pages 9-25.
    14. Graciela Corral de Zubielqui & Noel Lindsay & Wendy Lindsay & Janice Jones, 2019. "Knowledge quality, innovation and firm performance: a study of knowledge transfer in SMEs," Small Business Economics, Springer, vol. 53(1), pages 145-164, June.
    15. Aros, Susan K. & Gibbons, Deborah E., 2018. "Exploring communication media options in an inter-organizational disaster response coordination network using agent-based simulation," European Journal of Operational Research, Elsevier, vol. 269(2), pages 451-465.
    16. John R. Carlson & Joey F. George & Judee K. Burgoon & Mark Adkins & Cindy H. White, 2004. "Deception in Computer-Mediated Communication," Group Decision and Negotiation, Springer, vol. 13(1), pages 5-28, January.
    17. Denk, Maximilian & Khabyuk, Olexiy, "undated". "Wie relevant sind Chatbots als Kommunikations- und Marketinginstrument für Hochschulen? Konzeption und Akzeptanz eines Chatbot-Prototyps für den Master-Studiengang „Kommunikations-, Multimedia- und Ma," Duesseldorf Working Papers in Applied Management and Economics 52, Duesseldorf University of Applied Sciences.
    18. Naim Zierau & Christian Hildebrand & Anouk Bergner & Francesc Busquet & Anuschka Schmitt & Jan Marco Leimeister, 2023. "Voice bots on the frontline: Voice-based interfaces enhance flow-like consumer experiences & boost service outcomes," Journal of the Academy of Marketing Science, Springer, vol. 51(4), pages 823-842, July.
    19. Taekyung Kim & Hwirim Jo & Yerin Yhee & Chulmo Koo, 2022. "Robots, artificial intelligence, and service automation (RAISA) in hospitality: sentiment analysis of YouTube streaming data," Electronic Markets, Springer;IIM University of St. Gallen, vol. 32(1), pages 259-275, March.
    20. Jeanine Warisse Turner & N. Lamar Reinsch, 2010. "Successful and unsuccessful multicommunication episodes: Engaging in dialogue or juggling messages?," Information Systems Frontiers, Springer, vol. 12(3), pages 277-285, July.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:gjorer:v:7:y:2021:i:1:d:10.1365_s41056-020-00049-x. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.