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Followers beat content: social media and the managers in initial coin offerings (ICOs)

Author

Listed:
  • Johannes Gartner

    (Delft University of Technology)

  • Andrea Moro

    (Cranfield University)

Abstract

Our research investigates the role of social media communication in amplifying high-quality information and its impact on the success of ICOs in achieving their soft cap. We analyzed data from 3,644 ICOs and the demographics of 1,987 CEOs, CFOs, and CTOs to compare their quality attributes against their number of social media followers. Our findings reveal that the most significant factors for reaching the soft cap are the number of followers and team size, while the competencies (education and skills) of the management team have a very marginal effect, even when enhanced through social media. This indicates that widespread social media signals can positively influence investor behavior without necessarily reducing information asymmetries regarding the quality of the team. We propose that this effect arises from the combination of minimal investment amounts and stimulated herding behavior among investors.

Suggested Citation

  • Johannes Gartner & Andrea Moro, 2025. "Followers beat content: social media and the managers in initial coin offerings (ICOs)," Review of Managerial Science, Springer, vol. 19(4), pages 1229-1256, April.
    • Handle: RePEc:spr:rvmgts:v:19:y:2025:i:4:d:10.1007_s11846-024-00790-w
    DOI: 10.1007/s11846-024-00790-w
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