IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-04273865.html
   My bibliography  Save this paper

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

Author

Listed:
  • Muhammad Farooq Ahmad

    (SKEMA Business School - SKEMA Business School)

  • Oskar Kowalewski

    (LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - Université de Lille - CNRS - Centre National de la Recherche Scientifique)

  • Paweł Pisany

    (PAN - Polska Akademia Nauk = Polish Academy of Sciences = Académie polonaise des sciences)

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.

Suggested Citation

  • Muhammad Farooq Ahmad & Oskar Kowalewski & Paweł Pisany, 2023. "What determines initial coin offering success: a cross-country study," Post-Print hal-04273865, HAL.
    • Handle: RePEc:hal:journl:hal-04273865
    DOI: 10.1080/10438599.2021.1982712
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. José Campino & Ana Brochado & Álvaro Rosa, 2022. "Initial coin offerings (ICOs): Why do they succeed?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-35, December.
    2. An, Jiafu & Hou, Wenxuan & Liu, Xianda, 2022. "Historical Determinants of Fintech Development: Evidence from Initial Coin Offerings," Finance Research Letters, Elsevier, vol. 46(PB).

    More about this item

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

    Statistics

    Access and download statistics

    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:hal:journl:hal-04273865. 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.

    We have no bibliographic references for this item. You can help adding them by using 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: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    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.