Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/287475 
Year of Publication: 
2021
Citation: 
[Journal:] Journal of Business Economics [ISSN:] 1861-8928 [Volume:] 91 [Issue:] 8 [Publisher:] Springer [Place:] Berlin, Heidelberg [Year:] 2021 [Pages:] 1085-1124
Publisher: 
Springer, Berlin, Heidelberg
Abstract: 
Initial coin offerings have recently become one of the most important funding resources for ventures in the blockchain area. However, often ventures do not rely solely on initial coin offerings as funding source but receive also investments from more established investors prior or during their initial coin offering. In particular, blockchain related ventures have drawn the attention of (corporate) venture capitalists but only less is known on the interplay of these different funding sources and their influence on initial coin offerings as well as on ventures' further development. Based on the signaling theory as well as the resource-based-view our empirical study find that venture capital investors as well as corporate venture capital investors have a significantly positive effect on initial coin offerings. Further, we find that the reputation, the time of treatment as well as the specialization of investors have a positive influence on the initial coin offering. Finally, our results indicate that the positive effect of venture capital investors as well as the specialization of an investor continues to influence blockchain based ventures' success in the mid-term.
Subjects: 
Blockchain
ICO
Venture capital
Corporate venture capital
Cryptocurrency
Distributed ledger
Digital tokens
JEL: 
G10
G20
G24
G32
D82
L26
O30
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

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