The New Tokenomics of Crowdfunding

Alexander, Carol; Dakos, Michael

doi:10.2139/ssrn.4243968

Cited by 2 publications

(2 citation statements)

References 57 publications

(101 reference statements)

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“…Digitalization introduces unique aspects necessitating updates to existing theories, as identified by the fourth approach. Alexander and Dakos (2024) address this by reviewing the literature on blockchain finance within the context of entrepreneurial finance and signalling theory. Focusing on initial coin offerings, the paper explores how various token offering and venture characteristics serve as signals, reducing information asymmetry between ventures and prospective investors.…”

Section: Contemporary Research On Digitalization and Resource Mobiliz...mentioning

confidence: 99%

Digitalization and Resource Mobilization

Inceoglu,

Vanacker,

Vismara

2024

British J of Management

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Digitalization can profoundly change resource mobilization, including the search, access and governance of resources. In this introductory paper to the Special Issue on Digitalization and Resource Mobilization, we review existing research to identify different approaches towards digitalization, different conceptualizations of what resources are in this context and different aspects of resource mobilization across studies and theories. Drawing on these insights, we illustrate contemporary research examples and outline the way forward for two research streams focusing on resource mobilization in a digital context – specifically, the crowdfunding and human resources literature. We conclude by proposing four new areas to further advance the field.

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Section: Contemporary Research On Digitalization and Resource Mobiliz...mentioning

confidence: 99%

Digitalization and Resource Mobilization

Inceoglu,

Vanacker,

Vismara

2024

British J of Management

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“…A Scopus search yields 136 papers on determinants of success, 65% of which were published between 2020 and 2022. 3 The theoretical frameworks underpinning token offering fundraising success are rooted in the entrepreneurial finance literature -see, for example, Cumming and Hornuf (2018) and Cumming and Johan (2020) for a detailed analysis and also the more extensive review in Alexander and Dakos (2022), an earlier 'working paper' version of the present paper. These success factors primarily concern the mitigation of asymmetric information for prospective investors.…”

Section: Hypothesis Development and Related Literaturementioning

confidence: 99%

The New Tokenomics of Crowdfunding

Alexander,

Dakos

2023

British J of Management

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Whether proxied by the amount raised or the probability that this amount exceeds the soft cap, the factors driving the fundraising success of token offerings have changed considerably over the past 4 years. Possible factors include target market capitalization for the token, genuine signals of the venture's public credibility, price and momentum of ether, domicile of the venture and distribution of the token. There is a large previous literature on this topic, rooted in the entrepreneurial finance and crowdfunding literature, with numerous hypotheses based on signalling theory in its broadest sense. But due to substantial differences in samples, which end before 2020, the results are not only mixed but out of date. We have built the largest and most complete dataset on token offerings, spanning 2017 and 2022. The determinants of the amount raised were robust to different subsamples until the market virtually disappeared during the Covid pandemic. But it resumed in early 2021 and within 12 months had reached an all‐time high in terms of number if not market capitalization of new offerings. During this period the market changed completely, with success now depending mostly on the type of token offering and the choice of launchpad platform.

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The New Tokenomics of Crowdfunding

Cited by 2 publications

References 57 publications

Digitalization and Resource Mobilization

Digitalization and Resource Mobilization

The New Tokenomics of Crowdfunding

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