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The Success Factors of Initial Coin Offerings in Startup Financing
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Author(s): Lemsi Meriem (Higher Institute of Management, Gabes, Tunisia)and Jamel Eddine Henchiri (Higher Institute of Management, Gabes, Tunisia)
Copyright: 2024
Pages: 14
Source title:
Decentralized Finance and Tokenization in FinTech
Source Author(s)/Editor(s): Luan Vardari (University "Ukshin Hoti" Prizren, Kosovo)and Isuf Qabrati (University "Ukshin Hoti" Prizren, Kosovo)
DOI: 10.4018/979-8-3693-3346-4.ch015
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Abstract
In recent years, with the creation of blockchain technology, the concept of initial coin offering (ICO) has become a new form of crowdfunding in the innovative world of cryptocurrency, offering new opportunities to startups. Indeed, a startup that wishes to develop or realize a project has the choice between two types of financing: internal financing through its own resources and external financing from lenders or shareholders. Over the past five years, finance researchers have begun studying the characteristics of the ICO market and comparing them to conventional forms of corporate finance in order to identify its specific features and determinants of success. The authors used R Studio software to develop our econometric model and conduct several tests. They regress the econometric model: Log(funds) = α + β1(hardcap) + β2(tokens) + β3(bonus) + β4(members) + ∈ using the ordinary least squares (OLS) method to test the hypotheses on the sample of 100 startups.
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