Neue Publikation im Journal of Business Research: "Motives and profiles of ICO investors"

Der Artikel "Motives and profiles of ICO investors" wurde im Journal of Business Research zur Publikation angenommen. Die Autoren des Artikels sind Christian Fisch (Professur für Unternehmensführung), Christian Masiak (ehemaliger Doktorand an der Professur für Unternehmensführung), Silvio Vismara (Universität Bergamo) und Jörn Block (Professur für Unternehmensführung).

Abstract: Research on initial coin offerings (ICOs) is nascent and assesses ICOs from the perspectives of ventures and regulators. Little is known about the equally important group of investors who provide their capital to ventures in ICOs. Using a primary dataset of 517 ICO investors, we identify and categorize the motivations to invest in ICOs using factor analysis. We find that investors are driven by ideological, technological, and financial motives. Regarding the relative importance of the motives, we find that technological motives are the most important motives to ICO investors, followed by financial and ideological motives. To further profile investors, we conduct a regression analysis to distinguish investors across different motives. For example, we show significant differences across motives with regard to investors' risk perception, sources of information, and demand for strict regulation. The implications of this study for both theory and practice are considerable.

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Working Paper Version:ResearchGate