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Global minds, global funds : International top management and ICO fundraising in developing economies

Zhu, Tingting ; Moro, Andrea LU ; Gartner, Johannes LU ; Puntaier, Elmar and Abebe, Solomon Akele LU (2026) In Technovation 149.
Abstract

Drawing on the Resource-Based View (RBV), our study examines how C-level management team composition influences fundraising through Initial Coin Offerings (ICOs) in the context of developing countries. Using a dataset of 458 ICOs and Probit regression analyses, we find that born-digital ventures led by internationally diverse management teams attract more capital, as investors associate diversity with superior entrepreneurial skills and valuable tacit knowledge. Moreover, having a foreign CEO with strong entrepreneurial experience further increases investor confidence by helping investors to distinguish credible, competent teams. Our findings contribute to the RBV by showing that managerial diversity and skillsets stand out during an... (More)

Drawing on the Resource-Based View (RBV), our study examines how C-level management team composition influences fundraising through Initial Coin Offerings (ICOs) in the context of developing countries. Using a dataset of 458 ICOs and Probit regression analyses, we find that born-digital ventures led by internationally diverse management teams attract more capital, as investors associate diversity with superior entrepreneurial skills and valuable tacit knowledge. Moreover, having a foreign CEO with strong entrepreneurial experience further increases investor confidence by helping investors to distinguish credible, competent teams. Our findings contribute to the RBV by showing that managerial diversity and skillsets stand out during an investor's screening process. We discuss implications for policymakers, investors and local entrepreneurs in developing countries.

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author
; ; ; and
organization
publishing date
type
Contribution to journal
publication status
published
subject
keywords
Born-digital firms, Developing countries, Entrepreneurial finance, Initial coin offering, Management teams, Resource-based view, Screening
in
Technovation
volume
149
article number
103356
publisher
Elsevier
external identifiers
  • scopus:105015047503
ISSN
0166-4972
DOI
10.1016/j.technovation.2025.103356
language
English
LU publication?
yes
id
6899dc46-8a81-44d0-8f58-3ee46caca4cf
date added to LUP
2025-10-02 10:11:47
date last changed
2025-10-02 10:12:26
@article{6899dc46-8a81-44d0-8f58-3ee46caca4cf,
  abstract     = {{<p>Drawing on the Resource-Based View (RBV), our study examines how C-level management team composition influences fundraising through Initial Coin Offerings (ICOs) in the context of developing countries. Using a dataset of 458 ICOs and Probit regression analyses, we find that born-digital ventures led by internationally diverse management teams attract more capital, as investors associate diversity with superior entrepreneurial skills and valuable tacit knowledge. Moreover, having a foreign CEO with strong entrepreneurial experience further increases investor confidence by helping investors to distinguish credible, competent teams. Our findings contribute to the RBV by showing that managerial diversity and skillsets stand out during an investor's screening process. We discuss implications for policymakers, investors and local entrepreneurs in developing countries.</p>}},
  author       = {{Zhu, Tingting and Moro, Andrea and Gartner, Johannes and Puntaier, Elmar and Abebe, Solomon Akele}},
  issn         = {{0166-4972}},
  keywords     = {{Born-digital firms; Developing countries; Entrepreneurial finance; Initial coin offering; Management teams; Resource-based view; Screening}},
  language     = {{eng}},
  publisher    = {{Elsevier}},
  series       = {{Technovation}},
  title        = {{Global minds, global funds : International top management and ICO fundraising in developing economies}},
  url          = {{http://dx.doi.org/10.1016/j.technovation.2025.103356}},
  doi          = {{10.1016/j.technovation.2025.103356}},
  volume       = {{149}},
  year         = {{2026}},
}