Blockchain, DLT, and Fintech
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Paper Number
1868
Paper Type
Completed
Description
This study is an examination of initial coin offerings (ICOs), a new form of investment, using a fairly comprehensive dataset of 4,380 ICOs operating from 2017 to 2019. Specifically, we study whether ICO project creators’ decisions on remaining in or leaving the countries of origin are affected by the ICO policy status of countries. Findings indicate that countries having ICO regulations are more likely to both retain and attract ICO projects. The effects are stronger for high-quality projects that value long-term stability than low-quality projects that may be fraudulent. The findings have implications for ICO regulators and startups by enhancing understandings of conditions that will retain and attract ICO projects.
Recommended Citation
Zhou, Yingxin and Kim, Keongtae, "How Regulations Affect Startup Locations: Evidence from Initial Coin Offerings" (2021). ICIS 2021 Proceedings. 10.
https://aisel.aisnet.org/icis2021/fintech/fintech/10
How Regulations Affect Startup Locations: Evidence from Initial Coin Offerings
This study is an examination of initial coin offerings (ICOs), a new form of investment, using a fairly comprehensive dataset of 4,380 ICOs operating from 2017 to 2019. Specifically, we study whether ICO project creators’ decisions on remaining in or leaving the countries of origin are affected by the ICO policy status of countries. Findings indicate that countries having ICO regulations are more likely to both retain and attract ICO projects. The effects are stronger for high-quality projects that value long-term stability than low-quality projects that may be fraudulent. The findings have implications for ICO regulators and startups by enhancing understandings of conditions that will retain and attract ICO projects.
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