Decentralized autonomous organizations: The new global digital venture capital

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2024-11-26 DOI:10.1016/j.ribaf.2024.102671

Ilan Alon , Andreas Sauge Berthelsen , Espen Bjellerås , Bernardo Silva-Rêgo

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引用次数: 0

Abstract

What makes a decentralized autonomous organization (DAO)-based venture capital (VC) whitepaper trustworthy? We conducted a content analysis of 10 prominent DAO VC whitepapers to identify the relevant components that promote investors’ trust. Our findings show that there are 10 key components that can do so: registration, permissioned access, token-based voting, staking, separation of strategic and operational votes, duration of dynamic voting, adaptive quorum systems, "rage quit" mechanisms, organizational support structures, and comprehensive whitepaper sections. Our findings make two contributions to VC studies. First, we illuminate how blockchain technology fosters trust within the investment ecosystem, potentially mitigating the information asymmetries and opportunistic behavior prevalent in traditional VC settings. Second, we highlight the potential of blockchain-based DAO VCs to democratize access to capital and address resource imbalances. Hence, the availability of a clear, informative whitepaper plays an important role in improving the DAO VCs’ transparency, increasing access to the resources needed for informed decision-making, and improving the trust of prospective investors in this new investment vehicle.

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分散的自治组织：新的全球数字风险投资

基于去中心化自治组织（DAO）的风险投资（VC）白皮书值得信赖的原因是什么？我们对10份著名的DAO VC白皮书进行了内容分析，以找出促进投资者信任的相关成分。我们的研究结果表明，有10个关键组成部分可以做到这一点：注册、许可访问、基于令牌的投票、股权、战略和操作投票的分离、动态投票的持续时间、自适应法定人数系统、“愤怒退出”机制、组织支持结构和全面的白皮书部分。我们的发现对风险投资研究有两个贡献。首先，我们阐明区块链技术如何在投资生态系统中培养信任，潜在地减轻传统风险投资环境中普遍存在的信息不对称和机会主义行为。其次，我们强调了基于区块链的DAO风险投资在实现资本获取民主化和解决资源失衡方面的潜力。因此，一份清晰、信息丰富的白皮书在提高DAO风险投资的透明度、增加获得知情决策所需资源的机会以及提高潜在投资者对这种新投资工具的信任方面发挥着重要作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance