全球思维，全球资金：发展中经济体的国际高层管理和ICO融资

IF 10.9 1区管理学 Q1 ENGINEERING, INDUSTRIAL

Technovation Pub Date : 2025-09-06 DOI:10.1016/j.technovation.2025.103356

Tingting Zhu , Andrea Moro , Johannes Gartner , Elmar Puntaier , Solomon Akele Abebe

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引用次数: 0

摘要

利用资源基础观点（RBV），我们的研究考察了发展中国家背景下c级管理团队构成如何影响通过首次代币发行（ico）筹集资金。利用458个ico的数据集和Probit回归分析，我们发现，由国际多元化管理团队领导的天生数字化的企业吸引了更多的资本，因为投资者将多样性与卓越的创业技能和有价值的隐性知识联系在一起。此外，拥有一位具有丰富创业经验的外国首席执行官，可以帮助投资者区分出可信、有能力的团队，从而进一步增强投资者的信心。我们的研究结果通过显示管理多样性和技能组合在投资者筛选过程中脱颖而出，从而有助于RBV。我们讨论了对发展中国家的政策制定者、投资者和当地企业家的影响。

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

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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来源期刊

Technovation 管理科学-工程：工业

CiteScore

15.10

自引率

11.20%

发文量

208

审稿时长

91 days

期刊介绍： The interdisciplinary journal Technovation covers various aspects of technological innovation, exploring processes, products, and social impacts. It examines innovation in both process and product realms, including social innovations like regulatory frameworks and non-economic benefits. Topics range from emerging trends and capital for development to managing technology-intensive ventures and innovation in organizations of different sizes. It also discusses organizational structures, investment strategies for science and technology enterprises, and the roles of technological innovators. Additionally, it addresses technology transfer between developing countries and innovation across enterprise, political, and economic systems.