Motives and profiles of ICO investors

Fisch Christian; Masiak Christian; Vismara Silvio; Block Joern

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Motives and profiles of ICO investors

机译：ICO投资者的动机和档案

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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.

机译：初始硬币产品（ICOS）的研究已加入并从企业和监管机构的角度下评估ICOS。对于为ICOS提供资金的同样重要的投资者而言，众所周知。使用517 ICO投资者的主要数据集，我们将使用因子分析识别和分类为ICOS投资的动机。我们发现投资者受到思想，技术和金融动机的推动。关于动机的相对重要性，我们发现技术动机是ICO投资者最重要的动机，其次是财务和思想动机。为了进一步介绍投资者，我们进行了回归分析，以区分投资者在不同的动机中。例如，我们在投资者风险感知，信息来源和对严格监管的需求方面表现出显着差异。这项研究对理论和实践的影响是相当大的。

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来源
《Journal of Business Research》 |2021年第3期|564-576|共13页
作者
Fisch Christian; Masiak Christian; Vismara Silvio; Block Joern;
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作者单位

Trier Univ Fac Management D-54296 Trier Germany|Erasmus Univ Erasmus Sch Econ POB 1738 NL-3000 DR Rotterdam Netherlands|Erasmus Univ Erasmus Inst Management ERIM POB 1738 NL-3000 DR Rotterdam Netherlands;

Trier Univ Fac Management D-54296 Trier Germany;

Univ Bergamo Dept Management Informat & Prod Engn Viale Marconi 5 I-24044 Dalmine Italy|Univ Ghent Dept Accountancy & Corp Finance Sint Pieterspl 7 B-9000 Ghent Belgium;

Trier Univ Fac Management D-54296 Trier Germany|Erasmus Univ Erasmus Sch Econ POB 1738 NL-3000 DR Rotterdam Netherlands|Erasmus Univ Erasmus Inst Management ERIM POB 1738 NL-3000 DR Rotterdam Netherlands;

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Motives and profiles of ICO investors

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