Followers beat content: social media and the managers in initial coin offerings (ICOs)

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dc.contributor.authorGartner, Johannes
dc.contributor.authorMoro, Andrea
dc.date.accessioned2024-08-27T12:24:36Z
dc.date.available2024-08-27T12:24:36Z
dc.date.freetoread2024-08-27
dc.date.issued2025-04
dc.date.pubOnline2024-07-22
dc.description.abstractOur research investigates the role of social media communication in amplifying high-quality information and its impact on the success of ICOs in achieving their soft cap. We analyzed data from 3,644 ICOs and the demographics of 1,987 CEOs, CFOs, and CTOs to compare their quality attributes against their number of social media followers. Our findings reveal that the most significant factors for reaching the soft cap are the number of followers and team size, while the competencies (education and skills) of the management team have a very marginal effect, even when enhanced through social media. This indicates that widespread social media signals can positively influence investor behavior without necessarily reducing information asymmetries regarding the quality of the team. We propose that this effect arises from the combination of minimal investment amounts and stimulated herding behavior among investors.
dc.description.journalNameReview of Managerial Science
dc.format.extent1229-1256
dc.identifier.citationGartner J, Moro A. (2025) Followers beat content: social media and the managers in initial coin offerings (ICOs). Review of Managerial Science, Volume 19, Issue 4, April 2025, pp. 1229-1256
dc.identifier.eissn1863-6691
dc.identifier.elementsID551982
dc.identifier.issn1863-6683
dc.identifier.issueNo4
dc.identifier.urihttps://doi.org/10.1007/s11846-024-00790-w
dc.identifier.urihttps://dspace.lib.cranfield.ac.uk/handle/1826/22820
dc.identifier.volumeNo19
dc.languageEnglish
dc.language.isoen
dc.publisherSpringer
dc.publisher.urihttps://link.springer.com/article/10.1007/s11846-024-00790-w
dc.rightsAttribution 4.0 Internationalen
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subject35 Commerce, Management, Tourism and Services
dc.subject3507 Strategy, Management and Organisational Behaviour
dc.subject35 Commerce, management, tourism and services
dc.titleFollowers beat content: social media and the managers in initial coin offerings (ICOs)
dc.typeArticle
dcterms.dateAccepted2024-07-08

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