Pick the Odd-ones Out! Conferring Legitimacy of Initial Coin Offeri...

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Pick the Odd-Ones Out!
Conferring Legitimacy Of
Initial Coin Offerings By
Distinction
Authors: Shahid M.N. & Jungpil Hahn

Outline
2
Introduction
Motivation
Hypotheses and Measures
Data Sources
Methodology
Results
Contributions

Introduction
Let’s begin here.
1
3

Initial Coin Offerings (ICOs)
and Entrepreneurial Ventures
4
◉ Initial Coin Offerings are a popular new venture financing
...

“
Legitimacy is a generalized
perception or assumption that the
actions of an entity are desirable,
proper, or appropriate...

Legitimacy Indicators
6
Entrepreneuri
al ventures
Venture
Financing
Established
organizations
Crowdfunding
Institutional
I...

Legitimacy
7
◉
Why is legitimacy important?
Long – term
survival (Suchman
1995; Guo 2012)
Social
appropriateness
(Suchma...

“
How can legitimacy of ICO ventures be
conferred?
8

Cultural Entrepreneurship
Theory and Signaling Theory
9
○ We employ two theories in our study:
■ Cultural entrepreneurship...

Cultural Entrepreneurship
Theory and Signaling Theory
10
○ Distinctiveness of Entrepreneurial storytelling: The
degree to ...

“
Can distinctive entrepreneurial stories
convey ICO venture’s legitimacy to the
resource-providing audiences?
11

Concepts Summary
12
Entrepreneurial ventures (a.k.a.
ICO ventures)
New ventures seeking resources
through ICOs.
Legitimacy...

Motivation
Let’s look into our motivation for this research.
2
13

Motivation (1)
14
Extant Theory/Assumption
(s)
Reason (s) Argument (s)
Distinctiveness counteracts
the attainment of legit...

Motivation (2)
15
Extant Theory/Assumption
(s)
Reason (s) Argument (s)
Established organizations
remained the context of e...

Motivation (3)
16
Extant Theory/Assumption
(s)
Reason (s) Argument (s)
The extant literature
conceptualizes legitimacy
fro...

Motivation (4)
17
Extant Theory/Assumption
(s)
Reason (s) Argument (s)
Traditional media is
conceptualized as an agenda
se...

Motivation (5)
18
Social
Non-financial
• Ventures gain
legitimacy
(normative)
(Suchman 1995;
Aldrich and Fiol
1994), when
...

Motivation (5)
19
Economic
Ecological
Social
Non-financial
Non-financial
• Audiences set
expectations along
multiple vecto...

Hypotheses and
Measures
Let’s talk about our hypotheses and measurement of variables.
3
20

Measure: Dependent Variable
◉ Legitimacy is a nebulous construct and
difficult to measure directly (Deephouse &
Suchman 20...

Control Variables
22
Control
level
Variable Name Description
Project
Venture age, Raised
Amount, Valuation,
Oversubscribed...

Independent Variables:
Entrepreneurial Storytelling
Attributes
23
Distinctiveness
Degree to which an
entrepreneurial story...

Theoretical Model
24
Figure 2a.
Research model (H1 & H2)
Entrepreneurial
Storytelling
Distinctiveness
Contribution
Claim...

Theoretical Model
25
• The positive effects of
legitimacy are bounded, so
ventures will benefit from any
source of legitim...

Measure: Independent
Variables
◉ Distinctiveness
○ Identify deviation between prototypical content and entrepreneurial sto...

Online Media
◉ Entrepreneurial ventures strategically manage online media by
keeping a volume and frequency of online enga...

Theoretical Model
28
Figure 2c.
Research model (H4 & H5)
Entrepreneurial
Storytelling
Distinctiveness
Contribution
Claim...

Market Category Viability
29
Zone of
Viability
Risk of
isolation
Risk of
absorption
Risk of
attenuation
Risk of
fragmentat...

Theoretical Model
30
Figure 2d.
Research model
Entrepreneurial
Storytelling
Distinctiveness
Contribution
Claims
Market C...

Hypotheses Summary
Hypotheses
H1 Distinctiveness positively affects the judgements about legitimacy of an ICO venture.
H2 ...

Data Sources
This section briefly explains data sources.
4
32

Data Sources
◉ Data on 306 (272 after cleaning) ICOs is collected across 29
categories.
○ Project descriptions, Categories...

Method
In this section we discuss operationalization of constructs, dependent
and independent variables.
6
34

Method
◉
Several OLS regressions using Python packages that includes Pandas,
NumPy, StatsModels, and MatPlotLib.
◉ We us...

Descriptive Statistics
36
*After
logarithmic
transformation,
**After
orthogonalization.
Variable Mean Median Min Max Std
I...

Results
This section shows initial results.
7
37

Preliminary Results
38
N=272;
*p<0.05,
**
p<0.01,
***
p<0.001
Model 1 (H1, H2) Model 2 (H3) Model 3 (H4) Model 4 (H5) Mode...

Preliminary Results
39
N=272;
*p<0.05,
**
p<0.01,
***
p<0.001
Model 1 (H1, H2) Model 2 (H3) Model 3 (H4) Model 4 (H5) Mode...

Preliminary Results
40
N=272;
*p<0.05,
**
p<0.01,
***
p<0.001
Model 1 (H1, H2) Model 2 (H3) Model 3 (H4) Model 4 (H5) Mode...

Preliminary Results
41
N=272;
*p<0.05,
**
p<0.01,
***
p<0.001
Model 1 (H1, H2) Model 2 (H3) Model 3 (H4) Model 4 (H5) Mode...

Preliminary Results
42
N=272;
*p<0.05,
**
p<0.01,
***
p<0.001
Model 1 (H1, H2) Model 2 (H3) Model 3 (H4) Model 4 (H5) Mode...

Summary
Hypotheses OLS Model
Supported/Not
Supported
H1: Distinctiveness positively affects the judgements about legitimac...

Robustness Checks
◉ Adding a squared term to model 1 showed a significant negative effect
on underpricing for a u-shaped r...

Contributions
Here is a list of contributions.
8
45

Contributions
◉ Our study advances the “optimal distinctiveness” proposition to the
ICOs context and characterizes it as a...

Contributions
◉ We introduce the dichotomous role of online media.
○ Can act as a strategic device similar to traditional ...

Any questions ?
You can find me at
◉ nauman@u.nus.edu
Thanks!
48

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