Table 5.
Determinants of the number of contributors
| (1) | (2) | (3) | (4) | (5) | (6) | |
|---|---|---|---|---|---|---|
| Has a presale |
0.630** (2.22) |
0.741** (2.24) |
0.563 (1.28) |
|||
| Ln(presale amount) (USDm) |
0.040 (0.20) |
0.028 (0.14) |
− 0.130 (− 0.43) |
|||
| Use of proceeds mentioned |
− 0.251 (− 0.99) |
0.123 (0.34) |
− 0.334 (− 1.17) |
− 0.247 (− 0.51) |
− 0.199 (− 0.73) |
− 0.050 (− 0.07) |
| Offshore incorporation |
0.229 (0.70) |
− 0.319 (− 0.50) |
0.204 (0.56) |
− 0.463 (− 0.84) |
1.721** (2.35) |
2.196 (1.40) |
| Legal form and jurisdiction known |
− 0.061 (− 0.12) |
− 1.251 (− 1.35) |
− 0.003 (0.56) |
− 1.119 (− 1.24) |
− 0.700 (− 1.02) |
− 1.996* (− 2.07) |
| Legal advisor disclosed |
0.018 (0.06) |
− 0.052 (− 0.12) |
0.013 (0.04) |
− 0.351 (− 0.66) |
0.059 (0.19) |
− 0.116 (− 0.18) |
| Is a security | − 0.819** | − 1.139** | − 0.941** | − 0.938* | − 1.003** | − 1.291 |
| (− 2.05) | (− 2.32) | (− 2.13) | (− 1.75) | (− 2.12) | (− 1.61) | |
| (− 1.98) | (− 1.92) | (− 1.58) | (− 1.18) | (− 1.83) | (− 1.17) | |
| Team lockup period |
0.287* (1.91) |
0.278* (1.81) |
0.268 (1.50) |
0.238 (1.02) |
0.208 (0.89) |
0.481 |
| Product or prototype |
0.343 (1.39) |
0.248 (0.78) |
0.249 (0.91) |
0.218 (0.56) |
0.307 (1.20) |
0.237 (0.55) |
| High-quality advisory team |
0.346 (1.59) |
0.136 (0.40) |
0.237 (0.98) |
0.021 (0.06) |
0.309 (1.23) |
− 0.072 (− 0.18) |
| KYC/AML procedure |
0.641*** (2.73) |
0.557* (1.93) |
0.634*** (2.82) |
0.680** (2.29) |
0.567** (2.64) |
0.642* (1.79) |
| Has VC backing |
0.169 (0.50) |
0.343 (0.84) |
0.176 (0.48) |
0.261 (0.56) |
0.100 (0.23) |
0.374 (0.49) |
| Ln(Hard cap size) (USDm) |
0.745*** (4.69) |
0.744** (2.32) |
0.832*** (4.04) |
0.872** (2.53) |
0.737*** (3.24) |
0.975* (1.77) |
| Month-year FE | Yes | Yes | Yes | Yes | Yes | Yes |
| Industry FE | No | No | Yes | Yes | Yes | Yes |
| Country-FE | No | No | No | No | Yes | Yes |
| N | 92 | 57 | 92 | 57 | 92 | 57 |
| R2 | 0.57 | 0.55 | 0.60 | 0.63 | 0.69 | 0.79 |
The table shows regression results of an ordinary least squares regression of the number of ICO contributors on ICO characteristics. We exclude ICOs for which we cannot identify with certainty from which Ethereum address the tokens have been initially distributed. Furthermore, transfers where the amount transferred is worth less than 50 USD or where the receiving address holds more than 10% of the total token supply are excluded. All variables are defined in “Appendix 2.” Columns 3 and 4 include seven industry fixed effects for the following industries: Blockchain Infrastructure, Entertainment, Finance, Payments, Trading and Exchanges, Business Services and Other Software. For the estimation of country fixed effects in columns 5 and 6, countries with less than five observations have been grouped into the categories “Other European,” “Other Asian,” “Other Americas” and “Other Rest of World.” Dependent and independent variables have been winsorized at the 1 and 99% level. T-statistics calculated from robust standard errors are listed in parentheses below the coefficients. One, two and three asterisks indicate statistical significance at the 10, 5 and 1% level, respectively