{"id":"https://openalex.org/W4387974707","doi":"https://doi.org/10.1111/1467-8551.12772","title":"The New Tokenomics of Crowdfunding","display_name":"The New Tokenomics of Crowdfunding","publication_year":2022,"publication_date":"2022-01-01","ids":{"openalex":"https://openalex.org/W4387974707","doi":"https://doi.org/10.1111/1467-8551.12772"},"language":"en","primary_location":{"id":"doi:10.1111/1467-8551.12772","doi":"https://doi.org/10.1111/1467-8551.12772","is_oa":true,"landing_page_url":"https://doi.org/10.1111/1467-8551.12772","pdf_url":null,"source":{"id":"https://openalex.org/S184126201","display_name":"British Journal of Management","issn_l":"1045-3172","issn":["1045-3172","1467-8551"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-3","norway-2","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"British Journal of Management","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://doi.org/10.1111/1467-8551.12772","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5078084812","display_name":"Carol Alexander","orcid":"https://orcid.org/0000-0003-1247-0184","observed_orcids":["https://orcid.org/0000-0003-1247-0184"]},"institutions":[{"id":"https://openalex.org/I162608824","display_name":"University of Sussex","ror":"https://ror.org/00ayhx656","country_code":"GB","type":"education","lineage":["https://openalex.org/I162608824"]}],"countries":["GB"],"is_corresponding":true,"raw_author_name":"Carol Alexander","raw_affiliation_strings":["University of Sussex Business School, Falmer, Sussex, BN1 6SL UK"],"raw_orcid":"https://orcid.org/0000-0003-1247-0184","affiliations":[{"raw_affiliation_string":"University of Sussex Business School, Falmer, Sussex, BN1 6SL UK","institution_ids":["https://openalex.org/I162608824"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5005639807","display_name":"Michael Dakos","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I162608824","display_name":"University of Sussex","ror":"https://ror.org/00ayhx656","country_code":"GB","type":"education","lineage":["https://openalex.org/I162608824"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Michael Dakos","raw_affiliation_strings":["University of Sussex Business School, Falmer, Sussex, BN1 6SL UK"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Sussex Business School, Falmer, Sussex, BN1 6SL UK","institution_ids":["https://openalex.org/I162608824"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5078084812"],"corresponding_institution_ids":["https://openalex.org/I162608824"],"apc_list":{"value":3600,"currency":"USD","value_usd":3600},"apc_paid":{"value":3600,"currency":"USD","value_usd":3600},"fwci":2.8829,"has_fulltext":false,"cited_by_count":14,"citation_normalized_percentile":{"value":0.91395357,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":95,"max":98},"biblio":{"volume":"35","issue":"2","first_page":"644","last_page":"662"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.00139999995008111,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/token-offerings","display_name":"token offerings","score":0.8259999752044678},{"id":"https://openalex.org/keywords/crowdfunding","display_name":"crowdfunding","score":0.8349999785423279},{"id":"https://openalex.org/keywords/tokenomics","display_name":"tokenomics","score":0.7250000238418579},{"id":"https://openalex.org/keywords/fundraising-success","display_name":"fundraising success","score":0.8389999866485596},{"id":"https://openalex.org/keywords/signaling-theory","display_name":"signaling theory","score":0.7099999785423279},{"id":"https://openalex.org/keywords/cryptocurrency-market-capitalization","display_name":"cryptocurrency market capitalization","score":0.5400000214576721},{"id":"https://openalex.org/keywords/token-distribution","display_name":"token distribution","score":0.4699999988079071},{"id":"https://openalex.org/keywords/entrepreneurial-finance","display_name":"entrepreneurial finance","score":0.33899998664855957}],"concepts":[{"id":"https://openalex.org/C48145219","wikidata":"https://www.wikidata.org/wiki/Q1335365","display_name":"Security token","level":2,"score":0.7958196401596069},{"id":"https://openalex.org/C2779137862","wikidata":"https://www.wikidata.org/wiki/Q425951","display_name":"Capitalization","level":2,"score":0.6890575885772705},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5712219476699829},{"id":"https://openalex.org/C193445137","wikidata":"https://www.wikidata.org/wiki/Q471719","display_name":"Market capitalization","level":4,"score":0.5286783576011658},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.5017952919006348},{"id":"https://openalex.org/C2780224610","wikidata":"https://www.wikidata.org/wiki/Q1530061","display_name":"Credibility","level":2,"score":0.49124330282211304},{"id":"https://openalex.org/C60718061","wikidata":"https://www.wikidata.org/wiki/Q1414747","display_name":"Momentum (technical analysis)","level":2,"score":0.43529075384140015},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3441063165664673},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2424635887145996},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.17644640803337097},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.08813536167144775},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.0},{"id":"https://openalex.org/C41895202","wikidata":"https://www.wikidata.org/wiki/Q8162","display_name":"Linguistics","level":1,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1111/1467-8551.12772","doi":"https://doi.org/10.1111/1467-8551.12772","is_oa":true,"landing_page_url":"https://doi.org/10.1111/1467-8551.12772","pdf_url":null,"source":{"id":"https://openalex.org/S184126201","display_name":"British Journal of Management","issn_l":"1045-3172","issn":["1045-3172","1467-8551"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-3","norway-2","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"British Journal of Management","raw_type":"journal-article"},{"id":"doi:10.2139/ssrn.4243968","doi":"https://doi.org/10.2139/ssrn.4243968","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.4243968","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"SSRN Electronic Journal","raw_type":"journal-article"},{"id":"pmh:oai:figshare.com:article/24265681","doi":null,"is_oa":true,"landing_page_url":"https://figshare.com/articles/journal_contribution/The_new_tokenomics_of_crowdfunding/24265681","pdf_url":null,"source":{"id":"https://openalex.org/S4377196282","display_name":"Figshare","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4210132348","host_organization_name":"Figshare (United Kingdom)","host_organization_lineage":["https://openalex.org/I4210132348"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Text"}],"best_oa_location":{"id":"doi:10.1111/1467-8551.12772","doi":"https://doi.org/10.1111/1467-8551.12772","is_oa":true,"landing_page_url":"https://doi.org/10.1111/1467-8551.12772","pdf_url":null,"source":{"id":"https://openalex.org/S184126201","display_name":"British Journal of Management","issn_l":"1045-3172","issn":["1045-3172","1467-8551"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-2","jufo-3","norway-2","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"British Journal of Management","raw_type":"journal-article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"score":0.44999998807907104,"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":69,"referenced_works":["https://openalex.org/W2102045068","https://openalex.org/W2112256230","https://openalex.org/W2115747715","https://openalex.org/W2127566439","https://openalex.org/W2131569810","https://openalex.org/W2132723028","https://openalex.org/W2156109180","https://openalex.org/W2786501029","https://openalex.org/W2800979635","https://openalex.org/W2897981143","https://openalex.org/W2899781252","https://openalex.org/W2901378492","https://openalex.org/W2902334458","https://openalex.org/W2913098346","https://openalex.org/W2913415073","https://openalex.org/W2933521055","https://openalex.org/W2938911359","https://openalex.org/W2943784031","https://openalex.org/W2946445857","https://openalex.org/W2948873301","https://openalex.org/W2966915055","https://openalex.org/W2995630619","https://openalex.org/W2997460640","https://openalex.org/W3015789852","https://openalex.org/W3040460048","https://openalex.org/W3101560053","https://openalex.org/W3105314671","https://openalex.org/W3106854214","https://openalex.org/W3108605517","https://openalex.org/W3112795265","https://openalex.org/W3122061554","https://openalex.org/W3122431275","https://openalex.org/W3122782588","https://openalex.org/W3123605165","https://openalex.org/W3124303716","https://openalex.org/W3124658224","https://openalex.org/W3126006919","https://openalex.org/W3130170832","https://openalex.org/W3130827150","https://openalex.org/W3133875377","https://openalex.org/W3135583575","https://openalex.org/W3154253199","https://openalex.org/W3157666042","https://openalex.org/W3159312504","https://openalex.org/W3167812021","https://openalex.org/W3170213525","https://openalex.org/W3178594721","https://openalex.org/W3181443309","https://openalex.org/W3195370367","https://openalex.org/W3199362744","https://openalex.org/W3201092806","https://openalex.org/W3205328391","https://openalex.org/W3213497286","https://openalex.org/W4200483933","https://openalex.org/W4205564546","https://openalex.org/W4206967146","https://openalex.org/W4213025756","https://openalex.org/W4220677682","https://openalex.org/W4220848508","https://openalex.org/W4245890183","https://openalex.org/W4281656147","https://openalex.org/W4281778184","https://openalex.org/W4281997060","https://openalex.org/W4284959885","https://openalex.org/W4294042856","https://openalex.org/W4294883928","https://openalex.org/W4313530013","https://openalex.org/W4387974707","https://openalex.org/W4400155176"],"related_works":["https://openalex.org/W3207718040","https://openalex.org/W3124303716","https://openalex.org/W7169517585","https://openalex.org/W3180677666","https://openalex.org/W4232174014","https://openalex.org/W7065117683","https://openalex.org/W335906599","https://openalex.org/W4320014133","https://openalex.org/W6976616867","https://openalex.org/W4392437710"],"abstract_inverted_index":{"Abstract":[0],"Whether":[1],"proxied":[2],"by":[3],"the":[4,8,14,17,20,30,41,46,57,62,75,103,116,132,141,146,178,188,194],"amount":[5,12,133],"raised":[6,134],"or":[7],"probability":[9],"that":[10],"this":[11,71,176],"exceeds":[13],"soft":[15],"cap,":[16],"factors":[18,35],"driving":[19],"fundraising":[21],"success":[22,183],"of":[23,45,53,56,61,111,131,166,172,190,196],"token":[24,123,191],"offerings":[25],"have":[26,114],"changed":[27,180],"considerably":[28],"over":[29],"past":[31],"4":[32],"years.":[33],"Possible":[34],"include":[36],"target":[37],"market":[38,142,170,179],"capitalization":[39,171],"for":[40],"token,":[42],"genuine":[43],"signals":[44],"venture's":[47],"public":[48],"credibility,":[49],"price":[50],"and":[51,59,78,118,127,155,193],"momentum":[52],"ether,":[54],"domicile":[55],"venture":[58],"distribution":[60],"token.":[63],"There":[64],"is":[65],"a":[66],"large":[67],"previous":[68],"literature":[69],"on":[70,85,122,187],"topic,":[72],"rooted":[73],"in":[74,88,97,152,164],"entrepreneurial":[76],"finance":[77],"crowdfunding":[79],"literature,":[80],"with":[81,182],"numerous":[82],"hypotheses":[83],"based":[84],"signalling":[86],"theory":[87],"its":[89],"broadest":[90],"sense.":[91],"But":[92,149],"due":[93],"to":[94,137],"substantial":[95],"differences":[96],"samples,":[98],"which":[99],"end":[100],"before":[101],"2020,":[102],"results":[104],"are":[105],"not":[106,169],"only":[107],"mixed":[108],"but":[109],"out":[110],"date.":[112],"We":[113],"built":[115],"largest":[117],"most":[119],"complete":[120],"dataset":[121],"offerings,":[124],"spanning":[125],"2017":[126],"2022.":[128],"The":[129],"determinants":[130],"were":[135],"robust":[136],"different":[138],"subsamples":[139],"until":[140],"virtually":[143],"disappeared":[144],"during":[145],"Covid":[147],"pandemic.":[148],"it":[150],"resumed":[151],"early":[153],"2021":[154],"within":[156],"12":[157],"months":[158],"had":[159],"reached":[160],"an":[161],"all\u2010time":[162],"high":[163],"terms":[165],"number":[167],"if":[168],"new":[173],"offerings.":[174],"During":[175],"period":[177],"completely,":[181],"now":[184],"depending":[185],"mostly":[186],"type":[189],"offering":[192],"choice":[195],"launchpad":[197],"platform.":[198]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":5},{"year":2022,"cited_by_count":3}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2023-10-28T00:00:00"}
