The <scp>CEO</scp> beauty premium: Founder <scp>CEO</scp> attractiveness and firm valuation in initial coin offerings

Colombo, Massimo G.; Fisch, Christian; Momtaz, Paul P.; Vismara, Silvio

doi:10.1002/sej.1417

Cited by 44 publications

(22 citation statements)

References 111 publications

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“…Compliance with the platform's regulation also seems to increase the chances of reaching the soft cap (Amsden and Schweizer, 2018;Fisch, 2019), while technical and financial information regarding a project is found to have a greater impact than other soft information (Moro and Wang, 2020). Finally, past research has also explored the characteristics of the leading team (Amsden and Schweizer, 2018;Colombo et al, 2022;Howell et al, 2020;Momtaz, 2021;Philippi et al, 2021) and, in line with past research on start-ups (Bosma et al, 2004), business experience is found to be relevant. There is also a growing body of literature on the ex-post success of ICOs (Amsden and Schweizer, 2018;Roosenboom et al, 2020) suggesting that ICOs that disclose more information to investors and those that have a higher quality rating at the time of the campaign show stronger ex-post performance.…”

Section: Ico and Twittermentioning

confidence: 54%

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To Tweet or not to Tweet? The Determinants of Tweeting Activity in Initial Coin Offerings

Moro

Radic

Truong

2023

British J of Management

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Our research explores the causes of Twitter activity in highly technological start-ups that finance their activities via initial coin offerings (ICOs). By relying on weekly data of 297ICOs for the period 2015-2020 (35,459 observations), we examine how major exogenous events affect the number of tweets issued by the start-up. Then, we explore how the community of followers reacts to the tweets. We discover that events external to firms reduce ICOs' tweeting activity. Moreover, our evidence indicates that the followers' reaction is positively related to the tweets issued by the firm and negatively related to major events unrelated to the firm. Interestingly, followers' reaction has an inverted U-shaped relation with the firm's Twitter volume, suggesting that excessive Twitter activity can harm the further dissemination of tweets. Our results, robust to alternative estimation techniques, emphasize the important role of Twitter as an information disseminator, legitimizer, and endorser for highly opaque firms.

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Section: Ico and Twittermentioning

confidence: 54%

“…Finally, past research has also explored the characteristics of the leading team (Amsden and Schweizer, 2018; Colombo et al. , 2022; Howell et al. , 2020; Momtaz, 2021; Philippi et al.…”

Section: Background and Hypotheses Developmentmentioning

confidence: 99%

To Tweet or not to Tweet? The Determinants of Tweeting Activity in Initial Coin Offerings

Moro

Radic

Truong

2023

British J of Management

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“…To reduce possible regression bias due to sample self-selection, we further performed an endogeneity test using propensity score matching (PSM). According to Colombo et al (2022), firm size, founder age, education, and equity concentration are selected as confounding variables. In this paper, the samples are matched 1:4 under the nearest neighbour with replacement.…”

Section: Endogeneity Testmentioning

confidence: 99%

Technical founders, digital transformation and corporate technological innovation: empirical evidence from listed companies in China’s STAR market

2023

Int Entrep Manag J

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Technology entrepreneurship and corporate innovation are important for the development of indigenous innovation. In the digital age, founders are subject to fundamental changes in their strategy choices, which in turn affect corporate innovation performance. This paper aims to explore the strategic choices adopted by technical founders of listed companies in China’s STAR market to reap the rewards of innovation in a digital context. Based on the annual reports of 124 listed companies in China’s STAR Market, this paper applies machine learning methods to quantify digital transformation of enterprises, and empirically analyzes the relationship between technical founders and innovation performance by constructing a moderated mediating model. Our results show that companies with technical founders are more likely to adopt digital transformation and thus show better innovation performance. In terms of heterogeneity, the empirical results demonstrate that firms with technical founders show better performance in digital transformation, followed in turn by those with business founders and academic founders. Both the positive relationship between enterprise digital transformation and innovation performance and the mediating effect of digital transformation are positively moderated by venture capital or private equity support. The findings reveal the microscopic mechanism of the role of technology-based founders on corporate innovation performance and hence have practical implications for promoting corporate digital transformation and enhancing firm technological innovation.

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“…It is essential to distinguish between ''leadership skills'' (which pertain to self-recognition) and ''leadership roles'' (which are practical outcomes). Research suggests that extraverts are more likely than introverts to engage in physical activities (Wilson & Dishman, 2015) and to report such experiences (Cole, 2009). While sportsrelated information may seem irrelevant on a LinkedIn profile, extraverted individuals would probably include this information to differentiate themselves from other candidates (Roulin & Levashina, 2019).…”

Section: Extraversion Measurementmentioning

confidence: 99%

Founder-CEO Extraversion and Sustainability Orientation in Initial Coin Offerings

Xia,

Thewissen,

Huang

et al. 2023

Entrepreneurship Theory and Practice

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This study contributes to sustainable entrepreneurship by examining the influence of entrepreneur personality on sustainability orientation in a digital finance market context. Extraverted entrepreneurs exhibit strong social connectivity. Consistent with the upper echelons theory, we show that extraversion has significant explanatory power for commitment to a sustainability agenda in initial coin offerings (ICOs). Drawing on institutional difference theory, we find that regulatory change and social pressure moderate the relationship between the extraversion of ICO entrepreneurs and sustainability orientation. Importantly, extraversion plays a significant role in an ICO’s success. Our study highlights the impact of entrepreneur personality traits on driving sustainability efforts and fundraising success.

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The CEO beauty premium: Founder CEO attractiveness and firm valuation in initial coin offerings

Abstract: Research summary: We apply insights from research in social psychology and labor economics to the domain of entrepreneurial finance and investigate how founder chief executive officers' (founder CEOs') facial attractiveness influences firm valuation. Leveraging the novel context of

Cited by 44 publications

References 111 publications

To Tweet or not to Tweet? The Determinants of Tweeting Activity in Initial Coin Offerings

To Tweet or not to Tweet? The Determinants of Tweeting Activity in Initial Coin Offerings

Technical founders, digital transformation and corporate technological innovation: empirical evidence from listed companies in China’s STAR market

Founder-CEO Extraversion and Sustainability Orientation in Initial Coin Offerings

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