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Article

Signaling Value through Gender Diversity: Evidence from Initial Coin Offerings

1
CESA School of Business, Bogotá 110311, Colombia
2
Centro de Investigación y Estudios Contables, Faculty of Business and Economics, Universidad de Talca, Talca 3460000, Chile
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Author to whom correspondence should be addressed.
Sustainability 2021, 13(2), 700; https://doi.org/10.3390/su13020700
Received: 7 December 2020 / Revised: 8 January 2021 / Accepted: 10 January 2021 / Published: 13 January 2021
(This article belongs to the Special Issue Gender Diversity in STEM Disciplines)
We analyze women’s participation and the effects of team gender diversity on initial coin offering (ICO) success measured by the total funding amount raised in the actual ICO and the project’s long-term survival. Using a database featuring 875 initial coin offerings between 2017 and 2019, we find that women are significantly under-represented in ICO projects (on average, only 13% of team members are women). However, for projects that do have participation of women, we find that team gender diversity increases the total funding raised in the ICO. Moreover, when we separate team members into areas of expertise or roles in the project, we find that the presence of women in critical positions, such as being a founder or having financial or legal responsibilities, significantly reduces the likelihood of long-term coin failure. Our results are consistent with the notion that investors perceive women’s participation in leadership positions as a positive signal of desirable organizational practices that will translate into better performance. Our results are also consistent with the idea that having women, who abide by ethical values and are less prone to fraud, reduces the likelihood that informationally opaque ICOs turn out to be scams. View Full-Text
Keywords: gender diversity; initial coin offerings; blockchain; entrepreneurship gender diversity; initial coin offerings; blockchain; entrepreneurship
MDPI and ACS Style

Guzmán, A.; Pinto-Gutiérrez, C.; Trujillo, M.-A. Signaling Value through Gender Diversity: Evidence from Initial Coin Offerings. Sustainability 2021, 13, 700. https://doi.org/10.3390/su13020700

AMA Style

Guzmán A, Pinto-Gutiérrez C, Trujillo M-A. Signaling Value through Gender Diversity: Evidence from Initial Coin Offerings. Sustainability. 2021; 13(2):700. https://doi.org/10.3390/su13020700

Chicago/Turabian Style

Guzmán, Alexander, Cristian Pinto-Gutiérrez, and María-Andrea Trujillo. 2021. "Signaling Value through Gender Diversity: Evidence from Initial Coin Offerings" Sustainability 13, no. 2: 700. https://doi.org/10.3390/su13020700

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