By analyzing data of more than 1,000 initial coin offerings (ICOs) obtained from seven different ICO information platforms, we investigate the effectiveness of signals used by entrepreneurs to foster ICO funding success. In particular, we examine the effectiveness of venture quality (human capital), level of uncertainty (entrepreneurs’ self-efficacy and ambiguity reduction), and level of familiarity among potential investors (media presence). Results imply that media presence and entrepreneurs’ self-efficacy are effective signals in the ICO market and thus can increase funding success. Project initiators who communicate (more actively) via social media collect more funds than those who do not. Analogously, entrepreneurs appearing self-efficacious with regard to the quality of their venture receive more funds.

中文翻译：

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初始代币发行中的信号：企业家自我效能和媒体存在的关键作用

通过分析从七个不同 ICO 信息平台获得的 1,000 多个初始硬币产品 (ICO) 的数据，我们调查了企业家用来促进 ICO 融资成功的信号的有效性。特别是，我们检查了风险质量（人力资本）的有效性、不确定性水平（企业家的自我效能和模糊性减少）以及潜在投资者的熟悉程度（媒体存在）。结果表明，媒体的存在和企业家的自我效能是 ICO 市场的有效信号，因此可以提高融资成功率。通过社交媒体进行交流（更积极）的项目发起人比不通过社交媒体进行交流的项目发起人筹集的资金更多。类似地，在企业质量方面表现出自我效能的企业家会获得更多的资金。