1,720,957 research outputs found
Distributed governance and value creation in decentralized autonomous organizations: Evidence from a regression discontinuity design
Full text linkDistributed governance mechanisms increase tokenholders value in decentralized autonomous organizations (DAOs) when decision-making is contested. Using a comprehensive dataset of proposals voted on within blockchain-based DAOs from 2020 to 2024, we exploit a regression discontinuity design on proposals that pass or fail by a close margin around the majority threshold. Local average treatment effects indicate that proposal passage increases DAO token returns by 4.7 % at the margin. Further, a one standard deviation increase in vote participation amplifies this effect by 2.2 %. Proxies for democratization and decentralization also increase the value-creating effect of contested decision-making in DAOs. Our findings contribute to understanding how distributed governance structures create value in digital organizations
Are Digital Finance Markets Inclusive? Evidence From Equity Crowdfunding Investors
Full text linkDigital finance promises to reduce barriers in financial markets, yet its inclusiveness remains uncertain. This paper examines individual investors in equity crowdfunding (ECF) using data from 20,209 registered users on Italy's largest ECF platform. We analyze gender, age, location and ethnicity in investment decisions. Our findings challenge traditional finance views: women and ethnic minorities invest more and in larger amounts, while younger individuals invest less, contradicting assumptions about digital finance appealing to youth. No significant differences emerge between rural and metropolitan investors, suggesting that digital access alone does not eliminate geographic barriers
Survival of family start-ups seeking equity crowdfunding: family nuances in entrepreneurial teams
No full textThe phenomenon of family members launching start-ups together, known as family start-ups, has garnered increasing scholarly attention. This study investigates the value of family ties, providing insights into the diversity and performance of family start-ups, by examining their survival in equity crowdfunding markets—a vital yet underexplored area. While prior research has linked entrepreneurial team composition to start-up survival in equity crowdfunding, this paper advances the literature by focusing on the nuances of family embeddedness. We hypothesize the effects of such nuances on the survival of start-ups initiated by family versus non-family teams, by same-generation versus inter-generation family teams, and by siblings versus spousal same-generation family teams. Using data from the UK equity crowdfunding market, our findings reveal significant effects of family embeddedness nuances on start-up survival. This research contributes to the understanding of family start-ups by intersecting equity financing, entrepreneurship, and family embeddedness
Entrepreneurial team size and fundraising success : evidence from equity crowdfunding
No full textHow does entrepreneurial team size affect fundraising success? Theory and prior evidence are contradictory or inconclusive at least. Indeed, a resource dependency theory perspective suggests that larger teams have access to more resources, which should positively affect fundraising success. In contrast, a team effectiveness perspective suggests that larger teams incur higher coordination costs, which should negatively affect fundraising success. In this article, we address this theoretical paradox by arguing for a curvilinear effect between team size and fundraising success. By drawing on the liabilities of newness and smallness perspectives, we further argue that firm age and size will serve as important moderators. For this study, we exploit data from equity crowdfunding (ECF) markets. In Study 1, we examine the population of 2942 initial ECF offerings from three ECF platforms in the U.K. We provide first-time evidence of the inverted U-shaped relationship between entrepreneurial team size and the fundraising success of the ECF offering. Specifically, an entrepreneurial team of four members exhibits the highest probability in terms of ECF offering success. Moreover, we show that the inverted U-shape is stronger for younger and smaller firms relative to older and larger firms, respectively. In Study 2, we examine 256 initial ECF offerings from an Italian ECF platform and find broadly consistent results on the inverted U-shaped relationship between entrepreneurial team size and fundraising success
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Full text link“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Full text linkWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Dispelling the Myths Behind First-author Citation Counts
Full text linkWe conducted a full-scale evaluative citation analysis study of scholars in the XML research field to explore just how different from each other author rankings resulting from different citation counting methods actually are, and to demonstrate the capability of emerging data and tools on the Web in supporting more realistic citation counting methods. Our results contest some common arguments for the continued
use of first-author citation counts in the evaluation of scholars, such as high correlations between author rankings by first-author citation counts and other citation
counting methods, and high costs of using more realistic citation counting methods that are not well-supported by the ISI databases. It is argued that increasingly available digital full text research papers make it possible for citation analysis studies to go beyond what the ISI databases have directly supported and to employ more
sophisticated methods
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