(De)centralized governance and the value of platform-based new ventures: The moderating role of teams and transparency

IF 6.5 1区经济学 Q1 BUSINESS Small Business Economics Pub Date : 2024-08-31 DOI:10.1007/s11187-024-00964-6

Pierluigi Martino, Tom Vanacker, Igor Filatotchev, Cristiano Bellavitis

引用次数: 0

Abstract

Drawing on institutional and demand-side perspectives, we investigate performance implications of (de)centralized governance modes in platform-based new ventures, and the conditions under which (de)centralization generates more value. Using a sample of 1,431 Initial Coin Offerings (ICOs), a new source of entrepreneurial finance, we find that centralization of decision-making is positively associated with platforms’ market value. Further, we consider how platform characteristics affect this relationship, finding that both the presence of an experienced Chief Technology Officer (CTO) and project transparency negatively moderate the positive relationship between centralization and market value. Thus, decentralized platforms need leaders with technical experience and project transparency to generate more value. Overall, this study provides a better understanding of the boundary conditions that increase the value of (de)centralized governance.

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(非集中化管理与平台型新企业的价值：团队和透明度的调节作用

我们借鉴制度和需求方的观点，研究了基于平台的新企业（去）集中化治理模式的绩效影响，以及（去）集中化产生更多价值的条件。利用 1431 个首次代币发行（ICO）（一种新的创业资金来源）样本，我们发现决策集中化与平台的市场价值呈正相关。此外，我们还考虑了平台特征如何影响这种关系，发现经验丰富的首席技术官（CTO）的存在和项目透明度都会对集中化与市场价值之间的正相关关系产生负面影响。因此，去中心化平台需要具有技术经验和项目透明度的领导者才能产生更多价值。总之，这项研究让人们更好地理解了提高（去）集中化治理价值的边界条件。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Small Business Economics Multiple-

CiteScore

14.10

自引率

9.40%

发文量

124

期刊介绍： Small Business Economics: An Entrepreneurship Journal (SBEJ) publishes original, rigorous theoretical and empirical research addressing all aspects of entrepreneurship and small business economics, with a special emphasis on the economic and societal relevance of research findings for scholars, practitioners and policy makers. SBEJ covers a broad scope of topics, ranging from the core themes of the entrepreneurial process and new venture creation to other topics like self-employment, family firms, small and medium-sized enterprises, innovative start-ups, and entrepreneurial finance. SBEJ welcomes scientific studies at different levels of analysis, including individuals (e.g. entrepreneurs'' characteristics and occupational choice), firms (e.g., firms’ life courses and performance, innovation, and global issues like digitization), macro level (e.g., institutions and public policies within local, regional, national and international contexts), as well as cross-level dynamics. As a leading entrepreneurship journal, SBEJ welcomes cross-disciplinary research. Officially cited as: Small Bus Econ

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