The research employs WLS Regression for examining the main determinants of the ICO profitability in the crowdfunding stage. The variables are divided into three main categories: financial and technological aspects, and the ICO characteristics, with the aim of verifying which parts most influence the funds raised. The results imply that financial and technological aspects might indeed have an impact on the ICO profitability. The key factors covered are the opensource code availability and the preset hard cap. Overall, the econometric analysis discloses that the amount raised during the ICO is not affected by the availability of a white paper and pre-sales, even though some researchers argue differently.
Šapkauskienė, A., & Pakėnaitė, S. (2021). An Investigation of Factors Determining the Token Value in the Blockchain-based Early Funding Mechanism. Economic and Business Review, 23(1), 55-67. https://doi.org/10.15458/2335-4216.1005