【顶级期刊创业研究速递】JBV 2019年1月文献中英文摘要（上）
Initial coin offerings (ICOs) to finance new ventures
作者：
Christian Fisch 1,2,
1 Trier University, Faculty of Management, 54296 Trier, Germany
2 Erasmus School of Economics and Erasmus Institute of Management (ERIM), Erasmus University Rotterdam, P.O. Box 1738, 3000 DR Rotterdam, the Netherlands
摘要：
In an initial coin offering (ICO), new ventures raise capital by selling tokens to a crowd of investors. Often, this token is a cryptocurrency, a digital medium of value exchange based on the distributed ledger technology. Both the number of ICOs and the amount of capital raised have exploded since 2017. Despite attracting significant attention from ventures, investors, and policy makers, little is known about the dynamics of ICOs. This initial study therefore assesses the determinants of the amount raised in 423 ICOs. Drawing on signaling theory, the study explores the role of signaling ventures' technological capabilities in ICOs. The results show that technical white papers and high-quality source codes increase the amount raised, while patents are not associated with increased amounts of funding. Exploring further determinants of the amount raised, the results indicate that some of the underlying mechanisms in ICOs resemble those found in prior research into entrepreneurial finance, while others are unique to the ICO context. The study's implications are multifold and discussed in detail. Importantly, the results enable investors to more accurately understand crucial determinants of the amount raised (e.g., technical white papers, source code quality, token supply, Ethereum-standard). This reduces the considerable uncertainty that investors face when investing in ICOs and enables more informed decision-making.
在ICO（initial coin offering，初始代币发行）中，新创企业通过向一群投资者出售代币来筹集资金。该代币通常为加密货币，是基于分布式记账技术的价值交换数字媒介。自2017年以来，ICO的发行数量和筹集金额都出现了爆炸式增长。尽管受到了企业、投资者和政策制定者的极大关注，但学者们对ICO的动态知之甚少。因此，该开创性研究评估了423个ICO中筹集金额规模的决定因素。借鉴信号理论，该研究探讨了企业技术能力在ICO中的信号作用。研究结果表明，技术性白皮书和高质量的源代码增加了筹集金额，而专利与增加的筹集金额无关。进一步探索筹集金额的决定因素，结果表明，ICO中的一些潜在机制与先前对创业融资的研究中发现的机制相类似，而其他机制则是ICO情境下的独特机制。该研究启示是多方面的并且本文都进行了详细讨论。重要的是，研究结果能够使投资者更准确地理解所筹集金额的关键决定因素（例如技术白皮书，源代码质量，代币供应，以太坊标准等）。这减少了投资者在投资ICO时所面临的相当大的不确定性，并使其决策更加明智。
Perceived uncertainty and behavioral logic: Temporality and unanticipated consequences in the new venture creation process
作者：
Yi Jiang ，1, Erno T. Tornikoski ,2.
1 ESCP Europe, Paris Campus, 79, avenue de la République, 75543 Paris Cedex 11, France
2 Grenoble Ecole de Management, 12 rue Pierre Sémard, BP 127, 38003 Grenoble Cedex 01, France
摘要：
In this study, drawing on effectuation theory, we combine analytical strategies for process data to examine inductively and theorize how founder teams' perceptions of uncertainty and behavioral logics develop during new venture creation processes. The results reveal four phases and suggest a possible evolution from a causal conditional relationship between perceived uncertainty and behavioral logics to an integrative relationship. We bring to light the notion of temporality and unanticipated consequences, discuss their central roles in perceived uncertainty, effectuation, and causation, and offer revelatory insights into why and when effectuation is used in relation to uncertainty and entrepreneurial action.
在该研究中，借鉴效果推理理论（ effectuation theory），我们将处理数据的分析性策略结合起来对创始团队在新创企业创造过程中对不确定性的感知与行为逻辑发展进行归纳检验和理论化。研究结果揭示了四个阶段，表明不确定性感知和行为逻辑之间从因果条件关系到整合关系的可能演变。我们揭示了时间性和意外后果的概念，讨论了它们在不确定性感知、影响和因果关系中的中心作用，并提供了关于效果推理为什么以及何时在不确定性和企业家行为关系中使用的洞见。
What's in a logo? The impact of complex visual cues in equity crowdfunding
作者：
Ammara Mahmood ,1, Jonathan Luffarelli,2, Mudra Mukesh,3.
1 Lazaridis School of Business and Economics, Wilfrid Laurier University, 64 University Avenue West, Lazaridis Hall 4001, Waterloo, ON N2L 3C7,Canada
2 Montpellier Business School, 2300 Avenue des Moulins, 34080 Montpellier, France
3 Westminster Business School, University of Westminster, 35 Marylebone Road, London NW1 5LS, United Kingdom
摘要：
Visual cues are pervasive on crowdfunding platforms. However, whether and how low validity visual cues can impact the behavior of backers remains largely unknown. In this article, we propose a disfluency-based heuristic framework for understanding the influence of low validity visual cues on equity crowdfunding platforms. Drawing on processing fluency theory and visual heuristics, we propose that backers often automatically process visual cues, and that the subjective experience of ease/difficulty with which backers perceptually process low validity visual cues serves as a heuristic and informs their perceptions of early-stage entrepreneurial ventures. We test our propositions focusing on logos (low validity visual cues that are particularly salient and ubiquitous on equity crowdfunding platforms) and logo complexity (a fundamental characteristic of logo design and established antecedent of processing disfluency). We contend that logo complexity can be interpreted by backers as a signal of venture innovativeness because more (vs. less) complex logos are more difficult to process, and thus, feel less familiar and more unique, original, and novel to backers. Since backers often value innovativeness, we further contend that logo complexity can positively impact backers' funding decisions. We find support for our framework and propositions using a multimethod approach comprising three studies: one survey, one field study, and one experiment. Theoretical contributions and managerial implications are also discussed.
视觉线索在众筹平台上普遍存在。然而，低有效性的视觉线索（相对专利所有权、筹资目标、创业者教育程度等高有效性线索而言）是否以及如何影响支持者的行为仍然是未知的。在本文中，我们提出了一个基于非流畅性的启发式框架，来理解低有效性的视觉线索对股权众筹平台的影响。借由处理流畅性理论和视觉式启发，我们认为支持者经常自动处理视觉线索，并且将支持者感知处理低有效性视觉线索的难易程度的主观经验作为启发并且已经暗含了其对新创企业的看法。我们的假设聚焦在Logos标识上（在股权众筹平台上低有效性的视觉线索特别突出并且普遍存在）和Logo标识复杂性（Logo设计的基本特征以及处理的非流畅性）。我们认为Logo标识复杂性可以被支持者解释为新创企业风险创新的信号，因为更多复杂的Logo标识更难以处理，因此支持者会感觉不那么熟悉，更独特、原始和新颖。由于支持者重视创新，我们进一步认为Logo标识复杂程度可以对支持者的资金决策产生正向影响。本文使用包含三项研究的多方法找到对我们的框架和命题的支持：一项调研，一项田野研究和一项实验。本文还讨论了理论贡献和管理启示。
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作者：刘志阳，系上海财经大学商学院副院长、创业学院执行副院长、中国社会创业研究中心主任
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