Pathways to Initial Coin Offering Success: A Cross-National Neo-Configurational Analysis

Abstract

This study explores how national institutional environments shape entrepreneurial activity in the context of decentralized finance. Focusing on Initial Coin Offerings (ICOs), we use fuzzy-set Qualitative Comparative Analysis (fsQCA) on data from 2,709 ICOs across 42 countries to identify institutional configurations associated with high and low ICO activity. Drawing on institutional theory and heuristic-driven decision-making, we find that entrepreneurs and investors navigate uncertainty through diverse, context-specific institutional combinations. The findings contribute to entrepreneurship research by uncovering multiple pathways through which macro-level regulatory, cultural, financial, and technological conditions enable or constrain token-based fundraising across national ecosystems.