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In this study, we examine the interaction between SM attributes and online-investment attributes to determine how this interaction shapes users\u2019 investment decisions. Specifically, we investigate initial coin offerings (ICOs) as an application domain of distributed ledger technology for peer-to-peer investment. We use signaling theory to develop a context-specific explanation for how the interplay of persuasion signals found in SM and technology-enforced lockups shapes individuals\u2019 ICO investment decisions. To evaluate this interplay, we conducted a 2\u2009\u00d7\u20092 factorial experiment with 473 participants. The results show that when an investment does not require a technology-enforced lockup, persuasion signals encourage investments in ICOs; however, when an investment requires a technology-enforced lockup, persuasion signals do not affect investments in ICOs. Furthermore, our analyses suggest that combining a technology-enforced lockup and persuasion signals reduces the ICO\u2019s plausibility. This is the first study to investigate how the willingness to invest in ICOs is influenced by the relationship between technology-enforced lockups and persuasion signals. The findings have practical implications for individuals attempting to make sound decisions on ICO investments, policymakers regulating online investments, and firms seeking to attract investors.<\/jats:p>","DOI":"10.1007\/s12525-023-00648-1","type":"journal-article","created":{"date-parts":[[2023,6,26]],"date-time":"2023-06-26T13:03:08Z","timestamp":1687784588000},"update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":3,"title":["The effect of lockup and persuasion on online investment decisions: An experimental study in ICOs"],"prefix":"10.1007","volume":"33","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-6608-2019","authenticated-orcid":false,"given":"Moritz T.","family":"Bruckner","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0001-8248-5176","authenticated-orcid":false,"given":"Dennis M.","family":"Steininger","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-7136-8836","authenticated-orcid":false,"given":"Jason Bennett","family":"Thatcher","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0003-4657-2883","authenticated-orcid":false,"given":"Daniel J.","family":"Veit","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2023,6,26]]},"reference":[{"issue":"6","key":"648_CR1","doi-asserted-by":"publisher","first-page":"710","DOI":"10.1002\/smj.1965","volume":"33","author":"R Agarwal","year":"2012","unstructured":"Agarwal, R., Anand, J., Bercovitz, J., & Croson, R. 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