{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,19]],"date-time":"2026-03-19T22:32:34Z","timestamp":1773959554330,"version":"3.50.1"},"reference-count":36,"publisher":"World Scientific Pub Co Pte Ltd","issue":"05","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Int. J. Info. Tech. Dec. Mak."],"published-print":{"date-parts":[[2021,9]]},"abstract":"<jats:p> Initial coin offerings (ICOs) have been established as an innovative capital-raising method. Nevertheless, numerous cases of ICO fraud are having a negative impact on investors. In particular, the lack of legal certainty (e.g., creditor protection) and the lack of direct participation in a company\u2019s success (e.g., profit distribution) have led to an increasing number of security token offerings (STOs). These offer investors a degree of legal certainty and direct participation in company profits. However, to date, little scientifically-based knowledge exists regarding the factors that influence the funding success of an STO. We address this research gap by first identifying possible success factors for funding and then systematically analyzing 38 STOs that have already been carried out in order to determine the influence of those factors. Our analysis indicates that high-quality prototypes and high-quality teams are major drivers of STO funding success. Based on these results, we discuss the implications for science and practice, outline the limitations of our work, and identify further research needs. <\/jats:p>","DOI":"10.1142\/s0219622021500358","type":"journal-article","created":{"date-parts":[[2021,4,6]],"date-time":"2021-04-06T16:43:22Z","timestamp":1617727402000},"page":"1339-1362","source":"Crossref","is-referenced-by-count":5,"title":["Exploring the Success Factors of Security Token Offerings: An Empirical Approach"],"prefix":"10.1142","volume":"20","author":[{"given":"Jan Heinrich","family":"Beinke","sequence":"first","affiliation":[{"name":"German Research Center for Artificial Intelligence, Smart Enterprise Engineering, Parkstra\u00dfe 40, 49080 Osnabr\u00fcck, Germany"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Kai","family":"Rohde","sequence":"additional","affiliation":[{"name":"Department of Banking and Finance, University of Osnabr\u00fcck, Katharinenstra\u00dfe 7, 49069 Osnabr\u00fcck, Germany"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Fabian","family":"Pohl","sequence":"additional","affiliation":[{"name":"BlockAxs GmbH, Paul-Lincke-Ufer 8b, 10999 Berlin, Germany"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Frank","family":"Teuteberg","sequence":"additional","affiliation":[{"name":"Department of Accounting and Information Systems, University of Osnabr\u00fcck, Katharinenstra\u00dfe1, 49069 Osnabr\u00fcck, Germany"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"219","published-online":{"date-parts":[[2021,6,5]]},"reference":[{"key":"S0219622021500358BIB002","volume-title":"26th Eur Conf Inf Syst Beyond Digit - Facet Socio-Technical Chang","author":"Fridgen G.","year":"2018"},{"key":"S0219622021500358BIB003","volume-title":"39th Int. 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