Pick The Odd-Ones Out! Conferring Legitimacy Of Initial Coin Offerings By Distinction

Muhammad Nauman Shahid & Jungpil Hahn

doi:10. AIS/ICIS.2021.1448

2021 Conference Proceeding Key Scholarly Contribution

Pick The Odd-Ones Out! Conferring Legitimacy Of Initial Coin Offerings By Distinction

Authors:

Muhammad Nauman Shahid & Jungpil Hahn

Venue / Institution: Proceedings of the 42nd International Conference on Information Systems (ICIS 2021)

DOI: 10. AIS/ICIS.2021.1448

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Plain English Executive Summary

Can standing apart actually help a new venture gain legitimacy? Studying 306 ICOs across 29 market categories, this research shows that being distinctive can strengthen a venture's legitimacy when its audience values novelty. The findings challenge the conventional assumption that young ventures must closely resemble established players to gain acceptance and attract resources.

Abstract

This study challenges the conventional optimal-distinctiveness assumption that deviation from category prototypes necessarily undermines organizational legitimacy. Using data from 306 ICOs across 29 market categories, the study applies topic modeling to identify the content of entrepreneurial narratives and quantify their deviation from category prototypes. The findings indicate that greater narrative distinctiveness can enhance resource acquisition among novelty-seeking audiences, supporting the argument that distinctiveness may constitute a source of normative legitimacy rather than merely a liability to cognitive legitimacy. The study further examines the role of online media in shaping this relationship.

Keywords & Empirical Focus:

#Conference Paper #Blockchain #Award / Impact Article

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Muhammad Nauman Shahid & Jungpil Hahn (2021). Pick The Odd-Ones Out! Conferring Legitimacy Of Initial Coin Offerings By Distinction. Proceedings of the 42nd International Conference on Information Systems (ICIS 2021). https://doi.org/10. AIS/ICIS.2021.1448

Muhammad Nauman Shahid & Jungpil Hahn. 2021. "Pick The Odd-Ones Out! Conferring Legitimacy Of Initial Coin Offerings By Distinction." Proceedings of the 42nd International Conference on Information Systems (ICIS 2021). https://doi.org/10. AIS/ICIS.2021.1448

Muhammad Nauman Shahid & Jungpil Hahn, 2021. Pick The Odd-Ones Out! Conferring Legitimacy Of Initial Coin Offerings By Distinction. Proceedings of the 42nd International Conference on Information Systems (ICIS 2021). Available at: https://doi.org/10. AIS/ICIS.2021.1448

@inproceedings{shahid2021_2,
  title = {Pick The Odd-Ones Out! Conferring Legitimacy Of Initial Coin Offerings By Distinction},
  author = {Muhammad Nauman Shahid & Jungpil Hahn},
  booktitle = {Proceedings of the 42nd International Conference on Information Systems (ICIS 2021)},
  year = {2021},
  doi = {10. AIS/ICIS.2021.1448},
  url = {https://doi.org/10. AIS/ICIS.2021.1448}
}

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Pick The Odd-Ones Out! Conferring Legitimacy Of Initial Coin Offerings By Distinction

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