Signaling Value Through Gender Diversity: Evidence from Initial Coin Offerings

27 Pages Posted: 6 Nov 2020

See all articles by Alexander Guzmán

Alexander Guzmán

CESA School of Business

Cristian A. Pinto-Gutierrez

University of Talca, Chile

Maria-Andrea Trujillo

CESA School of Business

Date Written: September 1, 2020


We analyze the effects of team gender diversity on initial coin offering (ICO) success measured by the total funding amount raised in the actual ICO and the long-term survival of the project. Using a database featuring 875 initial coin offerings between 2017 and 2019, we find that team gender diversity increases the total funding raised in the ICO. Moreover, when we separate team members into areas of expertise or roles in the project, we find that the presence of women in critical positions, such as being a founder or having financial or legal responsibilities, significantly reduces the likelihood of long-term coin failure. Our results are consistent with the notion that investors perceive women’s participation in leadership positions as a positive signal of desirable organizational practices that will translate into better performance. Our results are also consistent with the idea that having women, who abide by ethical values and are less prone to fraud, reduces the likelihood that informationally opaque ICOs turn out to be scams.

Keywords: Gender Diversity, Initial Coin Offerings, Blockchain, Entrepreneurship

JEL Classification: G3

Suggested Citation

Guzman, Alexander and Pinto-Gutierrez, Cristian A. and Trujillo, María-Andrea, Signaling Value Through Gender Diversity: Evidence from Initial Coin Offerings (September 1, 2020). Available at SSRN: or

Alexander Guzman

CESA School of Business ( email )


Cristian A. Pinto-Gutierrez (Contact Author)

University of Talca, Chile ( email )

2 Norte 685
Talca, 3460000

María-Andrea Trujillo

CESA School of Business ( email )


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