Behind initial coin offerings (ICOS) success: a systematic literature review and future direction

The hype of ICOs across diverse industries has become an alternative way for startups to raise capital, considering the decentralized and borderless nature of the blockchain. However, post-ICO outcomes exhibit a spectrum of performances. On the other hand, it is necessary to adapt current technology and predict ICO success determinants that require further research with specific model and indicator. This study aims to examine the factors that drive startup ICO success through previous literature while providing future directions for crypto financing due to the limited previous specific research. This research conducted a systematic literature review of ICO studies from 2018 to 2024 based on the Scopus databases. The results show that ICO performance is determined by CEO characteristics, white papers, team structure, use case prospects, community behavior, and technology quality, and moderated by market interference, macro-level conditions, and linked risk. Based on the factors subsequently generated, this research proposes a novel model for ICO success with indicator. The ICOs’ success model also underpins the signaling theory and startups’ performance assessment framework with adjustments in startup and cryptocurrency markets. Furthermore, this study also provides further research agenda based on research context, theory and methods.