(De)centralized governance and the value of platform-based new ventures: The moderating role of teams and transparency
研究了平台型新创企业中决策集权与分权对市场价值的影响，发现集权与价值正相关，但经验丰富的技术主管和项目透明度会削弱这种关系，对创业者和投资者有参考价值。
Abstract Drawing on institutional and demand-side perspectives, we investigate performance implications of (de)centralized governance modes in platform-based new ventures, and the conditions under which (de)centralization generates more value. Using a sample of 1,431 Initial Coin Offerings (ICOs), a new source of entrepreneurial finance, we find that centralization of decision-making is positively associated with platforms’ market value. Further, we consider how platform characteristics affect this relationship, finding that both the presence of an experienced Chief Technology Officer (CTO) and project transparency negatively moderate the positive relationship between centralization and market value. Thus, decentralized platforms need leaders with technical experience and project transparency to generate more value. Overall, this study provides a better understanding of the boundary conditions that increase the value of (de)centralized governance.