Global minds, global funds: International top management and ICO fundraising in developing economies
研究发展中国家企业首次代币发行（ICO）融资时，发现由国际化高管团队领导的企业能吸引更多资金，外国CEO的创业经验进一步增强了投资者信心。
Drawing on the Resource-Based View (RBV), our study examines how C-level management team composition influences fundraising through Initial Coin Offerings (ICOs) in the context of developing countries. Using a dataset of 458 ICOs and Probit regression analyses, we find that born-digital ventures led by internationally diverse management teams attract more capital, as investors associate diversity with superior entrepreneurial skills and valuable tacit knowledge. Moreover, having a foreign CEO with strong entrepreneurial experience further increases investor confidence by helping investors to distinguish credible, competent teams. Our findings contribute to the RBV by showing that managerial diversity and skillsets stand out during an investor's screening process. We discuss implications for policymakers, investors and local entrepreneurs in developing countries.