Founder-CEO Extraversion and Sustainability Orientation in Initial Coin Offerings

Feilian Xia, James Thewissen, Winifred Huang, Shuo Yan

Research output: Contribution to journalArticlepeer-review

2 Citations (SciVal)


This study contributes to sustainable entrepreneurship by examining the influence of entrepreneur personality on sustainability orientation in a digital finance market context. Extraverted entrepreneurs exhibit strong social connectivity. Consistent with the upper echelons theory, we show that extraversion has significant explanatory power for commitment to a sustainability agenda in initial coin offerings (ICOs). Drawing on institutional difference theory, we find that regulatory change and social pressure moderate the relationship between the extraversion of ICO entrepreneurs and sustainability orientation. Importantly, extraversion plays a significant role in an ICO’s success. Our study highlights the impact of entrepreneur personality traits on driving sustainability efforts and fundraising success.
Original languageEnglish
JournalEntrepreneurship Theory and Practice
Early online date21 Nov 2023
Publication statusE-pub ahead of print - 21 Nov 2023

Bibliographical note

Funding Information:
The author(s) disclosed receipt of the following financial support for the research, authorship, and/or publication of this article: This work was supported by the National Natural Science Foundation of China (grant number 71802104), Fond de la Recherche Scientifique de Belgique (F.R.S.-FNRS) (grant/award number 2.5020.11), ASEM-DUO Fellowship Programme 2020-2021 and 2023-2024 from ARES (Académie de Recherche et d’Enseignement supérieur).


  • ESG
  • entrepreneurial characteristics
  • entrepreneurial finance
  • extraversion
  • initial coin offerings
  • sustainability

ASJC Scopus subject areas

  • Economics and Econometrics
  • Business and International Management


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