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.

我们从制度和需求方的角度出发，研究了基于平台的新企业的（去）中心化治理模式对绩效的影响，以及（去）中心化产生更多价值的条件。通过对 1,431 个创业融资新来源的首次代币发行 (ICO) 进行样本分析，我们发现决策的集中化与平台的市场价值呈正相关。此外，我们考虑了平台特征如何影响这种关系，发现经验丰富的首席技术官 (CTO) 的存在和项目透明度都会对中心化和市场价值之间的积极关系产生负面影响。因此，去中心化平台需要具有技术经验和项目透明度的领导者来产生更多价值。总体而言，这项研究提供了对增加（去）中心化治理价值的边界条件的更好理解。