Unveiling Multifaceted Impacts Of Crowdfunding In Finance, Innovation, And Sustainability – Systematic Literature Review

Abstract

Purpose – Crowdfunding is an unconventional method to raise capital for start-ups and other businesses, and it has recently gained much attention from academics. However, there is still a lack of comprehensive research about crowdfunding on the funded projects through online platforms and social media. In this sense, this paper carries out a review of the literature on various projects supported through online and social media platforms.

Design/methodology/approach – This research employed a systematic literature review (SLR) approach, For this purpose, The study synthesizes and summarizes 66 Scopus-listed research articles on crowdfunding projects from 2016-2022. These articles were mapped and analyzed using bibliometric analysis using VOSviewer and thematic analysis using Nvivo.

Findings – The findings of this study, enriched by thematic analysis, unveil the multifaceted impact of crowdfunding across diverse domains, from finance and innovation to sustainability, as observed on various crowdfunding platforms. They underscore regulatory complexities and long-term implications while highlighting the pivotal role of customer endorsement and entrepreneur-level factors in crowdfunding success. The thematic analysis further elucidates the driving forces behind sustainability projects on crowdfunding platforms and the potential of technology to bridge corporate financing and public policy for sustainability goals. These insights offer a comprehensive perspective on crowdfunding, shaping the direction of future research and practice in this dynamic funding landscape.

Originality/value – This study offers original insights by employing thematic analysis and examining multiple crowdfunding platforms. It uncovers the distinctive impact of crowdfunding in finance, innovation, and sustainability while emphasizing regulatory complexities and long-term implications. The study introduces original perspectives on customer endorsement, entrepreneur-level factors, and technology's potential in bridging corporate financing and public policies for sustainability objectives.