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Crowdfunding: A Review and Research Agenda

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Abstract
Crowdfunding is an alternative model for project financing, where a large and dispersed audience participates through relatively small financial contributions, in exchange for physical, financial or social rewards. It is usually done via Internet-based platforms that act as a bridge between the crowd and the projects. Over the last few years, academic scholars have explored this topic, both empirically and theoretically. However, the mixed findings and array of theories used have come to warrant a critical review of past works. To this end, we perform a systematic literature review on crowdfunding and seek to extract (1) the key management theories that have been applied in the context of crowdfunding and how these have been extended, and (2) the principal factors contributing to success for the different crowdfunding models, where success entails accomplishment of both fundraising and timely repayment. In the process, we offer a comprehensive definition of crowdfunding and identify avenues for future research based on the gaps and conflicting results in the literature.

Suggested Citation

  • Alegre, Inés & Moleskis, Melina, 2016. "Crowdfunding: A Review and Research Agenda," IESE Research Papers D/1142, IESE Business School.
    • Handle: RePEc:ebg:iesewp:d-1142
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    File URL: http://www.iese.edu/research/pdfs/WP-1142-E.pdf
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    Citations

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    Cited by:

    1. Anton Miglo, 2020. "Crowdfunding in a Competitive Environment," JRFM, MDPI, vol. 13(3), pages 1-38, February.
    2. Mohammad Tariqul Islam Khan, 2022. "Determinants and preferences for a crowdfunding project," Future Business Journal, Springer, vol. 8(1), pages 1-12, December.
    3. Jan Janků & Zuzana KuÄ erová & FrantiÅ¡ek DaÅ™ena, 2023. "Behavioral Insights from Crowdfunding Financing: What Do Social Media Ties, Emotional Cues and Sentiment Tell Us?," Journal of Economics / Ekonomicky casopis, Institute of Economic Research, Slovak Academy of Sciences, vol. 71(2), pages 89-118, February.
    4. Mohammed Alharbey & Stefan Van Hemmen, 2021. "Investor Intention in Equity Crowdfunding. Does Trust Matter?," JRFM, MDPI, vol. 14(2), pages 1-20, January.
    5. Ibarra Garza, Alberto & Cugueró-Escofet, Natàlia & Canela, Miguel Ángel, 2017. "Prosocial Crowdlending in Kenya," IESE Research Papers D/1166, IESE Business School.
    6. Kuti, Mónika & Galambosné Tiszberger, Mónika & Czigler, Enikő, 2018. "Magyarországról indított közösségi finanszírozású kampányok. A Kickstarter-platform esete [Kick-starter campaigns launched from Hungary]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 206-225.
    7. Kukurba Maria & Waszkiewicz Aneta, 2018. "Crowdfunding as a Form of Funding for Businesses in the Culturally-Changing Global Economy: A Literature Review," Journal of Intercultural Management, Sciendo, vol. 10(2), pages 99-137, June.
    8. Ferdinando Giglio, 2022. "Crowdfunding: An Alternative Method to Invest," International Business Research, Canadian Center of Science and Education, vol. 15(3), pages 1-13, March.

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