Crowdfunding as a Social Phenomenon: A Bibliometric Exploration of Research Trends and Societal Implications

Ahmad Harith Ashrofie Hanafi, Mohd Shahid Azim Mohd Saufi, Muhammad Zarunnaim Haji Wahab, Suheil Che Sobry and Mohd Hilal Muhammad
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Ahmad Harith Ashrofie Hanafi: Faculty of Business and Management, Universiti Teknology MARA (UiTM), Cawangan Kedah, Malaysia.
Mohd Shahid Azim Mohd Saufi: Faculty of Business and Management, Universiti Teknology MARA (UiTM), Cawangan Kedah, Malaysia.
Muhammad Zarunnaim Haji Wahab: Faculty of Business and Management, Universiti Teknology MARA (UiTM), Cawangan Kedah, Malaysia.
Suheil Che Sobry: Faculty of Business and Management, Universiti Teknology MARA (UiTM), Cawangan Kedah, Malaysia.
Mohd Hilal Muhammad: Faculty of Computer Science, Universiti Teknology MARA (UiTM), Cawangan Kedah, Malaysia.

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 9, 909-927

Abstract: From a marginal to a relevant social phenomenon, crowdfunding has changed traditional funding patterns and caused far-reaching consequences in most areas of society. Actually, very little is known about the multi-faceted implications brought about by crowdfunding. Grounded on existing research, this paper contributes to an understanding of the overall societal impact created by crowdfunding through a bibliometric analysis. This methodology applies co-citation analysis, citation analysis, and keyword co-occurrence analysis to 561 journal publications retrieved from Scopus until August 2024. The results show that there are five major research clusters: Financial Technology and Consumer Behaviour, Entrepreneurial Finance and Innovation, Economic Impact and Business Models, Islamic Finance and Crowdfunding, and Social Impact and Public Goods. The paper contextualises crowdfunding within the framework of democratising access to capital, innovation, and social causes. It also underlines the integration of Islamic finance principles into crowdfunding models. The research set’s theoretical implications serve as the foundation for revised frameworks on entrepreneurship, venture capital, and social impact assessment, which incorporate the influence of crowdfunding. Platform operators, project creators, and investors need to adapt their strategies to evolving consumer behaviours, comprehend backer motivations, and take into account the wider societal impact of the projects they fund. The present research enables future studies of crowdfunding in terms of long-term impact and is a valuable insight for scholars, practitioners, and policymakers to steer their way forward in this fast-changing field.

Date: 2024
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