The Crowdfunding in the Emerging Market: Insight into the Conceptualization and Governing Issues of Crowdfunding

Sharina Tajul Urus, Intan Salwani Mohamed, Zarinah Abd Rasit and Maslinawati Mohamad
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Sharina Tajul Urus: Faculty of Accountancy, Universiti Teknologi MARA Cawangan Selangor, Kampus Puncak Alam, Bandar Puncak Alam, Selangor, Malaysia.
Intan Salwani Mohamed: Faculty of Accountancy, Universiti Teknologi MARA Cawangan Selangor, Kampus Puncak Alam, Bandar Puncak Alam, Selangor, Malaysia. Accounting Research of Institute (ARI HICoE), Universiti Teknologi MARA, Shah Alam, Selangor, Malaysia
Zarinah Abd Rasit: Faculty of Accountancy, Universiti Teknologi MARA Cawangan Selangor, Kampus Puncak Alam, Bandar Puncak Alam, Selangor, Malaysia.
Maslinawati Mohamad: Faculty of Accountancy, Universiti Teknologi MARA Cawangan Selangor, Kampus Puncak Alam, Bandar Puncak Alam, Selangor, Malaysia.

International Journal of Research and Innovation in Social Science, 2025, vol. 9, issue 4, 562-579

Abstract: Crowdfunding is garnering global attention as it effectively facilitates the advancement of innovative ideas and initiatives that are unfeasible to finance through conventional fundraising sources, such as financial institutions. As a widely acknowledged alternative for entrepreneurs to secure funding, it is crucial to identify the aspects that contribute to the success of this fundraising channel. The previous literature has recognized the crowdfunding evolvement, features, and effect but has not yet provided a comprehensive conceptualization and manifestation. The governing issues of crowdfunding are also still worth further investigation. Based on the prior review of literature review, this paper aims to unfold the conceptualization, manifestations and governing issues of the crowdfunding in the emerging market in-depth. Additionally, this study intended enhance the literature by raising awareness regarding its significance and ramifications within the Malaysian capital market. As paper also sheds some light on crowdfunding research areas by identifying the governing issues surrounding the practices and offers insights into some of the valuable impact of crowdfunding initiatives in emerging countries. From a practical perspective, the contribution in the form of a recommendation on how crowdfunding could be utilised optimally would positively impact the ecosystem of the emerging market, especially Malaysia, and contribute to the national agenda.

Date: 2025
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