Towards an Integrative Theoretical Architecture of Crowdfunding: A Systematic Theoretical Review and Conceptual Synthesis Vers une architecture théorique intégrative du crowdfunding: Revue théorique systématique et synthèse conceptuelle

Lamya Bouziani and Jalal Azegagh
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Lamya Bouziani: laboratoire de recherche en sciences de gestion des organisations - ENCG Kenitra
Jalal Azegagh: laboratoire de recherche en sciences de gestion des organisations - ENCG Kenitra

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Abstract: This research addresses the theoretical fragmentation of the crowdfunding field by proposing an integrative architecture through a theory-oriented systematic literature review. Despite its rapid expansion, crowdfunding research remains siloed across various disciplines, often lacking a unified conceptual framework to explain the complex interactions between project owners, backers, and platforms. Drawing on a corpus of 35 high-quality studies selected from Scopus and Web of Science over the period 2016-2025, and filtered according to ABS 3+ and SJR Q1-Q2 quality thresholds, this study employs a Theory-Mechanism-Outcome (TMO) coding protocol to categorize existing research into three core theoretical configurations: signaling mechanisms, social capital dynamics, and social exchange processes. The review-based synthesis identifies that crowdfunding success is not determined by a single factor but by the convergence of "Relational Validation" and "Digital Legitimacy." The proposed integrative architecture demonstrates how Signaling Theory, Social Capital Theory, and Social Exchange Theory interact to create a unique socio-technical trust ecosystem. The originality of this study lies in three contributions: a theoretical reclassification of the crowdfunding literature through the TMO framework, an integrative multi-level conceptual architecture, and a structured research agenda addressing unresolved tensions and underexplored institutional contexts, particularly in emerging economies. This framework provides a contextsensitive understanding of how intangible assets are converted into financial credibility in the digital age, especially within environments characterized by institutional voids.

Keywords: Crowdfunding (search for similar items in EconPapers)
Date: 2026-06-24
New Economics Papers: this item is included in nep-mac and nep-pay
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Published in International Journal of Accounting, Finance, Auditing, Management and Economics, In press, 7 (7), pp.471_490. ⟨10.5281/zenodo.20813534⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05671913

DOI: 10.5281/zenodo.20813534

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