DEVELOPMENT OF CROWDFUNDING LITERATURE: A REVIEW STUDY

Ivana Nincevic Pasalic () and Sandra Pepur ()
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Ivana Nincevic Pasalic: University of Split, Faculty of Economics, Business and Tourism
Sandra Pepur: University of Split, Faculty of Economics, Business and Tourism

Economic Thought and Practice, 2022, vol. 31, issue 1, 141-162

Abstract: Crowdfunding (CF) is an example of the digital transformation in financial intermediation, as it means funding projects by raising money from a large number of people online. To understand the existing knowledge and future prospects of crowdfunding, this review paper analyses bibliographic and textual data on CF using scientific mapping (using analysis of the most influential authors and publications) and text mining. The results obtained show four research directions, the first of which is the most comprehensive and relates to general research conceptualising CF within different frameworks. The second research direction focuses on CF based on awards and donations, and uses available data to examine their interrelationships and impacts. The third and fourth research directions are significantly smaller, focusing on CF based on loans and relationships between investors and project promoters, and the fourth direction is underrepresented and focuses on equity CF and start-ups. The findings of this paper confirm the transdisciplinarity and fragmentation of the research field and show that research topics are in the modelling and implementation phase. The paper also provides guidelines for future CF research.

Keywords: crowdfunding; citation analysis; data mining (search for similar items in EconPapers)
JEL-codes: D81 G24 G32 L26 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.17818/EMIP/2022/1.7

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