Crowdfunding and sustainable development: A systematic review

Rosella Carè, Rabia Fatima and Paolo Agnese

Finance Research Letters, 2025, vol. 78, issue C

Abstract: This study employs bibliometric analysis to explore the evolving role of crowdfunding in financing sustainable development goals (SDGs). Analyzing 148 peer-reviewed articles (2014–2024), it identifies key trends, influential contributors, and thematic clusters in academic discourse. Findings reveal a surge in research post-2020, with a focus on entrepreneurial finance, environmental sustainability, and financial innovation. Equity crowdfunding and FinTech emerge as pivotal in bridging sustainability-related funding gaps. Cluster analysis highlights four major research areas: financial innovation's role in sustainability, crowdfunding's contribution to SDGs (especially post-COVID-19), microfinancing and financial inclusion for SMEs, and ESG integration in entrepreneurial finance. Despite these advances, significant research gaps remain, particularly the need for longitudinal studies to assess the long-term impacts of crowdfunding on sustainability, as well as a deeper understanding of the ethical implications surrounding governance and backer protection on crowdfunding platforms. This study contributes to the growing body of literature on sustainability-oriented crowdfunding by offering a detailed roadmap for future research and practical implications for scholars and practitioners alike.

Keywords: Alternative finance; Crowdfunding; Sustainable development; Sustainable development goals; SDGs; Sustainability (search for similar items in EconPapers)
JEL-codes: G23 G24 O31 O33 Q01 (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1544612325004830
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:78:y:2025:i:c:s1544612325004830

DOI: 10.1016/j.frl.2025.107220

Access Statistics for this article

Finance Research Letters is currently edited by R. Gençay

More articles in Finance Research Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().