Factors influencing the success and failure of crowdfunding campaigns: a systematic review and bibliometric analysis

Abstract

This paper systematically identifies, appraises, and synthesizes the evidence that exists regarding crowdfunding success and failure research, i.e. crowdfunding outcomes. We examined 152 scientific papers published in Australian Business Deans Council (ABDC) ranked journals from 2014 to 2022. Through content and thematic analysis, we identify four foundational research clusters that shape the intellectual structure and encompass the first two decades of crowdfunding success and failure (CFSF) research: (1) Entrepreneurial leadership and persuasive communication, (2) Multidimensional social capital and funding dynamics, (3) Innovation and risk-taking propensity, and (4) Gender diversity dynamics. We argue that the crowdfunding research field is a multidisciplinary field of research that encompasses beyond the role of intermediation and traditional financing. We propose an agenda for advancing future research and contributing to the debate on entrepreneurial finance funding. This review has practical implications, as it provides a comprehensive and integrated framework for crowdfunding success, offering valuable insights for both academia and the crowdfunding industry.

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