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Portugal’s Crowdfunding: A Systematic Literature Review

Author

Listed:
  • Bruno Torres

    (NECE-Research Center in Business Sciences, Department of Management and Economics, University of Beira Interior, 6201-001 Covilhã, Portugal)

  • Zélia Serrasqueiro

    (CEFAGE-UBI Research Center, Department of Management and Economics, University of Beira Interior, 6201-001 Covilhã, Portugal)

  • Márcio Oliveira

    (NECE-Research Center in Business Sciences, Department of Management and Economics, University of Beira Interior, 6201-001 Covilhã, Portugal
    School of Education and Social Sciences, Polytechnic of Leiria, 2411-901 Leiria, Portugal)

Abstract

This study aims to analyze and classify the evolution of crowdfunding in Portugal from 2014 to 2020, addressing the central question, “What is the evolution of literature on crowdfunding and its research focuses in Portugal?”. Additionally, it investigates, through the sub-question, if crowdfunding is perceived as an alternative form of financing. The methodology employs a systematic review, covering four thematic areas: (1) research focus—concepts; (2) research method—quantitative/qualitative identification; (3) geographical area—countries of study; (4) innovation—future research areas. The research begins with Google Scholar, followed by a more specific search of the B-On database, focusing on the Portuguese context. Results highlight the scarcity of research in Portugal, emphasizing the nascency of crowdfunding in the country. The study reveals the importance of investor behavior, influenced by platform security and regulations. Growth in crowdfunding in Portugal is anticipated, attracting multidisciplinary interest but emphasizing the need for more comprehensive studies. Despite limitations in data availability, the study provides valuable insights for entrepreneurs seeking alternative financing in Portugal, demonstrating crowdfunding as an alternative financing method. Integration of crowdfunding with technology, especially blockchain, is suggested as a potentially disruptive system, paving the way for future research and innovations.

Suggested Citation

  • Bruno Torres & Zélia Serrasqueiro & Márcio Oliveira, 2024. "Portugal’s Crowdfunding: A Systematic Literature Review," JRFM, MDPI, vol. 17(1), pages 1-32, January.
    • Handle: RePEc:gam:jjrfmx:v:17:y:2024:i:1:p:37-:d:1320466
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    References listed on IDEAS

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    1. Douglas J. Cumming & Gaël Leboeuf & Armin Schwienbacher, 2020. "Crowdfunding models: Keep‐It‐All vs. All‐Or‐Nothing," Financial Management, Financial Management Association International, vol. 49(2), pages 331-360, June.
    2. Shneor, Rotem & Munim, Ziaul Haque, 2019. "Reward crowdfunding contribution as planned behaviour: An extended framework," Journal of Business Research, Elsevier, vol. 103(C), pages 56-70.
    3. Belleflamme, Paul & Omrani, Nessrine & Peitz, Martin, 2015. "The economics of crowdfunding platforms," Information Economics and Policy, Elsevier, vol. 33(C), pages 11-28.
    4. Roland Strausz, 2017. "A Theory of Crowdfunding: A Mechanism Design Approach with Demand Uncertainty and Moral Hazard," American Economic Review, American Economic Association, vol. 107(6), pages 1430-1476, June.
    5. Baucus, Melissa S. & Mitteness, Cheryl R., 2016. "Crowdfrauding: Avoiding Ponzi entrepreneurs when investing in new ventures," Business Horizons, Elsevier, vol. 59(1), pages 37-50.
    6. Susana Bernardino & J. Freitas Santos, 2020. "Crowdfunding: An Exploratory Study on Knowledge, Benefits and Barriers Perceived by Young Potential Entrepreneurs," JRFM, MDPI, vol. 13(4), pages 1-24, April.
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