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A literature review and integrated framework for the determinants of crowdfunding success

Author

Listed:
  • Lingfei Deng

    (Harbin Institute of Technology)

  • Qiang Ye

    (Harbin Institute of Technology)

  • DaPeng Xu

    (Harbin Institute of Technology)

  • Wenjun Sun

    (Harbin Institute of Technology)

  • Guangxin Jiang

    (Harbin Institute of Technology)

Abstract

Crowdfunding is an innovative strategy for financing a new business venture from the general public instead of seeking funds in traditional ways, such as issuing bonds or bank lending. This study aims to identify the determinants affecting the success of a crowdfunding campaign and how different measurements for crowdfunding success, different crowdfunding models, and the selection of subdivided determinants influence the determinants’ impacts on crowdfunding success. We set the disciplines in the search strategy to select studies related to crowdfunding success. Ultimately, 94 empirical papers are selected to reveal the different findings for the determinants of crowdfunding success; based on this information, we construct an integrated framework for future research. There has been much research on project- and creator-related factors; however, many of these factors have inconsistent relationships with crowdfunding success due to varying measurements of success. In particular, different measurements used within the same study for determinants or crowdfunding success may also produce inconsistent results. In addition, different crowdfunding models of a project have been found to induce additional findings. Our review of the determinants of crowdfunding success and the definitions of the determinants, as well as the proposed integrated framework, can help focus future work on relatively new or unique determinants rarely addressed in the existing literature. This work provides practical implications for both theory and practice, and directions for future research.

Suggested Citation

  • Lingfei Deng & Qiang Ye & DaPeng Xu & Wenjun Sun & Guangxin Jiang, 2022. "A literature review and integrated framework for the determinants of crowdfunding success," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-70, December.
    • Handle: RePEc:spr:fininn:v:8:y:2022:i:1:d:10.1186_s40854-022-00345-6
    DOI: 10.1186/s40854-022-00345-6
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    References listed on IDEAS

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    3. Kanayo Ogwu & Patrick Hickey & Okeoma John-Paul Okeke & Adnan ul Haque & Elias Pimenidis & Eugene Kozlovski, 2022. "An Integrated Online/Offline Social Network-Based Model for Crowdfunding Support in Developing Countries: The Case of Nigeria," Sustainability, MDPI, vol. 14(15), pages 1-21, July.
    4. Tang, Xiaobo & Yao, Xingyuan & Dai, Ruyi & Wang, Qian, 2024. "Does green matter for crowdfunding? International evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 92(C).
    5. Ye Liu & Ke Zhang & Weili Xue & Ziyu Zhou, 2024. "Crowdfunding innovative but risky new ventures: the importance of less ambiguous tone," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-43, December.

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