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A systematic literature review of crowdfunding and sustainability: highlighting what really matters

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  • Alexa Böckel

    (Leuphana University of Lüneburg)

  • Jacob Hörisch

    (Leuphana University of Lüneburg)

  • Isabell Tenner

    (Leuphana University of Lüneburg)

Abstract

This article systematically reviews literature at the intersection of crowdfunding and sustainability. It analyzes the extent to which the current research foci in crowdfunding and sustainability contribute to unleashing the potential of crowdfunding for sustainable development. The findings highlight that the research field has a relatively short history but already shows signs of growing maturity. With regard to the research foci, the results reveal misbalances between the relevance ascribed to various aspects in research and in practice. For example, the research primarily deals with the types of crowdfunding that make up the smallest shares of the crowdfunding volume. Likewise, a research gap related to the post-funding phase as well as to environmental oriented projects is identified. On this basis, it is recommended to focus future research on the impact of crowdfunding projects on staying within the planetary boundaries and on crowdfunding projects dealing with environmental issues or integrating the social and environmental dimension of sustainability. Additionally, the potential of crowdfunding as a legitimizing function for sustainable ventures needs to be researched.

Suggested Citation

  • Alexa Böckel & Jacob Hörisch & Isabell Tenner, 2021. "A systematic literature review of crowdfunding and sustainability: highlighting what really matters," Management Review Quarterly, Springer, vol. 71(2), pages 433-453, April.
    • Handle: RePEc:spr:manrev:v:71:y:2021:i:2:d:10.1007_s11301-020-00189-3
    DOI: 10.1007/s11301-020-00189-3
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    3. Veronica Polin & Laura Cavalli & Matteo Spinazzola, 2023. "Bottom-Up Initiatives for Sustainable Mountain Development in Italy: An Interregional Explorative Survey," Sustainability, MDPI, vol. 16(1), pages 1-30, December.
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    6. Stefania Testa & Ciro Troise & Silvano Cincotti & Mark Anthony Camilleri, 2024. "The role of electronic waste management solutions and message framing in influencing consumer behaviours: Exploring the crowdfunding context," Business Strategy and the Environment, Wiley Blackwell, vol. 33(2), pages 917-929, February.
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    8. Sven Siebeneicher & Ilker Yenice & Carolin Bock, 2022. "Financial-Return Crowdfunding for Energy and Sustainability in the German-Speaking Realm," Sustainability, MDPI, vol. 14(19), pages 1-23, September.
    9. Mertzanis, Charilaos, 2023. "FinTech finance and social-environmental performance around the world," Finance Research Letters, Elsevier, vol. 56(C).
    10. Berns, John P. & Jia, Yankun & Gondo, Maria, 2022. "Crowdfunding success in sustainability-oriented projects: An exploratory examination of the crowdfunding of 3D printers," Technology in Society, Elsevier, vol. 71(C).
    11. Saurav Chandra Talukder & Zoltán Lakner, 2023. "Exploring the Landscape of Social Entrepreneurship and Crowdfunding: A Bibliometric Analysis," Sustainability, MDPI, vol. 15(12), pages 1-22, June.
    12. Radoslaw Luft & Adam Weinert, 2021. "Analysis of the Crowdfunding European Market: Performance and Perspectives," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 632-644.
    13. Wang, Yinghuan & Wang, Baolin & Yan, Yan, 2022. "Does network externality affect your project? Evidences from reward-based technology crowdfunding," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
    14. Valente, Marieta & Fernandes, Maria Eduarda & Pinto, Lígia Maria Costa, 2024. "Crowdfunding or crowdsourcing time: Exploring the willingness of private citizens to help prevent forest fires," Forest Policy and Economics, Elsevier, vol. 163(C).
    15. V. Yu. Anikin & O. Yu. Patlasov, 2022. "Analysis of crowdfunding business models: key advantages of crowdfunding platforms," Russian Journal of Social Sciences and Humanities, Omsk Humanitarian Academy, vol. 16(4), pages 177-187, December.
    16. Kai Hockerts & Lisa Hehenberger & Stefan Schaltegger & Vanina Farber, 2022. "Defining and Conceptualizing Impact Investing: Attractive Nuisance or Catalyst?," Journal of Business Ethics, Springer, vol. 179(4), pages 937-950, September.
    17. Dustin Bauer & Sebastian Junge & Tobias Reif, 2024. "May the resources be with you: a systematic review and framework of startup funding options," Management Review Quarterly, Springer, vol. 74(3), pages 1365-1396, September.
    18. Riccardo Savio & Edoardo D’Andrassi & Francesca Ventimiglia, 2023. "A Systematic Literature Review on ESG during the COVID-19 Pandemic," Sustainability, MDPI, vol. 15(3), pages 1-17, January.
    19. Niclas Dombrowski & Wolfgang Drobetz & Lars Hornuf & Paul P. Momtaz, 2023. "The Financial and Non-Financial Performance of Token-Based Crowdfunding: Certification Arbitrage, Investor Choice, and the Optimal Timing of ICOs," CESifo Working Paper Series 10393, CESifo.
    20. Andrea Caputo & Elisa Schiocchet & Ciro Troise, 2022. "Sustainable business models as successful drivers in equity crowdfunding," Business Strategy and the Environment, Wiley Blackwell, vol. 31(7), pages 3509-3522, November.

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    More about this item

    Keywords

    Crowdfunding; Sustainability; Systematic literature review; Sustainable development; Sustainable entrepreneurship;
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • Q59 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Other

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