Abstract
In the FinTech era, other technological enterprises different from traditional banking are offering financial services (Zalan and Toufaily Zalan et al. Contemporary Economics, 11(4), 2017). Crowdfunding is a materialization of the evolution of entrepreneurial finance, permitting the raising of funds from a crowd of investors through online platforms. Crowdfunding is a rather new phenomenon, so literature is still incipient. This research aims to study crowdfunding as a financial instrument. For this reason, we will focus specifically on crowdfunding that generates a financial return- i.e., peer-to-peer lending (P2P) and equity crowdfunding (EC). This article looks into the documents published in the Tomson Reuters Web of Science on the field of financial return crowdfunding. Conclusions are drawn in terms of relevance of this burgeoning topic and suggestions for future research are put forward.
Similar content being viewed by others
References
Afuah, A., & Tucci, C. L. (2012). Crowdsourcing as a solution to distant search. Academy of Management Review, 37(3), 355–375.
Ahlers, G. K., Cumming, D., Günther, C., & Schweizer, D. (2015). Signaling in equity crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955–980.
Albort-Morant, G., & Ribeiro-Soriano, D. (2016). A bibliometric analysis of international impact of business incubators. Journal of Business Research, 69(5), 1775–1779.
Albort-Morant, G., Henseler, J., Leal-Millán, A., & Cepeda-Carrión, G. (2017). Mapping the field: a bibliometric analysis of green innovation. Sustainability, 9(6), 1011.
Andrieş, A. M., & Ursu, S. G. (2016). Financial crisis and bank efficiency: an empirical study of European banks. Economic research-Ekonomska istraživanja, 29(1), 485–497.
Arner, D. W., Barberis, J., & Buckley, R. P. (2015). The evolution of Fintech: a new post-crisis paradigm. Geo. J. Int'l L., 47, 1271.
Banerjee, A. V. (1992). A simple model of herd behavior. The quarterly journal of economics, 107(3), 797–817.
Beaulieu, T., Sarker, S., & Sarker, S. (2015). A conceptual framework for understanding crowdfunding. CAIS, 37, 1.
Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: tapping the right crowd. Journal of Business Venturing, 29(5), 585–609.
Bendickson, J. S., Muldoon, J., Liguori, E. W., & Midgett, C. (2017). High performance work systems: a necessity for startups. Journal of Small Business Strategy, 27(2), 1–12.
Bikhchandani, S. (1992). A bargaining model with incomplete information. The Review of Economic Studies, 59(1), 187–203.
Blasco-Carreras, C., Albort-Morant, G., & Ribeiro-Navarrete, B. (2015). Impacto internacional del crowdsourcing como nuevo topic de interés en el campo científico del emprendimiento: análisis bibliométrico del periodo 2008–2015. Universitas: Gestão e TI, 5(2). https://doi.org/10.5102/un.gti.v5i2.3619
Blažun Vošner, H., Bobek, S., Sternad Zabukovšek, S., & Kokol, P. (2017). Openness and information technology: a bibliometric analysis of literature production. Kybernetes, 46(5), 750–766.
Bouyssou, D., & Marchant, T. (2010). Consistent bibliometric rankings of authors and journals. Journal of Informetrics, 4(3), 365–378.
Bouyssou, D., & Marchant, T. (2011). Bibliometric rankings of journals based on impact factors: An axiomatic approach. Journal of Informetrics, 5(1), 75–86.
Broadus, R. N. (1987). Toward a definition of “Bibliometrics”. Scientometrics, 12, 373–379.
Burtch, G., Ghose, A., & Wattal, S. (2014). Cultural Differences and Geography as Determinants of Online Prosocial Lending. MIS quarterly, 38(3), 773–794
Cadavid-Higuita, L., Awad, G., & Franco-Cardona, C. J. (2012). A bibliometric analysis of a modeled field for disseminating innovation. Estudios Gerenciales, 28, 213–236.
Cancino, C. A., Merigó, J. M., & Coronado, F. C. (2017). A bibliometric analysis of leading universities in innovation research. Journal of Innovation & Knowledge, 2(3), 106–124.
Carré, J. M., & McCormick, C. M. (2008). In Your Face: Facial Metrics Predict Aggressive Behavior in the Laboratory and in Varsity and Professional Hockey Players. Proceedings of the Royal Society B, 275, 2651–2656.
Carré, J. M., McCormick, C., & M. and Mondloch, C. J. (2009). Facial Structure Is a Reliable Cue of Aggressive Behavior. Psychological Science, 20, 1194–1198.
Chen, G., & Xiao, L. (2016). Selecting publication keywords for domain analysis in bibliometrics: a comparison of three methods. Journal of Informetrics, 10(1), 212–223.
Cholakova, M., & Clarysse, B. (2015). Does the possibility to make equity investments in crowdfunding projects crowd out reward-based investments? Entrepreneurship Theory and Practice, 39(1), 145–172.
Collins, L., & Pierrakis, Y. (2012). The venture crowd: crowdfunding equity investment into business. Nesta.
Croson, R., & Shang, J. Y. (2008). The impact of downward social information on contribution decisions. Experimental Economics, 11(3), 221–233.
Cuomo, M.T., Tortora, D., Mazzucchelli, A., Festa, G., Di Gregorio, A., & Metallo G. (2018). Impacts of code of ethics on financial performance in the Italian listed companies of bank sector. Journal of Business Accounting and Finance Perspectives, 1(1), https://proview.thomsonreuters.com/title.html?redirect=true&titleKey=aranz%2Fmonografias%2F193456932%2Fv1.4&titleStage=F&titleAcct=i0adc419000000147a1c91f053c81274e#sl=e&eid=4afad5d4d7866f860e9f5ef710d336ee&eat=a-196305847&pg=4&psl=&nvgS=false
Daim, T. U., Rueda, G., Martin, H., & Gerdsri, P. (2006). Forecasting emerging technologies: use of bibliometrics and patent analysis. Technological Forecasting and Social Change, 73(8), 981–1012.
Deci, E. L., & Ryan, R. M. (1985). The general causality orientations scale: Self-determination in personality. Journal of Research in Personality, 19(2), 109–134.
Duarte, J., Siegel, S., & Young, L. (2012). Trust and credit: the role of appearance in peer-to-peer lending. Review of Financial Studies, 25(8), 2455–2484.
Dushnitsky, G., Guerini, M., Piva, E., & Rossi-Lamastra, C. (2016). Crowdfunding in Europe: determinants of platform creation across countries. California management review, 58(2), 44–71.
ESMA response to the Commission Green Paper on Building a Capital Markets Union. (2015). Link at: https://www.esma.europa.eu/sites/default/files/library/2015/11/esma-2015-856_esma_response_to_ec_green_paper_on_cmu.pdf .
Fogel, K., El-Khatib, R., Feng, N. C., & Torres-Spelliscy, C. (2015). Compliance costs and disclosure requirement mandates: some evidence. Research in Accounting Regulation, 27(1), 83–87.
Fong, A. (2015). Regulation of peer-to-peer lending in Hong Kong: state of play. Law and Financial Markets Review, 9(4), 251–259.
Galuszka, P., & Brzozowska, B. (2017). Crowdfunding: towards a redefinition of the artist’s role–the case of MegaTotal. International Journal of Cultural Studies, 20(1), 83–99.
Harkness, S. K. (2016). Discrimination in lending markets: status and the intersections of gender and race. Social Psychology Quarterly, 79(1), 81–93.
Hemer, J. (2011). A snapshot on crowdfunding (No. R2/2011). Working papers firms and region.
Herzenstein, M., Dholakia, U. M., & Andrews, R. L. (2011). Strategic herding behavior in peer-to-peer loan auctions. Journal of Interactive Marketing, 25(1), 27–36.
Hirsch, J. E. (2005). An index to quantify an individual's scientific research output. Proceedings of the National Academy of Sciences of the United States of America, 102(46), 16569.
Hope, O. K., & Vyas, D. (2017). Private company finance and financial reporting. Accounting and Business Research, 47(5), 506–537.
Howe, J. (2006). The rise of crowdsourcing. Wired magazine, 14(6), 1–4.
Howe, J. (2008). Crowdsourcing: How the power of the crowd is driving the future of business. Random House.
Iršič, M. (2017). The effect of adaptation and trust on positional advantage of companies in B2B relationships: the moderating role of relationship value. Economic research-Ekonomska istraživanja, 30(1), 76–90.
Jeppesen, L. B., & Lakhani, K. R. (2010). Marginality and problem-solving effectiveness in broadcast search. Organization Science, 21(5), 1016–1033.
Kirby, E., & Worner, S. (2014). Crowd-funding: An infant industry growing fast. Madrid: IOSCO.
Korniotis, G. M., & Kumar, A. (2011). Do older investors make better investment decisions? The Review of Economics and Statistics, 93(1), 244–265.
Lacalle, D. (2018). Are the effects of unconventional monetary policy on financial markets causing bubbles? Journal of Business Accounting and Finance Perspectives, 1(1) https://proview.thomsonreuters.com/title.html?redirect=true&titleKey=aranz%2Fmonografias%2F193456932%2Fv1.8&titleStage=F&titleAcct=i0adc419000000147a1c91f053c81274e#sl=0&eid=c161a9b0959a068894a8f4bca051185c&eat=a-196306739&pg=&psl=e&nvgS=false.
Larrimore, L., Jiang, L., Larrimore, J., Markowitz, D., & Gorski, S. (2011). Peer to peer lending: The relationship between language features, trustworthiness, and persuasion success. Journal of Applied Communication Research, 39(1), 19–37.
Lee, E., & Lee, B. (2012). Herding behavior in online P2P lending: An empirical investigation. Electronic Commerce Research and Applications, 11(5), 495–503.
Lehner, O. M., Grabmann, E., & Ennsgraber, C. (2015). Entrepreneurial implications of crowdfunding as alternative funding source for innovations. Venture Capital, 17(1–2), 171–189.
Lenz, R. (2016). Peer-to-peer lending: opportunities and risks. European Journal of Risk Regulation, 7(4), 688–700.
Lin, Y. S. (2016). Topic evolution of innovation academic researches. Journal of Small Business Strategy, 26(1), 25–36.
Lin, M., & Viswanathan, S. (2016). Home bias in online investments: An empirical study of an online crowdfunding market. Management Science, 62(5), 1393–1414.
Lin, M., Prabhala, N. R., & Viswanathan, S. (2013). Judging borrowers by the company they keep: friendship networks and information asymmetry in online peer-to-peer lending. Management Science, 59(1), 17–35.
Ma, Y., & Liu, D. (2017). Introduction to the special issue on crowdfunding and FinTech. Financial Innovation, 3(1), 8.
Maciel, G. T. L., Palacios, A. P., & Rosas, E. L. G. (2017). Una revisión de la literatura sobre crowdsourcing. Journal of Innovation & Knowledge, 2(1), 24–30.
Magee, J. (2011). Peer-to-peer lending in the United States: Surviving after Dodd-Frank. North Carolina Banking Institute Journal, 15, 139–174.
Merigó, J. M., Mas-Tur, A., Roig-Tierno, N., & Ribeiro-Soriano, D. (2015). A bibliometric overview of the journal of business research between 1973 and 2014. Journal of Business Research, 68(12), 2645–2653.
Morris, S., DeYong, C., Wu, Z., Salman, S., & Yemenu, D. (2002). DIVA: a visualization system for exploring document databases for technology forecasting. Computers and Industrial Engineering, 43(4), 841–862.
Morse, A. (2015). Peer-to-peer crowdfunding: Information and the potential for disruption in consumer lending. Annual Review of Financial Economics, 7, 463–482.
Mulcahy, D. (2013). 6 Myths About Venture Capitalists. Harvard Business Review, 91(5), 80–83.
Norton, M.J. (2001). Introductory concepts in information science, New Jersey.
Ordanini, A., Miceli, L., Pizzetti, M., & Parasuraman, A. (2011). Crowd-funding: transforming customers into investors through innovative service platforms. Journal of Service Management, 22(4), 443–470.
Orlandi, L. B. (2017). Am I an entrepreneur? Identity struggle in the contemporary women entrepreneurship discourse. Contemporary Economics, 11(4).
Pope, D. G., & Sydnor, J. R. (2011). What’s in a picture? Evidence of discrimination from prosper. Com. Journal of Human Resources, 46(1), 53–92.
Rey-Martí, A., Ribeiro-Soriano, D., & Palacios-Marqués, D. (2016). A bibliometric analysis of social entrepreneurship. Journal of Business Research, 69(5), 1651–1655.
Rhen, C., & Kronman, U. (2006). Bibliometric handbook for Karolinska Institutet. Stockholm: Karolinska Institutet.
Roig-Tierno, N., Blasco-Carreras, C., Mas-Tur, A., & Ribeiro-Navarrete, B. (2015). Using crowdsourcing to overcome barriers to women entrepreneurship. In Advances in Crowdsourcing (pp. 119–128). Cham: Springer.
Ryan, R. M., & Deci, E. L. (2000). Self-determination theory and the facilitation of intrinsic motivation, social development, and well-being. American Psychologist, 55(1), 68.
Schwartz, A. A. (2012). Crowdfunding securities. Notre Dame L. Rev., 88, 1457.
Sherman, A. J., & Brunsdale, S. (2013). The jobs act: its impact on MandA. Journal of Corporate Accounting and Finance, 24(2), 17–20.
Simonsohn, U., & Ariely, D. (2008). When rational sellers face nonrational buyers: evidence from herding on eBay. Management science, 54(9), 1624–1637.
Spence, M. (2002). Signaling in retrospect and the informational structure of markets. Amer. Econom. Rev., 92(3), 434–459.
Stemler, A. R. (2013). The JOBS act and crowdfunding: harnessing the power—money—of the masses. Business Horizons, 56(3), 271–275.
Vien. (2015). Crowdfunding brings new opportunities for CPAs. Link at: https://www.journalofaccountancy.com/issues/2015/oct/crowdfunding-opportunities-for-cpas.html.
Vismara, S. (2016). Equity retention and social network theory in equity crowdfunding. Small Business Economics, 46(4), 579–590.
Yum, H., Lee, B., & Chae, M. (2012). From the wisdom of crowds to my own judgment in microfinance through online peer-to-peer lending platforms. Electronic Commerce Research and Applications, 11(5), 469–483.
Zalan, T., & Toufaily, E. (2017). The promise of Fintech in emerging markets: not as disruptive. Contemporary Economics, 11(4). https://doi.org/10.5709/ce.1897-9254.253.
Zhang, J., & Liu, P. (2012). Rational herding in microloan markets. Management Science, 58(5), 892–912.
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
About this article
Cite this article
Martínez-Climent, C., Zorio-Grima, A. & Ribeiro-Soriano, D. Financial return crowdfunding: literature review and bibliometric analysis. Int Entrep Manag J 14, 527–553 (2018). https://doi.org/10.1007/s11365-018-0511-x
Published:
Issue Date:
DOI: https://doi.org/10.1007/s11365-018-0511-x