Crowdfunding and Social Capital: A Systematic Review

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Crowdfunding has been rising rapidly as new entrepreneurial financing channel, and social capital theory is one of the most promise theory in crowdfunding research. Previous research on the relationship between social capital and crowdfunding is from different perspectives and follows different classifications of social capital. Meanwhile, most research on the relationship between social capital and crowdfunding fails to cover some facets of social capital. This paper aims to provide a comprehensive review on how do social capital affect crowdfunding. This paper classifies social capital into structural, relational, and cognitive dimensions, and describes elements of each dimension of social capital based on some influential social capital research. Based on this classification, this paper expands the searching scope from the crowdfunding research which explicitly mentions “social capital” to those involves some facets of social capital, e.g., trust and identity. This paper summarizes how each facet of multidimensional social capital affects crowdfunding. Based on these research, a synthetic model is built to explain how social capital developed in the virtual community and how they interplay with each other and finally affect crowdfunding success. In the end, this paper provides some directions for the future research.
Original languageEnglish
Title of host publicationthe 2nd European Alternative Finance Research Conference
Number of pages33
Publication statusUnpublished - 2 Oct 2018


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