Abstract
Several literature reviews on crowdfunding categorise crowdfunding research into different perspectives but provide limited theory development. The social capital literature offers a promising lens for understanding crowdfunding. We provide a comprehensive review of how internal social capital develops through crowdfunding activities and how both external and internal social capital affect crowdfunding campaign dynamics, including early-stage performance, general process, funding performance and post-campaign performance. Most researchers report a positive but dynamic impact of social capital on crowdfunding activities over time. We apply a dynamic view to develop a conceptual model that explains how external and internal social capital affect crowdfunding campaigns. We conclude with proposed directions for future research, including an analysis of the negative aspects and the causal effects of social capital.
| Original language | English |
|---|---|
| Article number | 120412 |
| Pages (from-to) | 1-22 |
| Number of pages | 22 |
| Journal | Technological Forecasting and Social Change |
| Volume | 162 |
| DOIs | |
| Publication status | Published - Jan 2021 |
Funding
The authors thank the participants of 2nd European Alternative Finance Research Conference and Druid Academy Conference 2019 for their valuable comments. The authors also thank for the value comment from two anonymous reviewers. This research is financially supported by China Scholarship Council (CSC) under Grant No. 201706050160 .
Keywords
- Crowdfunding dynamics
- Social capital
- Systematic review