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Sustainability-oriented crowdfunding: An integrative literature review

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  • Dinh, Jeannette Mai
  • Isaak, Andrew Jay
  • Wehner, Marius Claus

Abstract

Crowdfunding has emerged as an attractive financing option for sustainable entrepreneurship, where entrepreneurs must overcome considerable investor uncertainty in light of mixed social, ecological, and economic goals. The rapid emergence of studies on sustainability-oriented crowdfunding yielded a wide variety of theoretical perspectives and an abundance of empirical evidence due to a high dispersion across different research fields. Drawing on a systematic review and qualitative analysis of 157 articles, we map the existing research and develop a new and integrative framework to (1) organize key theoretical research levels (i.e., individual, transactional, and institutional), (2) identify multilevel antecedents, crowdfunding process dimensions, and short-vs. long-term outcomes, and (3) offer new and promising future research avenues. Our findings indicate a high degree of theoretical convergence at the individual and transactional level related to short-term crowdfunding outcomes, while research is limited concerning the institutional level, long-term outcomes, and the context of different crowdfunding forms. By highlighting the existing and missing linkages between the three levels related to sustainability-oriented crowdfunding processes, we contribute to the literature and guide future research to explore fruitful avenues in the field. Practical implications are gleaned from our findings for crowdfunding platforms, their supporting institutions, and the sustainability-oriented entrepreneurs seeking financing.

Suggested Citation

  • Dinh, Jeannette Mai & Isaak, Andrew Jay & Wehner, Marius Claus, 2024. "Sustainability-oriented crowdfunding: An integrative literature review," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 448, pages 1-38.
    • Handle: RePEc:zbw:espost:329769
    DOI: 10.1016/j.jclepro.2024.141579
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    References listed on IDEAS

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    4. Bade, Marco & Reichenbach, Felix, 2025. "Which sustainable development goals favor crowdfunding success?," Finance Research Letters, Elsevier, vol. 71(C).
    5. Lorenzo Gai & Carmelo Algeri & Federica Ielasi & Maria Manganiello, 2025. "Sustainability-Oriented Equity Crowdfunding: The Role of Proponents, Investors, and Sustainable Development," Sustainability, MDPI, vol. 17(5), pages 1-25, March.
    6. Georgia Zournatzidou & Konstantina Ragazou & George Sklavos & Nikolaos Sariannidis, 2025. "Examining the Impact of Environmental, Social, and Corporate Governance Factors on Long-Term Financial Stability of the European Financial Institutions: Dynamic Panel Data Models with Fixed Effects," IJFS, MDPI, vol. 13(1), pages 1-20, January.
    7. Carè, Rosella & Fatima, Rabia & Agnese, Paolo, 2025. "Crowdfunding and sustainable development: A systematic review," Finance Research Letters, Elsevier, vol. 78(C).
    8. Hopp, Christian & Dey, Pascal & Riniker, Maria & Rüdiger, Matthias, 2025. "Financing sustainable entrepreneurship: Unpacking the role of campaign information and risk disclosure in reward-based crowdfunding," Finance Research Letters, Elsevier, vol. 74(C).
    9. Michelino, Francesca & Varriale, Vincenzo & Appio, Francesco & Caputo, Mauro, 2025. "Crowdfunding for sustainable development: Comparing stand-alone and combined applications," Finance Research Letters, Elsevier, vol. 74(C).
    10. Cerchione, Roberto & Liccardo, Giuseppe & Passaro, Renato, 2025. "Crowdfunding business models through the lens of sustainable development: A taxonomy for backers and funders," Finance Research Letters, Elsevier, vol. 78(C).
    11. Dinh, Jeannette Mai & Isaak, Andrew Jay & Yahyaoui, Yasmine, 2024. "Investing for good – Uncovering crowd investors' motivations to participate in sustainability-oriented crowdlending," Technological Forecasting and Social Change, Elsevier, vol. 207(C).
    12. Appio, Francesco & Bazgour, Tarik & Platania, Federico & Toscano Hernandez, Celina, 2025. "The green premium: How environmental consciousness elevates crowdfunding success," Finance Research Letters, Elsevier, vol. 74(C).

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    JEL classification:

    • D26 - Microeconomics - - Production and Organizations - - - Crowd-Based Firms
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • 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
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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