Sustainability-oriented crowdfunding: An integrative literature review

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.