Towards an Integrative Theoretical Architecture of Crowdfunding: A Systematic Theoretical Review and Conceptual Synthesis Vers une architecture théorique intégrative du crowdfunding : Revue théorique systématique et synthèse conceptuelle

This research addresses the theoretical fragmentation of the crowdfunding field by proposing an integrative architecture through a theory-oriented systematic literature review. Despite its rapid expansion, crowdfunding research remains siloed across various disciplines, often lacking a unified conceptual framework to explain the complex interactions between project owners, backers, and platforms. Drawing on a corpus of 35 high-quality studies selected from Scopus and Web of Science over the period 2016-2025, and filtered according to ABS 3+ and SJR Q1-Q2 quality thresholds, this study employs a Theory-Mechanism-Outcome (TMO) coding protocol to categorize existing research into three core theoretical configurations: signaling mechanisms, social capital dynamics, and social exchange processes. The review-based synthesis identifies that crowdfunding success is not determined by a single factor but by the convergence of "Relational Validation" and "Digital Legitimacy." The proposed integrative architecture demonstrates how Signaling Theory, Social Capital Theory, and Social Exchange Theory interact to create a unique socio-technical trust ecosystem. The originality of this study lies in three contributions: a theoretical reclassification of the crowdfunding literature through the TMO framework, an integrative multi-level conceptual architecture, and a structured research agenda addressing unresolved tensions and underexplored institutional contexts, particularly in emerging economies. This framework provides a contextsensitive understanding of how intangible assets are converted into financial credibility in the digital age, especially within environments characterized by institutional voids.