Equity Crowdfunding: A Systematic Review of the Literature
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Equity Crowdfunding: A Systematic Review of the Literature
2.1 Introduction Equity crowdfunding, an innovative way to raise external capital for new ventures (Ahlers et al., 2015; Estrin et al., 2018, Vismara, 2018a), is emerging as a promising research area within the broader sphere of entrepreneurship research (Cholakova and Clarysse, 2015; McKenny et al., 2017). Since the publishing of the seminal works by Belleflamme et al., (2011) and Ahlers et al., (2012), the number of equity crowdfunding studies has increased by 620 % from 2012 to 2017 (Figure 2.1). Researchers, practitioners, and policymakers highlight the importance of equity crowdfunding as a viable source for financing new ventures (e.g., Bruton et al., 2015; Massolution, 2015; Younkin and Kashkooli, 2016). The ongoing scientific discussion of equity crowdfunding in various academic entrepreneurship journals (e.g., ET&P, JBV, Small Business Economics: An Entrepreneurship Journal, Venture Capital: An International Journal of Entrepreneurial Finance) contributes to the on-going legitimization of equity crowdfunding as a sub-field of entrepreneurial finance research. Furthermore, the integration of theories and concepts from areas like social psychology (Cholakova and Clarysse, 2015), marketing (Moysidou and Spaeth, 2016), as well as management and finance (e.g. Vismara, 2018b; Vismara, 2016; Ahlers et al., 2015; Vulkan et al., 2016) display its inherent interdisciplinary nature as a research field. In addition, the scientific debate about equity crowdfunding in peer-reviewed academic journals not dedicated to entrepreneurship (e.g., Management Science, Information, and Organization; Industrial Management & Data Systems; California Management Review; The Journal of Corporation Law) indicates the increasing signi ficance of equity crowdfunding outside the narrow entrepreneurship research context. Christine Volkmann as co-author. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Fachmedien Wiesbaden GmbH, part of Springer Nature 2020 K. Mochkabad Khoramchahi, Equity Crowdfunding, https://doi.org/10.1007/978-3-658-31266-4_2
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Figure 2.1 Aggregated Development of Publications (N = 113). Source: Authors
However, despite the ongoing scientific and practical discourse, research on equity crowdfunding is still in its infancy, with limited and fragmented scientific knowledge (Short et al., 2017; McKenny et al., 2017; Block et al., 2018a; Cumming and Johan, 2017a). The steady growth and multidisciplinary nature of the field make systematizing the current body of equity crowdfunding literature difficult, and a holistic overview of the field is needed. Thus, equity crowdfunding as a scientific field is at risk of stagnation and lacks robustness (Fayolle and Liñán, 2014; Liñán and Fayolle, 2015). Hence, the purpose of this study is to systematically review, categorize,
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