Crowdfunding and sustainable development: A systematic review

Abstract

This study employs bibliometric analysis to explore the evolving role of crowdfunding in financing sustainable development goals (SDGs). Analyzing 148 peer-reviewed articles (2014–2024), it identifies key trends, influential contributors, and thematic clusters in academic discourse. Findings reveal a surge in research post-2020, with a focus on entrepreneurial finance, environmental sustainability, and financial innovation. Equity crowdfunding and FinTech emerge as pivotal in bridging sustainability-related funding gaps. Cluster analysis highlights four major research areas: financial innovation's role in sustainability, crowdfunding's contribution to SDGs (especially post-COVID-19), microfinancing and financial inclusion for SMEs, and ESG integration in entrepreneurial finance. Despite these advances, significant research gaps remain, particularly the need for longitudinal studies to assess the long-term impacts of crowdfunding on sustainability, as well as a deeper understanding of the ethical implications surrounding governance and backer protection on crowdfunding platforms. This study contributes to the growing body of literature on sustainability-oriented crowdfunding by offering a detailed roadmap for future research and practical implications for scholars and practitioners alike.