Template-Type: ReDIF-Article 1.0
Author-Name: Lamya BOUZIANI
Author-Email: lamya.bouziani@uit.ac.ma
Author-Workplace-Name: National School of Business and Management of Kénitra, Ibn Tofail University of Kenitra, Morocco
Author-Name: Jalal AZEGAGH
Author-Email: lamya.bouziani@uit.ac.ma
Author-Workplace-Name: National School of Business and Management of Kénitra, Ibn Tofail University of Kenitra, Morocco
Title: Towards an Integrative Theoretical Architecture of Crowdfunding: A Systematic Theoretical Review and Conceptual Synthesis
Abstract: 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 context-sensitive understanding of how intangible assets are converted into financial credibility in the digital age, especially within environments characterized by institutional voids. Classification JEL: G23, G32, M13, O55, D82, Z13. Paper type: Theoretical Research
Keywords: crowdfunding theory; systematic literature review; integrative framework; signaling theory; social capital
Journal: International Journal of Accounting, Finance, Auditing, Management and Economics
Pages: 471-490
Volume: 7
Issue: 7
Year: 2026
File-URL: https://ijafame.org/index.php/ijafame/article/view/2485
File-Format: text/html
File-URL: https://ijafame.org/index.php/ijafame/article/view/2485/2550
File-Format: application/pdf
Handle: RePEc:aoa:journl:v:7:y:2026:i:7:p:471-490