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Paya Dayalı Kitle Fonlaması Literatürünün On Yılının Bibliyometrik Analizi

Year 2024, Volume: 8 Issue: 3, 814 - 833, 29.09.2024
https://doi.org/10.30586/pek.1534125

Abstract

Paya dayalı kitle fonlama, girişimciler ve küçük işletmelerin projelerine sermaye sağlamak amacıyla çok sayıda küçük yatırımcının katkısını bir araya getiren yenilikçi bir finansman yoludur. Bu yöntemde, yatırımcılar sağladıkları fon karşılığında girişimden pay alır ve girişimin hisse senetlerine ortak olurlar. Böylece, hem girişimler gerekli sermayeye ulaşır hem de yatırımcılar projeye ortaklık yoluyla dahil olur. Bu çalışmanın amacı, paya dayalı kitle fonlaması literatürünün bibliyometrik analizini yaparak alandaki en etkili yazarları, dergileri, yayınları, kurumları ve ülkeleri belirlemek; ayrıca en sık çalışılan konuları ve yeni yayın eğilimleri ortaya koymaktır. Bu amaca ulaşmak için çalışmada bibliyometrik analiz yöntemi kullanılmıştır. Scopus veri tabanından elde edilen verilerle yapılan analizde, 2013-2024 zaman aralığında 432 yayına ulaşılmıştır. Çalışma, paya dayalı kitle fonlamasının akademik çevrelerde nispeten yeni bir konu olduğunu ve her geçen yıl artan bir ilgi gördüğünü göstermektedir. Girişimcilik ve finans dergilerinde yoğunlaşan yayınlar, beşerî sermaye, lider yatırımcı, inovasyon, güven ve sinyal teorisi gibi güncel konuları ele almaktadır. Bulgulara göre, Vismara, S. en üretken ve en çok atıf alan yazar olup, İtalyan üniversiteleri bu alanda en çok yayın yapan kurumlardır. Avrupa ülkeleri ve üniversiteleri, paya dayalı kitle fonlamasına yoğun ilgi göstermektedir.

References

  • Ahlers, G. K. C., Cumming, D., Günther, C. ve Schweizer, D. (2015). Signaling in Equity Crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955-980. doi:10.1111/etap.12157
  • Block, J., Hornuf, L. ve Moritz, A. (2018). Which updates during an equity crowdfunding campaign increase crowd participation? Small Business Economics, 50(1), 3-27. doi:10.1007/s11187-017-9876-4
  • Canbaz, M. F. ve Çonkar, K. (2018). Girişimcilere Faizle Borçlanmaya Alternatif İslami Bir Yöntem: Kitle Fonlaması. Finansal Araştırmalar ve Çalışmalar Dergisi, 10(18), 37-55. doi:10.14784/marufacd.460651
  • Çonkar, M. K. ve Canbaz, M. F. (2018). Kitle Fonlaması Finansman Yöntemi: Türkiye’de Sistemin Geliştirilmesine Yönelik Öneriler. Optimum Ekonomi ve Yönetim Bilimleri Dergisi, 5(2) 119-132. doi:10.17541/optimum.359492
  • Dobrynskaya, V. (2020). Financial Returns in Reward-Based Crowdfunding. CAIA Association. https://caia.org/blog/2020/07/05/financial-returns-in-reward-based-crowdfunding, Erişim Tarihi: 20.06.2024.
  • Drew, J. (2024). What is Debt-Based Crowdfunding? Legalvision. https://legalvision.co.uk/startups/debt-based-crowdfunding/, Erişim Tarihi: 25.06.2024.
  • Dutch Caribbean Securities Exchange. (2020). The Risks and Rewards of Debt-Based Crowdfunding. https://www.dcsx.cw/wp-content/uploads/2020/10/Publication-14-Risks-and-Rewards-of-Equity-Based-Crowdfunding-Final.pdf, Erişim Tarihi: 01.05.2024.
  • FnF Research. (2024). Real Estate Crowdfunding Market Size, Share Global Analysis Report, 2024 – 2032. FnF Research.
  • FonAngels. (2024). Kitle Fonlamada Vergisel Avantajlar. FonAngels. https://www.fonangels.com/blog/vergisel-avantajlar?id=19, Erişim Tarihi: 25.06.2024.
  • Fronea, C. (2021). History of crowdfunding. Smallbrooks. https://smallbrooks.com/history-of-crowdfunding/, Erişim Tarihi: 10.05.2024.
  • Funding Circle. (2024). Funding Circle. https://www.fundingcircle.com/us/, Erişim Tarihi: 12.06.2024.
  • Garcia, J. (2023). Why Crowdfunding Campaigns Fail: Common Pitfalls and How to Avoid Them. Launchboom. https://www.launchboom.com/blog/why-crowdfunding-campaigns-fail-common-pitfalls-and-how-to-avoid-them/, Erişim Tarihi: 01.07.2024.
  • Guru Guide. (2016). The Art of Crowdfunding. (G. Barlow, & A. Cox). Tech Guru Guide: Start Your Own Business 2016.
  • Güçlü, F. ve Yazici, B. T. (2023). Katılım Kitle Fonlaması: AAOIFI İslami Kitle Fonlaması Standardı Bağlamında Bir Değerlendirme ve Öneri. International Journal of Applied Economic and Finance Studies, 8(2), 41-50.
  • Güçlü, F. (2024). İslam İktisadı ve Finansı Literatüründe Murabaha: Bibliyometrik Bir İnceleme. International Journal of Applied Economic and Finance Studies, 9(1), 67-77.
  • Hornuf, L. ve Schwienbacher, A. (2018). Market mechanisms and funding dynamics in equity crowdfunding. Journal of Corporate Finance, 50, 556-574. doi:10.1016/j.jcorpfin.2017.08.009
  • Impact Guru. (2017). 12 Key Moments in the History of Crowdfunding. Medium, https://medium.com/@ImpactGuru/12-key-moments-in-the-history-of-crowdfunding-so-far-3f614273d95, Erişim Tarihi: 13.05.2024.
  • KickStarter. (2024). Discover. KickStarter. https://www.kickstarter.com/discover/, Erişim Tarihi: 02.07.2024.
  • LendingClub. (2024). LendingClub. https://www.lendingclub.com, Erişim Tarihi: 05.07.2024.
  • Lin, N. (2024). The Evolution of Crowdfunding: A Decade in Review. Launchboom. https://www.launchboom.com/blog/the-evolution-of-crowdfunding-a-decade-in-review/, Erişim Tarihi: 21.06.2024.
  • Lucy, T. D. (2024). How Did Equity Crowdfunding Come About? Bricksave. https://www.bricksave.com/news/how-did-equity-crowdfunding-come-about/, Erişim Tarihi: 18.06.2024.
  • Lukkarinen, A., Teich, J. E., Wallenius, H. ve Wallenius, J. (2016). Success drivers of online equity crowdfunding campaigns. Decision Support Systems, 87, 26-38. doi:10.1016/j.dss.2016.04.006
  • Marillion. (2024). Press Room. Marillion. https://www.marillion.com/band/pressroom3.htm#!, Erişim Tarihi: 02.05.2024.
  • Merigó, J. M. ve Yang, J.-B. (2017). A bibliometric analysis of operations research and management science. Omega, 73, 37-48. doi:10.1016/j.omega.2016.12.004
  • MKK. (2024). MKK Piyasa Verileri. Türkiye Sermaye Piyasaları - Merkezi Saklama ve Veri Depolama Kuruluşu. https://www.mkk.com.tr/, Erişim Tarihi: 10.07.2024.
  • Mochkabadi, K. ve Volkmann, C. K. (2020). Equity crowdfunding: A systematic review of the literature. Small Business Economics, 54(1), 75-118. doi:10.1007/s11187-018-0081-x
  • Nav. (2022). Reward-Based Crowdfunding. Nav. https://www.nav.com/business-financing-options/reward-crowdfunding/, Erişim Tarihi: 13.05.2024.
  • Piva, E. ve Rossi-Lamastra, C. (2018). Human capital signals and entrepreneurs’ success in equity crowdfunding. Small Business Economics, 51(3), 667-686. doi:10.1007/s11187-017-9950-y
  • Research and Markets. (2024). Crowdfunding Global Market Report 2024. Dublin: Research and Markets.
  • Stripe. (2024). What is crowdfunding? Here are four types for startups to know. Stripe. https://stripe.com/resources/more/four-types-of-crowdfunding-for-startups-and-how-to-choose-one, Erişim Tarihi: 11.07.2024.
  • Vismara, S. (2016). Equity retention and social network theory in equity crowdfunding. Small Business Economics, 46(4), 579-590. doi:10.1007/s11187-016-9710-4
  • Vismara, S. (2018). Information Cascades among Investors in Equity Crowdfunding. Entrepreneurship Theory and Practice, 42(3), 467-497. doi:10.1111/etap.12261
  • Vismara, S. (2019). Sustainability in equity crowdfunding. Technological Forecasting and Social Change, 141, 98-106. doi:10.1016/j.techfore.2018.07.014
  • Vulkan, N., Åstebro, T. ve Sierra, M. F. (2016). Equity crowdfunding: A new phenomena. Journal of Business Venturing Insights, 5, 37-49. doi:10.1016/j.jbvi.2016.02.001
  • Zhao, Y., Harris, P. ve Lam, W. (2019). Crowdfunding industry—History, development, policies, and potential issues. Journal of Public Affairs, 19(1), e1921. https://doi.org/10.1002/pa.1921

Bibliometric Analysis of a Decade of Equity Crowdfunding Literature

Year 2024, Volume: 8 Issue: 3, 814 - 833, 29.09.2024
https://doi.org/10.30586/pek.1534125

Abstract

Equity crowdfunding is an innovative way of financing that brings together the contributions of a large number of small investors to provide capital for the projects of entrepreneurs and small businesses. In this method, investors receive a stake in the venture in return for the funds they provide and become shareholders in the venture's shares. In this way, the ventures access the necessary capital, and the investors are involved in the project through partnership. The purpose of this study is to perform a bibliometric analysis of the equity crowdfunding literature to identify the most influential authors, journals, publications, institutions and countries in the field, as well as the most frequently studied topics and publication trends. In order to achieve this purpose, bibliometric analysis method was used in the study. The analysis was conducted using data from the Scopus database. 432 publications were obtained for the period 2013-2024. The study shows that equity crowdfunding is a relatively new topic in academic circles, attracting more and more attention every year. The publications, which are concentrated in entrepreneurship and finance journals, cover current topics such as human capital, lead investors, innovation, trust and signaling theory. According to the results, Vismara, S. is the most prolific and cited author and Italian universities are the most publishing institutions in the field. European countries and universities show a strong interest in equity crowdfunding.

References

  • Ahlers, G. K. C., Cumming, D., Günther, C. ve Schweizer, D. (2015). Signaling in Equity Crowdfunding. Entrepreneurship Theory and Practice, 39(4), 955-980. doi:10.1111/etap.12157
  • Block, J., Hornuf, L. ve Moritz, A. (2018). Which updates during an equity crowdfunding campaign increase crowd participation? Small Business Economics, 50(1), 3-27. doi:10.1007/s11187-017-9876-4
  • Canbaz, M. F. ve Çonkar, K. (2018). Girişimcilere Faizle Borçlanmaya Alternatif İslami Bir Yöntem: Kitle Fonlaması. Finansal Araştırmalar ve Çalışmalar Dergisi, 10(18), 37-55. doi:10.14784/marufacd.460651
  • Çonkar, M. K. ve Canbaz, M. F. (2018). Kitle Fonlaması Finansman Yöntemi: Türkiye’de Sistemin Geliştirilmesine Yönelik Öneriler. Optimum Ekonomi ve Yönetim Bilimleri Dergisi, 5(2) 119-132. doi:10.17541/optimum.359492
  • Dobrynskaya, V. (2020). Financial Returns in Reward-Based Crowdfunding. CAIA Association. https://caia.org/blog/2020/07/05/financial-returns-in-reward-based-crowdfunding, Erişim Tarihi: 20.06.2024.
  • Drew, J. (2024). What is Debt-Based Crowdfunding? Legalvision. https://legalvision.co.uk/startups/debt-based-crowdfunding/, Erişim Tarihi: 25.06.2024.
  • Dutch Caribbean Securities Exchange. (2020). The Risks and Rewards of Debt-Based Crowdfunding. https://www.dcsx.cw/wp-content/uploads/2020/10/Publication-14-Risks-and-Rewards-of-Equity-Based-Crowdfunding-Final.pdf, Erişim Tarihi: 01.05.2024.
  • FnF Research. (2024). Real Estate Crowdfunding Market Size, Share Global Analysis Report, 2024 – 2032. FnF Research.
  • FonAngels. (2024). Kitle Fonlamada Vergisel Avantajlar. FonAngels. https://www.fonangels.com/blog/vergisel-avantajlar?id=19, Erişim Tarihi: 25.06.2024.
  • Fronea, C. (2021). History of crowdfunding. Smallbrooks. https://smallbrooks.com/history-of-crowdfunding/, Erişim Tarihi: 10.05.2024.
  • Funding Circle. (2024). Funding Circle. https://www.fundingcircle.com/us/, Erişim Tarihi: 12.06.2024.
  • Garcia, J. (2023). Why Crowdfunding Campaigns Fail: Common Pitfalls and How to Avoid Them. Launchboom. https://www.launchboom.com/blog/why-crowdfunding-campaigns-fail-common-pitfalls-and-how-to-avoid-them/, Erişim Tarihi: 01.07.2024.
  • Guru Guide. (2016). The Art of Crowdfunding. (G. Barlow, & A. Cox). Tech Guru Guide: Start Your Own Business 2016.
  • Güçlü, F. ve Yazici, B. T. (2023). Katılım Kitle Fonlaması: AAOIFI İslami Kitle Fonlaması Standardı Bağlamında Bir Değerlendirme ve Öneri. International Journal of Applied Economic and Finance Studies, 8(2), 41-50.
  • Güçlü, F. (2024). İslam İktisadı ve Finansı Literatüründe Murabaha: Bibliyometrik Bir İnceleme. International Journal of Applied Economic and Finance Studies, 9(1), 67-77.
  • Hornuf, L. ve Schwienbacher, A. (2018). Market mechanisms and funding dynamics in equity crowdfunding. Journal of Corporate Finance, 50, 556-574. doi:10.1016/j.jcorpfin.2017.08.009
  • Impact Guru. (2017). 12 Key Moments in the History of Crowdfunding. Medium, https://medium.com/@ImpactGuru/12-key-moments-in-the-history-of-crowdfunding-so-far-3f614273d95, Erişim Tarihi: 13.05.2024.
  • KickStarter. (2024). Discover. KickStarter. https://www.kickstarter.com/discover/, Erişim Tarihi: 02.07.2024.
  • LendingClub. (2024). LendingClub. https://www.lendingclub.com, Erişim Tarihi: 05.07.2024.
  • Lin, N. (2024). The Evolution of Crowdfunding: A Decade in Review. Launchboom. https://www.launchboom.com/blog/the-evolution-of-crowdfunding-a-decade-in-review/, Erişim Tarihi: 21.06.2024.
  • Lucy, T. D. (2024). How Did Equity Crowdfunding Come About? Bricksave. https://www.bricksave.com/news/how-did-equity-crowdfunding-come-about/, Erişim Tarihi: 18.06.2024.
  • Lukkarinen, A., Teich, J. E., Wallenius, H. ve Wallenius, J. (2016). Success drivers of online equity crowdfunding campaigns. Decision Support Systems, 87, 26-38. doi:10.1016/j.dss.2016.04.006
  • Marillion. (2024). Press Room. Marillion. https://www.marillion.com/band/pressroom3.htm#!, Erişim Tarihi: 02.05.2024.
  • Merigó, J. M. ve Yang, J.-B. (2017). A bibliometric analysis of operations research and management science. Omega, 73, 37-48. doi:10.1016/j.omega.2016.12.004
  • MKK. (2024). MKK Piyasa Verileri. Türkiye Sermaye Piyasaları - Merkezi Saklama ve Veri Depolama Kuruluşu. https://www.mkk.com.tr/, Erişim Tarihi: 10.07.2024.
  • Mochkabadi, K. ve Volkmann, C. K. (2020). Equity crowdfunding: A systematic review of the literature. Small Business Economics, 54(1), 75-118. doi:10.1007/s11187-018-0081-x
  • Nav. (2022). Reward-Based Crowdfunding. Nav. https://www.nav.com/business-financing-options/reward-crowdfunding/, Erişim Tarihi: 13.05.2024.
  • Piva, E. ve Rossi-Lamastra, C. (2018). Human capital signals and entrepreneurs’ success in equity crowdfunding. Small Business Economics, 51(3), 667-686. doi:10.1007/s11187-017-9950-y
  • Research and Markets. (2024). Crowdfunding Global Market Report 2024. Dublin: Research and Markets.
  • Stripe. (2024). What is crowdfunding? Here are four types for startups to know. Stripe. https://stripe.com/resources/more/four-types-of-crowdfunding-for-startups-and-how-to-choose-one, Erişim Tarihi: 11.07.2024.
  • Vismara, S. (2016). Equity retention and social network theory in equity crowdfunding. Small Business Economics, 46(4), 579-590. doi:10.1007/s11187-016-9710-4
  • Vismara, S. (2018). Information Cascades among Investors in Equity Crowdfunding. Entrepreneurship Theory and Practice, 42(3), 467-497. doi:10.1111/etap.12261
  • Vismara, S. (2019). Sustainability in equity crowdfunding. Technological Forecasting and Social Change, 141, 98-106. doi:10.1016/j.techfore.2018.07.014
  • Vulkan, N., Åstebro, T. ve Sierra, M. F. (2016). Equity crowdfunding: A new phenomena. Journal of Business Venturing Insights, 5, 37-49. doi:10.1016/j.jbvi.2016.02.001
  • Zhao, Y., Harris, P. ve Lam, W. (2019). Crowdfunding industry—History, development, policies, and potential issues. Journal of Public Affairs, 19(1), e1921. https://doi.org/10.1002/pa.1921
There are 35 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section Makaleler
Authors

Fatih Güçlü 0000-0002-1007-4594

Muhammet Fatih Canbaz 0000-0002-4711-3489

Early Pub Date September 25, 2024
Publication Date September 29, 2024
Submission Date August 15, 2024
Acceptance Date September 9, 2024
Published in Issue Year 2024 Volume: 8 Issue: 3

Cite

APA Güçlü, F., & Canbaz, M. F. (2024). Paya Dayalı Kitle Fonlaması Literatürünün On Yılının Bibliyometrik Analizi. Politik Ekonomik Kuram, 8(3), 814-833. https://doi.org/10.30586/pek.1534125

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