Crowdfunding, gender and the promise of financial democracy: a systematic review

PurposeThe purpose of this study is to review the literature at the intersection of crowdfunding and gender, while examining the extent to which crowdfunding has enhanced female financial inclusion and participation.Design/methodology/approachA systematic literature review was conducted across 47 studies from 2011 to April 2021.FindingsMost studies suggest that the likelihood of success or failure of female-led campaigns depends on external factors associated with opportunities. The study points to a general trend where although female participation has not achieved its full potential, it is greater than in other channels, while enjoying higher chances of success for female fundraisers. The study highlights gaps in the literature and the associated opportunities for future research emerging from them.Originality/valueThis study is the first attempt to summarise and sensitise the literature on crowdfunding and gender. The study highlights the importance of analysing the impact of context on the conceptualisation of gender in alternative finance.