English
Estado del arte en financiamiento colectivo de préstamos: del enfoque de riesgo al financiamiento para empresas 78
Publicado
mar 11, 2024
Main Article Content
Resumen
El fondeo colectivo es una vertical de las finanzas tecnológicas que integra distintas aproximaciones de este modelo de negocio, particularmente, el de retorno financiero ha evolucionado conforme al desarrollo de la tecnología digital, no solo promoviendo inclusión financiera y acceso a financiamiento para consumidores y empresas, también ha captado el interés de investigadores y académicos, los cuales han realizado diversos análisis de su dinámica, desde diferentes perspectivas. Como área de estudio está en expansión, denotándose recientemente la disponibilidad de la literatura, la cual fue escasa en años previos. Considerando un conjunto de artículos, en su mayoría de tipo Open Access, este estudio plantea, en primera instancia, realizar un análisis bibliométrico, para posteriormente y con base en la revisión de la literatura, identificar los enfoques bajo los cuales este modelo de negocio se ha estudiado. Los hallazgos muestran que, bajo la perspectiva de los enfoques analizados, este modelo de negocio ha evolucionado hasta integrarse como una vertical importante y actual de las finanzas tecnológicas, evolución que ha permitido identificar una proporción de los factores mediante los cuales un proyecto o solicitud de préstamo puede llegar a ser exitoso o no exitoso.
Descargas
La descarga de datos todavía no está disponible.
Detalles del artículo
Cómo citar
De Jesús González, J., García Salgado, O., & Morales Castro, A. (2024). Estado del arte en financiamiento colectivo de préstamos: del enfoque de riesgo al financiamiento para empresas. Revista Del Centro De Investigación De La Universidad La Salle, 16(61), 257-288. https://doi.org/10.26457/recein.v16i61.3709
Sección
Artículos
Esta obra está bajo licencia internacional Creative Commons Reconocimiento-NoComercial-CompartirIgual 4.0. Esta revista se encuentra bajo la licencia de Creative Commons, por tanto, los autores, al postular su artículo, lo adhieren a dicha licencia.
El autor puede disponer de su artículo para su archivo en repositorios institucionales o en páginas web personales, con la referencia y agradecimientos a la fuente donde se ha publicado.
Citas
Adhami, S., Gianfrate, G., & Johan, S. (2019). Risks and Returns in Crowdlending. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3345874
Banco Interamericano de Desarrollo [BID], & Finnovista. (2022). Fintech en América Latina y el Caribe. Un ecosistema consolidado para la recuperación. Finnovista, Banco Interamericano de Desarrollo y BID Invest. http://dx.doi.org/10.18235/0004202
Bapna, R., Gupta, A., Rice, S., & Sundararajan, A. (2017). Trust and the Strength of Ties in Online Social Networks : An Exploratory Field Experiment. MIS Quarterly, 41(1), 115–130. https://aisel.aisnet.org/misq/vol41/iss1/8/
Barasinska, N., & Schäfer, D. (2014). Is Crowdfunding Different? Evidence on the Relation Between Gender and Funding Success from a German Peer-to-Peer Lending Platform. German Economic Review, 15(4), 436–452. https://doi.org/10.1111/geer.12052
Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585–609. https://doi.org/10.1016/j.jbusvent.2013.07.003
Block, J. H., Colombo, M. G., Cumming, D. J., & Vismara, S. (2018). New players in entrepreneurial finance and why they are there. Small Business Economics, 50(2), 239–250. https://doi.org/10.1007/s11187-016-9826-6
Bruton, G., Khavul, S., Siegel, D., & Wright, M. (2015). New Financial Alternatives in Seeding Entrepreneurship: Microfinance, Crowdfunding, and Peer–to–Peer Innovations. Entrepreneurship Theory and Practice, 39(1), 9–26. https://doi.org/10.1111/etap.12143
Burtch, G., Ghose, A., & Wattal, S. (2014). Cultural Differences and Geography as Determinants of Online Prosocial Lending. MIS Quarterly: Management Information Systems, 38(3), 773–794. https://doi.org/10.25300/MISQ/2014/38.3.07
Cai, S., Lin, X., Xu, D., & Fu, X. (2016). Judging online peer-to-peer lending behavior: A comparison of first-time and repeated borrowing requests. Information and Management, 53(7), 857–867. https://doi.org/10.1016/j.im.2016.07.006
Caldieraro, F., Zhang, J. Z., Cunha, M., & Shulman, J. D. (2018). Strategic Information Transmission in Peer-to-Peer Lending Markets. Journal of Marketing, 82(2), 42–63. https://doi.org/10.1509/jm.16.0113
Chen, Xiangru, Zhou, L., & Wan, D. (2016). Group social capital and lending outcomes in the financial credit market: An empirical study of online peer-to-peer lending. Electronic Commerce Research and Applications, 15, 1–13. https://doi.org/10.1016/j.elerap.2015.11.003
Chen, Xiao, Huang, B., & Ye, D. (2018). The role of punctuation in P2P lending: Evidence from China. Economic Modelling, 68, 634–643. https://doi.org/10.1016/j.econmod.2017.05.007
Cordova, A., Dolci, J., & Gianfrate, G. (2015). The determinants of crowdfunding success: Evidence from technology projects. Procedia - Social and Behavioral Sciences, 181, 115–124. https://doi.org/10.1016/j.sbspro.2015.04.872
Croson, R., & Shang, J. (2008). The Impact of Downward Social Information on Contribution Decisions. Experimental Economics, 11(3), 221–233. https://doi.org/10.1007/s10683-007-9191-z
Cumming, D. J., & Hornuf, L. (2017). Marketplace Lending of SMEs. SSRN Electronic Journal, February.
Dorfleitner, G., Priberny, C., Schuster, S., Stoiber, J., Weber, M., de Castro, I., & Kammler, J. (2016). Description-text related soft information in peer-to-peer lending – Evidence from two leading European platforms. Journal of Banking & Finance, 64, 169–187. https://doi.org/10.1016/j.jbankfin.2015.11.009
Du, H. S., Ke, X., He, W., Chu, S. K. W., & Wagner, C. (2019). Achieving mobile social media popularity to enhance customer acquisition: Cases from P2P lending firms. Internet Research, 29(6), 1386–1409. https://doi.org/10.1108/INTR-01-2018-0014
Duarte, J., Siegel, S., & Young, L. (2012). Trust and Credit: The Role of Appearance in Peer-to-Peer Lending. Review of Financial Studies, 25(8), 2455–2483. https://doi.org/10.1093/rfs/hhs071
Emekter, R., Tu, Y., Jirasakuldech, B., & Lu, M. (2015). Evaluating credit risk and loan performance in online Peer-to-Peer (P2P) lending. Applied Economics, 47(1), 54–70. https://doi.org/10.1080/00036846.2014.962222
Ernst & Young. (2019). Global FinTech Adoption Index 2019. En Ernst & Young.
Feller, J., Gleasure, R., & Treacy, S. (2017). Information sharing and user behavior in internet-enabled peer-to-peer lending systems: An empirical study. Journal of Information Technology, 32(2), 127–146. https://doi.org/10.1057/jit.2016.1
Feng, Y., Fan, X., & Yoon, Y. (2015). Lenders and borrowers’ strategies in online peer-to-peer lending market: An empirical analysis of ppdai.com. Journal of Electronic Commerce Research, 16(3), 242–260.
Freedman, S., & Jin, G. Z. (2008). Do Social Networks Solve Information Problems for Peer-to-Peer Lending? Evidence from Prosper.com. SSRN Electronic Journal, Article 2008-11–06. https://doi.org/10.2139/ssrn.1936057
Gauthier, É. (1998). Bibliometric Analysis of Scientific and Technological Research: A User’s Guide to the Methodology. https://www150.statcan.gc.ca/n1/en/catalogue/88F0006X1998008
Ge, R., Feng, J., Gu, B., & Zhang, P. (2017). Predicting and Deterring Default with Social Media Information in Peer-to-Peer Lending. Journal of Management Information Systems, 34(2), 401–424. https://doi.org/10.1080/07421222.2017.1334472
González, J., Valdés, F., & Saavedra, M. L. (2021). Factores de éxito en el financiamiento para Pymes a través del Crowdfunding en México. Revista Mexicana de Economía y Finanzas, 16(2), 1–23. https://doi.org/10.21919/remef.v16i2.471
Gonzalez, L., & Loureiro, Y. K. (2014). When can a photo increase credit? The impact of lender and borrower profiles on online peer-to-peer loans. Journal of Behavioral and Experimental Finance, 2, 44–58. https://doi.org/10.1016/j.jbef.2014.04.002
Greiner, M. E., & Wang, H. (2010). Building Consumer-to-Consumer Trust in E-finance Marketplaces: An Empirical Analysis. International Journal of Electronic Commerce, 15(2), 105–136. https://doi.org/10.2753/JEC1086-4415150204
Han, J., Chen, Q., Liu, J., Luo, X., & Fan, W. (2018). The Persuasion of Borrowers’ Voluntary Information in Peer to Peer Lending: An Empirical Study Based on Elaboration Likelihood Model. Computers in Human Behavior, 78, 200–214. https://doi.org/10.1016/j.chb.2017.09.004
Herzenstein, M., Dholakia, U. M., & Andrews, R. (2012). Strategic Herding Behavior in Peer-to-Peer Loan Auctions. SSRN Electronic Journal, 713, 1–32. https://doi.org/10.2139/ssrn.1596899
Hood, W. W., & Wilson, C. S. (2001). The Literature of Bibliometrics, Scientometrics, and Informetrics. Scientometrics, 52(2), 291–314. https://doi.org/10.1023/A:1017919924342
Horvát, E.-Á., Uparna, J., & Uzzi, B. (2015). Network vs Market Relations: The Effect of Friends in Crowdfunding. IEEE/ACM International Conference on Advances in Social Networks Analysis and Mining, 226–233. https://doi.org/10.1145/2808797.2808904
Imerman, M. B., & Fabozzi, F. J. (2020). Cashing in on Innovation: a Taxonomy of FinTech. Journal of Asset Management, 21(3), 167–177. https://doi.org/10.1057/s41260-020-00163-4
Iyer, R., Khwaja, A. I., Luttmer, E. F. P., & Shue, K. (2016). Screening Peers Softly: Inferring the Quality of Small Borrowers. Management Science, 62(6), 1554–1577. https://doi.org/10.1287/mnsc.2015.2181
Jeremy, A., & Neal, L. (2009). The Origins and Development of Financial Markets and Institutions. From the Seventeenth Century to the Present. Cambridge University Press.
Jiang, Y., (Chad) Ho, Y.-C., Yan, X., & Tan, Y. (2018). Investor Platform Choice: Herding, Platform Attributes, and Regulations. Journal of Management Information Systems, 35(1), 86–116. https://doi.org/10.1080/07421222.2018.1440770
Kane, G. C., Alavi, M., Labianca, G., & Borgatti, S. P. (2014). What’s Different About Social Media Networks? A Framework and Research Agenda. MIS Quarterly: Management Information Systems, 38(1), 275–304. https://doi.org/10.25300/misq/2014/38.1.13
Kgoroeadira, R., Burke, A., & van Stel, A. (2019). Small business online loan crowdfunding: who gets funded and what determines the rate of interest? Small Business Economics, 52(1), 67–87. https://doi.org/10.1007/s11187-017-9986-z
Korniotis, G. M., & Kumar, A. (2011). Do Older Investors Make Better Investment Decisions? Review of Economics and Statistics, 93(1), 244–265. https://doi.org/10.1162/REST_a_00053
Kshetri, N. (2018). Informal Institutions and Internet-based Equity Crowdfunding. Journal of International Management, 24(1), 33–51. https://doi.org/10.1016/j.intman.2017.07.001
Larrimore, L., Jiang, L., Larrimore, J., Markowitz, D., & Gorski, S. (2011). Peer to Peer Lending: The Relationship Between Language Features, Trustworthiness, and Persuasion Success. Journal of Applied Communication Research, 39(1), 19–37. https://doi.org/10.1080/00909882.2010.536844
Lee, E., & Lee, B. (2012). Herding behavior in online P2P lending: An empirical investigation. Electronic Commerce Research and Applications, 11(5), 495–503. https://doi.org/10.1016/j.elerap.2012.02.001
Lee, D. K. C., & Teo, E. G. S. (2015). Emergence of Fintech and the Lasic Principles. SSRN Electronic Journal, 3(3). https://doi.org/10.2139/ssrn.2668049
Lin, M., Prabhala, N. R., & Viswanathan, S. (2013). Judging Borrowers by the Company They Keep: Friendship Networks and Information Asymmetry in Online Peer-to-Peer Lending. SSRN Electronic Journal, 2008. https://doi.org/10.2139/ssrn.1355679
Lin, M., & Viswanathan, S. (2013). Home Bias in Online Investments: An Empirical Study of an Online Crowd Funding Market. SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.2219546
Liu, D., Brass, D. J., Lu, Y., & Chen, D. (2015). Friendships in Online Peer-to-Peer Lending: Pipes, Prisms, and Relational Herding. MIS Quarterly: Management Information Systems, 39(3), 729–742. https://doi.org/10.25300/misq/2015/39.3.11
Malekipirbazari, M., & Aksakalli, V. (2015). Risk Assessment in Social Lending via Random Forests. Expert Systems with Application, 42(10), 4621–4631. https://doi.org/10.1016/j.eswa.2015.02.001
Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1–16. https://doi.org/10.1016/j.jbusvent.2013.06.005
Moysidou, K., & Hausberg, J. P. (2019). In crowdfunding we trust: A trust-building model in lending crowdfunding. Journal of Small Business Management, 58(3), 511–543. https://doi.org/10.1080/00472778.2019.1661682
Nowak, A., Ross, A., & Yencha, C. (2018). Small Business Borrowing and Peer-To-Peer Lending: Evidence from Lending Club. Contemporary Economic Policy, 36(2), 318–336. https://doi.org/10.1111/coep.12252
Podolny, J. M. (2001). Networks as the Pipes and Prisms of the Market. American Journal of Sociology, 107(1), 33–60. https://doi.org/10.1086/323038
Polzin, F., Toxopeus, H., & Stam, E. (2018). The wisdom of the crowd in funding: information heterogeneity and social networks of crowdfunders. Small Business Economics, 50(2), 251–273. https://doi.org/10.1007/s11187-016-9829-3
Pope, D. G., & Sydnor, J. R. (2011). What’s in a Picture?: Evidence of Discrimination from Prosper.com. Journal of Human Resources, 46(1), 53–92. https://doi.org/10.1353/jhr.2011.0025
Ravina, E. (2019). Love and Loans: The Effect of Beauty and Personal Characteristics in Credit Markets. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1107307
Riggins, F. J., & Weber, D. M. (2017). Information asymmetries and identification bias in P2P social microlending. Information Technology for Development, 23(1), 107–126. https://doi.org/10.1080/02681102.2016.1247345
Segura-Mojica, F. (2021). Crowdfunding para el rescate de microempresas. Factores y percepciones de inversionistas potenciales en México. Retos Revista de Ciencias de la Administración y Economía, 11(21), 71–91. https://doi.org/10.17163/ret.n21.2021.05
Serrano-Cinca, C., Gutiérrez-Nieto, B., & Bernate-Valbuena, M. (2018). The use of accounting anomalies indicators to predict business failure. European Management Journal, 37(3), 353–375. https://doi.org/10.1016/j.emj.2018.10.006
Shneor, R., & Flåten, B.-T. (2015). Opportunities for Entrepreneurial Development and Growth through Online Communities, Collaboration, and Value Creating and Co-creating Activities. En H. R. Kaufmann & S. M. R. Shams (Eds.), Entrepreneurial Challenges in the 21st Century: Creating Stakeholder Value Co-Creation (pp. 178–199). Palgrave Macmillan UK. https://doi.org/10.1057/9781137479761_11
Simonsohn, U., & Ariely, D. (2008). When Rational Sellers Face Nonrational Buyers: Evidence from Herding on eBay. Management Science, 54(9), 1624–1637. https://doi.org/10.1287/mnsc.1080.0881
Sonenshein, S., Herzenstein, M., & Dholakia, U. M. (2011). How accounts shape lending decisions through fostering perceived trustworthiness. Organizational Behavior and Human Decision Processes, 115(1), 69–84. https://doi.org/10.1016/j.obhdp.2010.11.009
Triantono, H., & Priyatiningsih, K. (2020). Fintech Accelerates Economic Recovery Solutions from Covid-19. 6th International ACM In-Cooperation HCIand UXConference (CHIuXiD ’20), 25–28. https://doi.org/10.1145/3431656.3432053
Widyanto, H. A., Syahrivar, J., Genoveva, G., & Chairy, C. (2022). Intention to use Peer-to-Peer (P2P) Lending: The Roles of Perceived Structural Assurance and Perceived Critical Mass. Organizations and Markets in Emerging Economies, 31(1), 183–208. https://doi.org/10.15388/omee.2022.13.76
Woods, C., Yu, H., & Huang, H. (2020). Predicting the success of entrepreneurial campaigns in crowdfunding: a spatio-temporal approach. Journal of Innovation and Entrepreneurship, 9(1). https://doi.org/10.1186/s13731-020-00122-8
Xu, J. J., & Chau, M. (2018). Cheap Talk? The Impact of Lender-Borrower Communication on Peer-to-Peer Lending Outcomes. Journal of Management Information Systems, 35(1), 53–85. https://doi.org/10.1080/07421222.2018.1440776
Yum, H., Lee, B., & Chae, M. (2012). From the wisdom of crowds to my own judgment in microfinance through online peer-to-peer lending platforms. Electronic Commerce Research and Applications, 11(5), 469–483. https://doi.org/10.1016/j.elerap.2012.05.003
Zavolokina, L., Dolata, M., & Schwabe, G. (2017). FinTech Transformation: How IT-enabled Innovations Shape the Financial Sector. Lecture Notes in Business Information Processing, 276, 75–88. https://doi.org/10.1007/978-3-319-52764-2_6
Zhang, J., & Liu, P. (2012). Rational Herding in Microloan Markets. Management Science, 58(5), 892–912. https://doi.org/10.1287/mnsc.1110.1459
Ziegler, T., Shneor, R., Wenzlaff, K., Odorovic, A., Johanson, D., Hao, R., & Ryll, L. (2019). Shifting Paradigms: The 4th European Alternative Finance Benchmarking Report. University of Cambridge. https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/shifting-paradigms/
Ziegler, T., Shneor, R., Wenzlaff, K., Suresh, K., Paes, F., Mammadova, L., Wanga, C., Kekre, N., Mutinda, S., Wang, B., Closs, C., Zhang, B., Forbes, H., Soki, E., Alam, N., & Knaup, C. (2021). The 2nd Global Alternative Finance Market Benchmarking Report. Cambridge Centre for Alternative Finance. https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/the-2nd-global-alternative-finance-market-benchmarking-report/
Banco Interamericano de Desarrollo [BID], & Finnovista. (2022). Fintech en América Latina y el Caribe. Un ecosistema consolidado para la recuperación. Finnovista, Banco Interamericano de Desarrollo y BID Invest. http://dx.doi.org/10.18235/0004202
Bapna, R., Gupta, A., Rice, S., & Sundararajan, A. (2017). Trust and the Strength of Ties in Online Social Networks : An Exploratory Field Experiment. MIS Quarterly, 41(1), 115–130. https://aisel.aisnet.org/misq/vol41/iss1/8/
Barasinska, N., & Schäfer, D. (2014). Is Crowdfunding Different? Evidence on the Relation Between Gender and Funding Success from a German Peer-to-Peer Lending Platform. German Economic Review, 15(4), 436–452. https://doi.org/10.1111/geer.12052
Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: Tapping the right crowd. Journal of Business Venturing, 29(5), 585–609. https://doi.org/10.1016/j.jbusvent.2013.07.003
Block, J. H., Colombo, M. G., Cumming, D. J., & Vismara, S. (2018). New players in entrepreneurial finance and why they are there. Small Business Economics, 50(2), 239–250. https://doi.org/10.1007/s11187-016-9826-6
Bruton, G., Khavul, S., Siegel, D., & Wright, M. (2015). New Financial Alternatives in Seeding Entrepreneurship: Microfinance, Crowdfunding, and Peer–to–Peer Innovations. Entrepreneurship Theory and Practice, 39(1), 9–26. https://doi.org/10.1111/etap.12143
Burtch, G., Ghose, A., & Wattal, S. (2014). Cultural Differences and Geography as Determinants of Online Prosocial Lending. MIS Quarterly: Management Information Systems, 38(3), 773–794. https://doi.org/10.25300/MISQ/2014/38.3.07
Cai, S., Lin, X., Xu, D., & Fu, X. (2016). Judging online peer-to-peer lending behavior: A comparison of first-time and repeated borrowing requests. Information and Management, 53(7), 857–867. https://doi.org/10.1016/j.im.2016.07.006
Caldieraro, F., Zhang, J. Z., Cunha, M., & Shulman, J. D. (2018). Strategic Information Transmission in Peer-to-Peer Lending Markets. Journal of Marketing, 82(2), 42–63. https://doi.org/10.1509/jm.16.0113
Chen, Xiangru, Zhou, L., & Wan, D. (2016). Group social capital and lending outcomes in the financial credit market: An empirical study of online peer-to-peer lending. Electronic Commerce Research and Applications, 15, 1–13. https://doi.org/10.1016/j.elerap.2015.11.003
Chen, Xiao, Huang, B., & Ye, D. (2018). The role of punctuation in P2P lending: Evidence from China. Economic Modelling, 68, 634–643. https://doi.org/10.1016/j.econmod.2017.05.007
Cordova, A., Dolci, J., & Gianfrate, G. (2015). The determinants of crowdfunding success: Evidence from technology projects. Procedia - Social and Behavioral Sciences, 181, 115–124. https://doi.org/10.1016/j.sbspro.2015.04.872
Croson, R., & Shang, J. (2008). The Impact of Downward Social Information on Contribution Decisions. Experimental Economics, 11(3), 221–233. https://doi.org/10.1007/s10683-007-9191-z
Cumming, D. J., & Hornuf, L. (2017). Marketplace Lending of SMEs. SSRN Electronic Journal, February.
Dorfleitner, G., Priberny, C., Schuster, S., Stoiber, J., Weber, M., de Castro, I., & Kammler, J. (2016). Description-text related soft information in peer-to-peer lending – Evidence from two leading European platforms. Journal of Banking & Finance, 64, 169–187. https://doi.org/10.1016/j.jbankfin.2015.11.009
Du, H. S., Ke, X., He, W., Chu, S. K. W., & Wagner, C. (2019). Achieving mobile social media popularity to enhance customer acquisition: Cases from P2P lending firms. Internet Research, 29(6), 1386–1409. https://doi.org/10.1108/INTR-01-2018-0014
Duarte, J., Siegel, S., & Young, L. (2012). Trust and Credit: The Role of Appearance in Peer-to-Peer Lending. Review of Financial Studies, 25(8), 2455–2483. https://doi.org/10.1093/rfs/hhs071
Emekter, R., Tu, Y., Jirasakuldech, B., & Lu, M. (2015). Evaluating credit risk and loan performance in online Peer-to-Peer (P2P) lending. Applied Economics, 47(1), 54–70. https://doi.org/10.1080/00036846.2014.962222
Ernst & Young. (2019). Global FinTech Adoption Index 2019. En Ernst & Young.
Feller, J., Gleasure, R., & Treacy, S. (2017). Information sharing and user behavior in internet-enabled peer-to-peer lending systems: An empirical study. Journal of Information Technology, 32(2), 127–146. https://doi.org/10.1057/jit.2016.1
Feng, Y., Fan, X., & Yoon, Y. (2015). Lenders and borrowers’ strategies in online peer-to-peer lending market: An empirical analysis of ppdai.com. Journal of Electronic Commerce Research, 16(3), 242–260.
Freedman, S., & Jin, G. Z. (2008). Do Social Networks Solve Information Problems for Peer-to-Peer Lending? Evidence from Prosper.com. SSRN Electronic Journal, Article 2008-11–06. https://doi.org/10.2139/ssrn.1936057
Gauthier, É. (1998). Bibliometric Analysis of Scientific and Technological Research: A User’s Guide to the Methodology. https://www150.statcan.gc.ca/n1/en/catalogue/88F0006X1998008
Ge, R., Feng, J., Gu, B., & Zhang, P. (2017). Predicting and Deterring Default with Social Media Information in Peer-to-Peer Lending. Journal of Management Information Systems, 34(2), 401–424. https://doi.org/10.1080/07421222.2017.1334472
González, J., Valdés, F., & Saavedra, M. L. (2021). Factores de éxito en el financiamiento para Pymes a través del Crowdfunding en México. Revista Mexicana de Economía y Finanzas, 16(2), 1–23. https://doi.org/10.21919/remef.v16i2.471
Gonzalez, L., & Loureiro, Y. K. (2014). When can a photo increase credit? The impact of lender and borrower profiles on online peer-to-peer loans. Journal of Behavioral and Experimental Finance, 2, 44–58. https://doi.org/10.1016/j.jbef.2014.04.002
Greiner, M. E., & Wang, H. (2010). Building Consumer-to-Consumer Trust in E-finance Marketplaces: An Empirical Analysis. International Journal of Electronic Commerce, 15(2), 105–136. https://doi.org/10.2753/JEC1086-4415150204
Han, J., Chen, Q., Liu, J., Luo, X., & Fan, W. (2018). The Persuasion of Borrowers’ Voluntary Information in Peer to Peer Lending: An Empirical Study Based on Elaboration Likelihood Model. Computers in Human Behavior, 78, 200–214. https://doi.org/10.1016/j.chb.2017.09.004
Herzenstein, M., Dholakia, U. M., & Andrews, R. (2012). Strategic Herding Behavior in Peer-to-Peer Loan Auctions. SSRN Electronic Journal, 713, 1–32. https://doi.org/10.2139/ssrn.1596899
Hood, W. W., & Wilson, C. S. (2001). The Literature of Bibliometrics, Scientometrics, and Informetrics. Scientometrics, 52(2), 291–314. https://doi.org/10.1023/A:1017919924342
Horvát, E.-Á., Uparna, J., & Uzzi, B. (2015). Network vs Market Relations: The Effect of Friends in Crowdfunding. IEEE/ACM International Conference on Advances in Social Networks Analysis and Mining, 226–233. https://doi.org/10.1145/2808797.2808904
Imerman, M. B., & Fabozzi, F. J. (2020). Cashing in on Innovation: a Taxonomy of FinTech. Journal of Asset Management, 21(3), 167–177. https://doi.org/10.1057/s41260-020-00163-4
Iyer, R., Khwaja, A. I., Luttmer, E. F. P., & Shue, K. (2016). Screening Peers Softly: Inferring the Quality of Small Borrowers. Management Science, 62(6), 1554–1577. https://doi.org/10.1287/mnsc.2015.2181
Jeremy, A., & Neal, L. (2009). The Origins and Development of Financial Markets and Institutions. From the Seventeenth Century to the Present. Cambridge University Press.
Jiang, Y., (Chad) Ho, Y.-C., Yan, X., & Tan, Y. (2018). Investor Platform Choice: Herding, Platform Attributes, and Regulations. Journal of Management Information Systems, 35(1), 86–116. https://doi.org/10.1080/07421222.2018.1440770
Kane, G. C., Alavi, M., Labianca, G., & Borgatti, S. P. (2014). What’s Different About Social Media Networks? A Framework and Research Agenda. MIS Quarterly: Management Information Systems, 38(1), 275–304. https://doi.org/10.25300/misq/2014/38.1.13
Kgoroeadira, R., Burke, A., & van Stel, A. (2019). Small business online loan crowdfunding: who gets funded and what determines the rate of interest? Small Business Economics, 52(1), 67–87. https://doi.org/10.1007/s11187-017-9986-z
Korniotis, G. M., & Kumar, A. (2011). Do Older Investors Make Better Investment Decisions? Review of Economics and Statistics, 93(1), 244–265. https://doi.org/10.1162/REST_a_00053
Kshetri, N. (2018). Informal Institutions and Internet-based Equity Crowdfunding. Journal of International Management, 24(1), 33–51. https://doi.org/10.1016/j.intman.2017.07.001
Larrimore, L., Jiang, L., Larrimore, J., Markowitz, D., & Gorski, S. (2011). Peer to Peer Lending: The Relationship Between Language Features, Trustworthiness, and Persuasion Success. Journal of Applied Communication Research, 39(1), 19–37. https://doi.org/10.1080/00909882.2010.536844
Lee, E., & Lee, B. (2012). Herding behavior in online P2P lending: An empirical investigation. Electronic Commerce Research and Applications, 11(5), 495–503. https://doi.org/10.1016/j.elerap.2012.02.001
Lee, D. K. C., & Teo, E. G. S. (2015). Emergence of Fintech and the Lasic Principles. SSRN Electronic Journal, 3(3). https://doi.org/10.2139/ssrn.2668049
Lin, M., Prabhala, N. R., & Viswanathan, S. (2013). Judging Borrowers by the Company They Keep: Friendship Networks and Information Asymmetry in Online Peer-to-Peer Lending. SSRN Electronic Journal, 2008. https://doi.org/10.2139/ssrn.1355679
Lin, M., & Viswanathan, S. (2013). Home Bias in Online Investments: An Empirical Study of an Online Crowd Funding Market. SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.2219546
Liu, D., Brass, D. J., Lu, Y., & Chen, D. (2015). Friendships in Online Peer-to-Peer Lending: Pipes, Prisms, and Relational Herding. MIS Quarterly: Management Information Systems, 39(3), 729–742. https://doi.org/10.25300/misq/2015/39.3.11
Malekipirbazari, M., & Aksakalli, V. (2015). Risk Assessment in Social Lending via Random Forests. Expert Systems with Application, 42(10), 4621–4631. https://doi.org/10.1016/j.eswa.2015.02.001
Mollick, E. (2014). The dynamics of crowdfunding: An exploratory study. Journal of Business Venturing, 29(1), 1–16. https://doi.org/10.1016/j.jbusvent.2013.06.005
Moysidou, K., & Hausberg, J. P. (2019). In crowdfunding we trust: A trust-building model in lending crowdfunding. Journal of Small Business Management, 58(3), 511–543. https://doi.org/10.1080/00472778.2019.1661682
Nowak, A., Ross, A., & Yencha, C. (2018). Small Business Borrowing and Peer-To-Peer Lending: Evidence from Lending Club. Contemporary Economic Policy, 36(2), 318–336. https://doi.org/10.1111/coep.12252
Podolny, J. M. (2001). Networks as the Pipes and Prisms of the Market. American Journal of Sociology, 107(1), 33–60. https://doi.org/10.1086/323038
Polzin, F., Toxopeus, H., & Stam, E. (2018). The wisdom of the crowd in funding: information heterogeneity and social networks of crowdfunders. Small Business Economics, 50(2), 251–273. https://doi.org/10.1007/s11187-016-9829-3
Pope, D. G., & Sydnor, J. R. (2011). What’s in a Picture?: Evidence of Discrimination from Prosper.com. Journal of Human Resources, 46(1), 53–92. https://doi.org/10.1353/jhr.2011.0025
Ravina, E. (2019). Love and Loans: The Effect of Beauty and Personal Characteristics in Credit Markets. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1107307
Riggins, F. J., & Weber, D. M. (2017). Information asymmetries and identification bias in P2P social microlending. Information Technology for Development, 23(1), 107–126. https://doi.org/10.1080/02681102.2016.1247345
Segura-Mojica, F. (2021). Crowdfunding para el rescate de microempresas. Factores y percepciones de inversionistas potenciales en México. Retos Revista de Ciencias de la Administración y Economía, 11(21), 71–91. https://doi.org/10.17163/ret.n21.2021.05
Serrano-Cinca, C., Gutiérrez-Nieto, B., & Bernate-Valbuena, M. (2018). The use of accounting anomalies indicators to predict business failure. European Management Journal, 37(3), 353–375. https://doi.org/10.1016/j.emj.2018.10.006
Shneor, R., & Flåten, B.-T. (2015). Opportunities for Entrepreneurial Development and Growth through Online Communities, Collaboration, and Value Creating and Co-creating Activities. En H. R. Kaufmann & S. M. R. Shams (Eds.), Entrepreneurial Challenges in the 21st Century: Creating Stakeholder Value Co-Creation (pp. 178–199). Palgrave Macmillan UK. https://doi.org/10.1057/9781137479761_11
Simonsohn, U., & Ariely, D. (2008). When Rational Sellers Face Nonrational Buyers: Evidence from Herding on eBay. Management Science, 54(9), 1624–1637. https://doi.org/10.1287/mnsc.1080.0881
Sonenshein, S., Herzenstein, M., & Dholakia, U. M. (2011). How accounts shape lending decisions through fostering perceived trustworthiness. Organizational Behavior and Human Decision Processes, 115(1), 69–84. https://doi.org/10.1016/j.obhdp.2010.11.009
Triantono, H., & Priyatiningsih, K. (2020). Fintech Accelerates Economic Recovery Solutions from Covid-19. 6th International ACM In-Cooperation HCIand UXConference (CHIuXiD ’20), 25–28. https://doi.org/10.1145/3431656.3432053
Widyanto, H. A., Syahrivar, J., Genoveva, G., & Chairy, C. (2022). Intention to use Peer-to-Peer (P2P) Lending: The Roles of Perceived Structural Assurance and Perceived Critical Mass. Organizations and Markets in Emerging Economies, 31(1), 183–208. https://doi.org/10.15388/omee.2022.13.76
Woods, C., Yu, H., & Huang, H. (2020). Predicting the success of entrepreneurial campaigns in crowdfunding: a spatio-temporal approach. Journal of Innovation and Entrepreneurship, 9(1). https://doi.org/10.1186/s13731-020-00122-8
Xu, J. J., & Chau, M. (2018). Cheap Talk? The Impact of Lender-Borrower Communication on Peer-to-Peer Lending Outcomes. Journal of Management Information Systems, 35(1), 53–85. https://doi.org/10.1080/07421222.2018.1440776
Yum, H., Lee, B., & Chae, M. (2012). From the wisdom of crowds to my own judgment in microfinance through online peer-to-peer lending platforms. Electronic Commerce Research and Applications, 11(5), 469–483. https://doi.org/10.1016/j.elerap.2012.05.003
Zavolokina, L., Dolata, M., & Schwabe, G. (2017). FinTech Transformation: How IT-enabled Innovations Shape the Financial Sector. Lecture Notes in Business Information Processing, 276, 75–88. https://doi.org/10.1007/978-3-319-52764-2_6
Zhang, J., & Liu, P. (2012). Rational Herding in Microloan Markets. Management Science, 58(5), 892–912. https://doi.org/10.1287/mnsc.1110.1459
Ziegler, T., Shneor, R., Wenzlaff, K., Odorovic, A., Johanson, D., Hao, R., & Ryll, L. (2019). Shifting Paradigms: The 4th European Alternative Finance Benchmarking Report. University of Cambridge. https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/shifting-paradigms/
Ziegler, T., Shneor, R., Wenzlaff, K., Suresh, K., Paes, F., Mammadova, L., Wanga, C., Kekre, N., Mutinda, S., Wang, B., Closs, C., Zhang, B., Forbes, H., Soki, E., Alam, N., & Knaup, C. (2021). The 2nd Global Alternative Finance Market Benchmarking Report. Cambridge Centre for Alternative Finance. https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/the-2nd-global-alternative-finance-market-benchmarking-report/