On the social and conceptual structure of the 50-year research landscape in entrepreneurial finance

Nguyen, Minh-Hoang; Pham, Thanh-Hang; Ho, Manh-Toan; Nguyen, Huyen Thanh T.; Vuong, Quan-Hoang

In recent decades, drastic changes in global social-economic situations have led to significant shifts in the financial market for entrepreneurial firms, thus resulting in changes in entrepreneurial finance discipline. The current body of literature, despite its significant growth, has not provided an overview landscape of this research area. Consequently, this study aims to fill this gap by employing the bibliometric analysis of 6902 articles from 1970 to 2019 extracted from the Web of Science database. By doing so, this paper attempts to provide an overview of the discipline's research output, social and conceptual structure, and offer strategies facilitating the scientific development within the field. The findings indicate that entrepreneurial finance is a young and growing field with an exponential increase in the number of publications (approx. 19.75 percent per year) and rising collaboration tendency among authors. The 1991–2000 period is a crucial milestone of the field thanks to the remarkable growth and impact of studies during this period as well as simultaneously occurring historical events. We also notice a sign of Western ideological homogeneity from the collaboration networks and lists of most productive authors, institutions, and countries. Additionally, using thematic mapping, five major research domains are identified: “venture capital”, “crowdfunding”, “SMEs finance”, “social entrepreneurship finance”, “IPO and corporate governance”. Based on these findings, we raise the concern of lacking diversity in entrepreneurial finance research and propose strategies for authors, journals, and policymakers to diversify the literature.