A Double-Edged Sword? Equity Crowdfunding, P2P Lending, and MSME Financial Sustainability: A CIMO-Based Systematic Review

Muhamad Syahwildan; Nugraha Nugraha; Maya Sari; Toni Heryana

doi:10.32535/ijafap.v9i3.4556

A Double-Edged Sword? Equity Crowdfunding, P2P Lending, and MSME Financial Sustainability: A CIMO-Based Systematic Review

Muhamad Syahwildan, Nugraha Nugraha, Maya Sari, Toni Heryana

Abstract

The global MSME financing gap estimated at US$5.7 trillion across emerging markets has accelerated scholarly interest in technology-driven alternative financing instruments. Yet whether ECF and P2P lending enhance or undermine the long-term financial sustainability of MSMEs remains unresolved. This study conducts a systematic literature review following PRISMA 2020 guidelines, applying the CIMO framework to synthesize 13 empirical studies published between 2018 and 2026. The configurational analysis identifies four distinct pathways linking alternative financing to MSME financial sustainability. Information asymmetry reduction emerges as the linchpin mechanism across all studies, operating through governance, human capital, social-relational, and visual signaling channels that fundamentally differ from traditional intermediation. ECF functions as a double-edged sword, enhancing innovation yet elevating failure risk depending on governance structure and financial constraint severity. P2P lending improves sustainability within optimal credit thresholds but triggers moral hazard when leverage is excessive. These findings necessitate modifications to pecking order, signaling, and agency theories, and demonstrate that regulatory calibration of investor control rights and post-financing disclosure is essential for converting capital access into sustainable financial outcomes.

Keywords

CIMO framework; equity crowdfunding; financial sustainability; fintech; MSME; P2P lending; systematic review.

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DOI: https://doi.org/10.32535/ijafap.v9i3.4556