Systematic Literature Review of Social Enterprise Financing and Investment

Non-profit and for-profit social enterprises struggle to source funding. Current limited understanding on the funding sources of these enterprises originates from disconnected body of studies based on different subject areas. This paper systematically reviews 50 articles published between 2009 to 2022 to bridge the existing knowledge in the subject area. This is achieved by mapping the sources of funding for social enterprises at organizational, personal, and institutional levels; analyzing the results to design an extensive model; and suggesting future areas for study in the field. It is found that studies at personal levels majorly focus on the perspective of funders of the features of a social entrepreneur. Social enterprises’ dual logic is usually addressed by research at the business level; including their effect on the effective funding of these enterprises. Institutional level research is clustered into legal, social, economic, and cultural factors. The paper suggests the need for studies, which use an extensive view by looking at all the three levels of analysis together and applying both organizational and economic theories