Financial Resources, Firm Performance, and Innovation: Traditional and Alternative Financing Perspectives

Access to timely and adequate financial resources plays a critical role in the survival, expansion, and innovation of firms. Financial sources have significantly changed and expanded from traditional bank-based financial sources to numerous non-traditional financial sources like venture capital, crowdfunding, and financial source technology in the last two decades. The objective of the systematic review, which focuses on the process of integrating the synthesized review, has organized existing knowledge regarding financial resources. To achieve the objective of the review, a systematic review method has been applied to identify the existing empirical studies published between ۲۰۰۰ and ۲۰۲۴ in globally recognized databases like Scopus and Web of Science. The findings of the review have been classified under four main pillars: internal financial sources, bank financial sources, equity financial sources, and non-traditional financial sources. The review has also discussed the principal factors that affect financial sources. The review aims to discuss, to some extent, the impact of financial sources on the success of firms. By integrating existing knowledge, the systematic review has identified important theories, which are quite scattered. It has also established gaps that may be the focus of future research regarding financial sources in different economic settings.

Keywords:

Financial resources , Sources of finance , Alternative finance , Bank financing , Firm performance , Systematic review