FINTECH STARTUP: A BIBLIOMETRIC ANALYSIS AND NETWORK VISUALIZATION
Keywords:
Fintech, Startup, Bibliometric, Scopus
Abstract
This research aims to investigate the Fintech Start-up phenomenon and trends through collecting 124 manuscripts published between 2016 and 2021 in Scopus database, A bibliometric analysis was used with their two main divisions; performance analysis and mapping sciences to find out the most productive and influential studies, journals, authors, in addition, to examine the level of collaboration, various soft programs were adopted such as VosViewer for network visualization and Biblioshiny which is a web application based on R-studio and have required open-source codes that carried out by the authors for citation metrics, The findings have revealed that the most productive journal is Sustainability Switzerland but the most influential is Business Horizon, besides, Leong has the most publications while have the record citations and Muthukannan is the furthermost collaborated, Univ of Sydney is the most active University, However, result don't comply neither Lotka nor Bradford Law, U.S. has led the production and was reference in the field, new keywords have emerged approximatively to the field like business model, Ecosystem, Blockchain and Crowdfunding, the study recommends to explore the targeted field in specified time and data bases using another quantitative or qualitative tools with developed softwares.
JEL Classification Codes: E51, M13, C55, C81.
References
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Bettinger, A. (1972). Fintech: A series of 40 time shared models used at Manufacturers Hanover Trust Company. Interfaces, 62–63.
Blank, S., & Dorf, B. (2020). The startup owner’s manual: The step-by-step guide for building a great company. John Wiley & Sons.
Braam, R. R., Moed, H. F., & Van Raan, A. F. J. (1991). Mapping of science by combined co‐citation and word analysis. I. Structural aspects. Journal of the American Society for Information Science, 42(4), 233–251.
Brika, S. K. M. (2022). A Bibliometric Analysis of Fintech Trends and Digital Finance. Frontiers in Environmental Science, 696. https://doi.org/10.3389/fenvs.2021.796495
Chen, M. A., Wu, Q., & Yang, B. (2019). How Valuable Is FinTech Innovation? The Review of Financial Studies, 32(5), 2062–2106. https://doi.org/10.1093/rfs/hhy130
Cobo, M. J., López-Herrera, A. G., Herrera-Viedma, E., & Herrera, F. (2011). An approach for detecting, quantifying, and visualizing the evolution of a research field: A practical application to the Fuzzy Sets Theory field. Journal of Informetrics, 5(1), 146–166. https://doi.org/10.1016/j.joi.2010.10.002
Crunchbase. (2020). Industry spotlight: FinTech. Retrieved from Https://About.Crunchbase.Com/Wp-Cont Ent/Uploads/2020/04/Fintech_Report_v11.Pdf.
Cumming, D. J., & Schwienbacher, A. (2018). Fintech venture capital. Corporate Governance: An International Review, 26(5), 374–389. https://doi.org/10.1111/corg.12256
Davis, K., Maddock, R., & Foo, M. (2017). Catching up with Indonesia’s fintech industry. Law and Financial Markets Review, 11(1), 33–40. https://doi.org/10.1080/17521440.2017.1336398
Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021). How to conduct a bibliometric analysis: An overview and guidelines. Journal of Business Research, 133, 285–296.
Failory. (2022). The 152 Best FinTech Accelerators and Incubators. Retrieved from https://www.failory.com/startups/fintech-accelerators-incubators
Fairthorne, R. A. (1969). Empirical Hyperbolic Distributions (Bradford‐Zipf‐Mandelbrot) for Bibliometric Description and Prediction. Journal of Documentation, 25(4), 319–343. https://doi.org/10.1108/eb026481
Falagas, M. E., Pitsouni, E. I., Malietzis, G. A., & Pappas, G. (2008). Comparison of PubMed, Scopus, web of science, and Google scholar: strengths and weaknesses. The FASEB Journal, 22(2), 338–342. https://doi.org/10.1096/fj.07-9492lsf
Gelis, P. (2016). Why FinTech banks will rule the world. The FinTech Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries, 235–237.
Gimpel, H., Rau, D., & Röglinger, M. (2018). Understanding FinTech start-ups–a taxonomy of consumer-oriented service offerings. Electronic Markets, 28(3), 245–264. https://doi.org/10.1007/s12525-017-0275-0
Gomber, P., Koch, J. A., & Siering, M. (2017). Digital Finance and FinTech: current research and future research directions. Journal of Business Economics, 87(5), 537–580. https://doi.org/10.1007/s11573-017-0852-x
Guest. (2022). 10 innovative FinTech business models. Board of Innovation. Retrieved from https://www.boardofinnovation.com/blog/10-innovative-fintech-business-models/
Haddad, C., & Hornuf, L. (2019). The emergence of the global fintech market: Economic and technological determinants. Small Business Economics, 53(1), 81–105. https://doi.org/10.1007/s11187-018-9991-x
Hallinger, P., & Nguyen, V.-T. (2020). Mapping the landscape and structure of research on education for sustainable development: A bibliometric review. Sustainability, 12(5), 1947. https://doi.org/10.3390/su12051947
Harris, J. L. (2021). Bridging the gap between ‘Fin’and ‘Tech’: The role of accelerator networks in emerging FinTech entrepreneurial ecosystems. Geoforum, 122, 174–182. https://doi.org/10.1016/j.geoforum.2021.04.010
Hill, J. (2018). Fintech and the remaking of financial institutions. Academic Press.
Imerman, M. B., & Fabozzi, F. J. (2020). A Conceptual Framework for FinTech Innovation. Available at SSRN 3543810.
Kijkasiwat, P. (2021). Kijkasiwat, P. (2021). Opportunities and Challenges for Fintech Startups: The Case Study of Thailand. ABAC Journal, 41(2), 41-60.
Larios-Hernández, G. J. (2017). Blockchain entrepreneurship opportunity in the practices of the unbanked. Business Horizons, 60(6), 865–874. https://doi.org/10.1016/j.bushor.2017.07.012
Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35–46. https://doi.org/10.1016/j.bushor.2017.09.003
Leong, C., Tan, B., Xiao, X., Tan, F. T. C., & Sun, Y. (2017). Nurturing a FinTech ecosystem: The case of a youth microloan startup in China. International Journal of Information Management, 37(2), 92–97. https://doi.org/10.1016/j.ijinfomgt.2016.11.006
Leong, K., & Sung, A. (2018). FinTech (Financial Technology): what is it and how to use technologies to create business value in fintech way? International Journal of Innovation, Management and Technology, 9(2), 74–78.
Li, B., & Xu, Z. (2021). Insights into financial technology (FinTech): a bibliometric and visual study. Financial Innovation, 7(1), 69. https://doi.org/10.1186/s40854-021-00285-7
Matveevskii, S. S., Berdyshev, A. V, Prokofiev, M. N., & Ryabchenko, L. I. (2019). Fintech in the banking system of Russia: problems and prospects. GCPMED 2018-International Scientific Conference" Global Challenges and Prospects of the Modern Economic Development", 344–356.
Martín-Martín, A., Orduna-Malea, E., Thelwall, M., & López-Cózar, E. D. (2018). Google Scholar, Web of Science, and Scopus: A systematic comparison of citations in 252 subject categories. Journal of informetrics, 12(4), 1160-1177.
Milian, E. Z., Spinola, M. de M., & Carvalho, M. M. de. (2019). Fintechs: A literature review and research agenda. Electronic Commerce Research and Applications, 34, 100833. https://doi.org/10.1016/j.elerap.2019.100833
Moroni, I., Arruda, A., & Araujo, K. (2015). The Design and Technological Innovation: How to Understand the Growth of Startups Companies in Competitive Business Environment. Procedia Manu—Type equation here.facturing, 3, 2199–2204. https://doi.org/10.1016/j.promfg.2015.07.361
Salamzadeh, A., & Kesim, H. K. (n.d.). Startup Companies: Life Cycle and Challenges. Retrieved from https://ssrn.com/abstract=2628861
Stewart, H., & Jürjens, J. (2018). Data security and consumer trust in FinTech innovation in Germany. Information & Computer Security. . https://doi.org/10.1108/ICS-06-2017-0039
Suryono, R. R., Budi, I., & Purwandari, B. (2020). Challenges and trends of financial technology (Fintech): a systematic literature review. Information, 11(12), 590. https://doi.org/10.3390/info11120590
Tepe, G., Geyikci, U. B., & Sancak, F. M. (2022). FinTech Companies: A Bibliometric Analysis. International Journal of Financial Studies, 10(1). https://doi.org/10.3390/ijfs10010002
Thakor, A. V. (2020). Fintech and banking: What do we know? Journal of Financial Intermediation, 41, 100833. https://doi.org/10.1016/j.jfi.2019.100833
Tripathi, N., Seppänen, P., Boominathan, G., Oivo, M., & Liukkunen, K. (2019). Insights into startup ecosystems through exploration of multi-vocal literature. Information and Software Technology, 105, 56–77. https://doi.org/10.1016/j.infsof.2018.08.005
Van Loo, R. (2018). Making innovation more competitive: The case of fintech. UCLA L. Rev., 65, 232.
Wu, P. (2017). Fintech trends relationships research: A bibliometric citation meta-analysis. Proceedings of the 17th International Conference on Electronic Business, ICEB, Dubai, UAE, 99–105.
Xia, T., & Roper, S. (2016). Unpacking open innovation: absorptive capacity, exploratory and exploitative openness, and the growth of entrepreneurial biopharmaceutical firms. Journal of Small Business Management, 54(3), 931–952. https://doi.org/10.1111/jsbm.12220
Xu, Z., Liao, H.-T., Pan, C.-L., & Mo, W. (2020). Exploring the Research Fronts of Fintech: A Scientometric Analysis. 5th International Conference on Financial Innovation and Economic Development (ICFIED 2020), 5–11.
Zarrouk, H., Ghak, T. El, & Bakhouche, A. (2021). Exploring economic and technological determinants of fintech startups’ success and growth in the United Arab Emirates. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), 1–24. https://doi.org/10.3390/joitmc7010050
Zavolokina, L., Dolata, M., & Schwabe, G. (2016). FinTech transformation: How IT-enabled innovations shape the financial sector. FinanceCom 2016, 75–88. Retrieved from https://citations.springernature.com/item?doi=10.1007/978-3-319-52764-2_6
Zhao, Q., Tsai, P.-H., & Wang, J.-L. (2019). Improving Financial Service Innovation Strategies for Enhancing China’s Banking Industry Competitive Advantage during the Fintech Revolution: A Hybrid MCDM Model. In Sustainability (Vol. 11, Issue 5). https://doi.org/10.3390/su11051419
Zhu, J., & Liu, W. (2020). A tale of two databases: The use of Web of Science and Scopus in academic papers. Scientometrics, 123(1), 321–335. https://doi.org/10.1007/s11192-020-03387-8
Ahmi, A., Tapa, A., & Hamzah, A. H. (2020). Mapping of financial technology (FinTech) Research: A bibliometric analysis. International Journal of Advanced Science and Technology, 29(8), 379–372.
Anderson, S. D. (2015). Software, Abstractness, and Soft Physicality Requirements. Harv. JL & Tech., 29, 567.
Aysan, A. F., & Unal, I. M. (2021). A Bibliometric Analysis of Fintech and Blockchain in Islamic Finance. Efil Journal of Economic Research, 4(3). Retrieved from https://efiljournal.com/ahmet-faruk-aysan-ibrahim-musa-unal-fintech-and-blockchain-in-islamic-finance-a-bibliometric-analysis-2/
Berman, A., Cano-Kollmann, M., & Mudambi, R. (2022). Innovation and entrepreneurial ecosystems: fintech in the financial services industry. Review of Managerial Science, 16(1), 45–64. https://doi.org/10.1007/s11846-020-00435-8
Bettinger, A. (1972). Fintech: A series of 40 time shared models used at Manufacturers Hanover Trust Company. Interfaces, 62–63.
Blank, S., & Dorf, B. (2020). The startup owner’s manual: The step-by-step guide for building a great company. John Wiley & Sons.
Braam, R. R., Moed, H. F., & Van Raan, A. F. J. (1991). Mapping of science by combined co‐citation and word analysis. I. Structural aspects. Journal of the American Society for Information Science, 42(4), 233–251.
Brika, S. K. M. (2022). A Bibliometric Analysis of Fintech Trends and Digital Finance. Frontiers in Environmental Science, 696. https://doi.org/10.3389/fenvs.2021.796495
Chen, M. A., Wu, Q., & Yang, B. (2019). How Valuable Is FinTech Innovation? The Review of Financial Studies, 32(5), 2062–2106. https://doi.org/10.1093/rfs/hhy130
Cobo, M. J., López-Herrera, A. G., Herrera-Viedma, E., & Herrera, F. (2011). An approach for detecting, quantifying, and visualizing the evolution of a research field: A practical application to the Fuzzy Sets Theory field. Journal of Informetrics, 5(1), 146–166. https://doi.org/10.1016/j.joi.2010.10.002
Crunchbase. (2020). Industry spotlight: FinTech. Retrieved from Https://About.Crunchbase.Com/Wp-Cont Ent/Uploads/2020/04/Fintech_Report_v11.Pdf.
Cumming, D. J., & Schwienbacher, A. (2018). Fintech venture capital. Corporate Governance: An International Review, 26(5), 374–389. https://doi.org/10.1111/corg.12256
Davis, K., Maddock, R., & Foo, M. (2017). Catching up with Indonesia’s fintech industry. Law and Financial Markets Review, 11(1), 33–40. https://doi.org/10.1080/17521440.2017.1336398
Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., & Lim, W. M. (2021). How to conduct a bibliometric analysis: An overview and guidelines. Journal of Business Research, 133, 285–296.
Failory. (2022). The 152 Best FinTech Accelerators and Incubators. Retrieved from https://www.failory.com/startups/fintech-accelerators-incubators
Fairthorne, R. A. (1969). Empirical Hyperbolic Distributions (Bradford‐Zipf‐Mandelbrot) for Bibliometric Description and Prediction. Journal of Documentation, 25(4), 319–343. https://doi.org/10.1108/eb026481
Falagas, M. E., Pitsouni, E. I., Malietzis, G. A., & Pappas, G. (2008). Comparison of PubMed, Scopus, web of science, and Google scholar: strengths and weaknesses. The FASEB Journal, 22(2), 338–342. https://doi.org/10.1096/fj.07-9492lsf
Gelis, P. (2016). Why FinTech banks will rule the world. The FinTech Book: The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries, 235–237.
Gimpel, H., Rau, D., & Röglinger, M. (2018). Understanding FinTech start-ups–a taxonomy of consumer-oriented service offerings. Electronic Markets, 28(3), 245–264. https://doi.org/10.1007/s12525-017-0275-0
Gomber, P., Koch, J. A., & Siering, M. (2017). Digital Finance and FinTech: current research and future research directions. Journal of Business Economics, 87(5), 537–580. https://doi.org/10.1007/s11573-017-0852-x
Guest. (2022). 10 innovative FinTech business models. Board of Innovation. Retrieved from https://www.boardofinnovation.com/blog/10-innovative-fintech-business-models/
Haddad, C., & Hornuf, L. (2019). The emergence of the global fintech market: Economic and technological determinants. Small Business Economics, 53(1), 81–105. https://doi.org/10.1007/s11187-018-9991-x
Hallinger, P., & Nguyen, V.-T. (2020). Mapping the landscape and structure of research on education for sustainable development: A bibliometric review. Sustainability, 12(5), 1947. https://doi.org/10.3390/su12051947
Harris, J. L. (2021). Bridging the gap between ‘Fin’and ‘Tech’: The role of accelerator networks in emerging FinTech entrepreneurial ecosystems. Geoforum, 122, 174–182. https://doi.org/10.1016/j.geoforum.2021.04.010
Hill, J. (2018). Fintech and the remaking of financial institutions. Academic Press.
Imerman, M. B., & Fabozzi, F. J. (2020). A Conceptual Framework for FinTech Innovation. Available at SSRN 3543810.
Kijkasiwat, P. (2021). Kijkasiwat, P. (2021). Opportunities and Challenges for Fintech Startups: The Case Study of Thailand. ABAC Journal, 41(2), 41-60.
Larios-Hernández, G. J. (2017). Blockchain entrepreneurship opportunity in the practices of the unbanked. Business Horizons, 60(6), 865–874. https://doi.org/10.1016/j.bushor.2017.07.012
Lee, I., & Shin, Y. J. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35–46. https://doi.org/10.1016/j.bushor.2017.09.003
Leong, C., Tan, B., Xiao, X., Tan, F. T. C., & Sun, Y. (2017). Nurturing a FinTech ecosystem: The case of a youth microloan startup in China. International Journal of Information Management, 37(2), 92–97. https://doi.org/10.1016/j.ijinfomgt.2016.11.006
Leong, K., & Sung, A. (2018). FinTech (Financial Technology): what is it and how to use technologies to create business value in fintech way? International Journal of Innovation, Management and Technology, 9(2), 74–78.
Li, B., & Xu, Z. (2021). Insights into financial technology (FinTech): a bibliometric and visual study. Financial Innovation, 7(1), 69. https://doi.org/10.1186/s40854-021-00285-7
Matveevskii, S. S., Berdyshev, A. V, Prokofiev, M. N., & Ryabchenko, L. I. (2019). Fintech in the banking system of Russia: problems and prospects. GCPMED 2018-International Scientific Conference" Global Challenges and Prospects of the Modern Economic Development", 344–356.
Martín-Martín, A., Orduna-Malea, E., Thelwall, M., & López-Cózar, E. D. (2018). Google Scholar, Web of Science, and Scopus: A systematic comparison of citations in 252 subject categories. Journal of informetrics, 12(4), 1160-1177.
Milian, E. Z., Spinola, M. de M., & Carvalho, M. M. de. (2019). Fintechs: A literature review and research agenda. Electronic Commerce Research and Applications, 34, 100833. https://doi.org/10.1016/j.elerap.2019.100833
Moroni, I., Arruda, A., & Araujo, K. (2015). The Design and Technological Innovation: How to Understand the Growth of Startups Companies in Competitive Business Environment. Procedia Manu—Type equation here.facturing, 3, 2199–2204. https://doi.org/10.1016/j.promfg.2015.07.361
Salamzadeh, A., & Kesim, H. K. (n.d.). Startup Companies: Life Cycle and Challenges. Retrieved from https://ssrn.com/abstract=2628861
Stewart, H., & Jürjens, J. (2018). Data security and consumer trust in FinTech innovation in Germany. Information & Computer Security. . https://doi.org/10.1108/ICS-06-2017-0039
Suryono, R. R., Budi, I., & Purwandari, B. (2020). Challenges and trends of financial technology (Fintech): a systematic literature review. Information, 11(12), 590. https://doi.org/10.3390/info11120590
Tepe, G., Geyikci, U. B., & Sancak, F. M. (2022). FinTech Companies: A Bibliometric Analysis. International Journal of Financial Studies, 10(1). https://doi.org/10.3390/ijfs10010002
Thakor, A. V. (2020). Fintech and banking: What do we know? Journal of Financial Intermediation, 41, 100833. https://doi.org/10.1016/j.jfi.2019.100833
Tripathi, N., Seppänen, P., Boominathan, G., Oivo, M., & Liukkunen, K. (2019). Insights into startup ecosystems through exploration of multi-vocal literature. Information and Software Technology, 105, 56–77. https://doi.org/10.1016/j.infsof.2018.08.005
Van Loo, R. (2018). Making innovation more competitive: The case of fintech. UCLA L. Rev., 65, 232.
Wu, P. (2017). Fintech trends relationships research: A bibliometric citation meta-analysis. Proceedings of the 17th International Conference on Electronic Business, ICEB, Dubai, UAE, 99–105.
Xia, T., & Roper, S. (2016). Unpacking open innovation: absorptive capacity, exploratory and exploitative openness, and the growth of entrepreneurial biopharmaceutical firms. Journal of Small Business Management, 54(3), 931–952. https://doi.org/10.1111/jsbm.12220
Xu, Z., Liao, H.-T., Pan, C.-L., & Mo, W. (2020). Exploring the Research Fronts of Fintech: A Scientometric Analysis. 5th International Conference on Financial Innovation and Economic Development (ICFIED 2020), 5–11.
Zarrouk, H., Ghak, T. El, & Bakhouche, A. (2021). Exploring economic and technological determinants of fintech startups’ success and growth in the United Arab Emirates. Journal of Open Innovation: Technology, Market, and Complexity, 7(1), 1–24. https://doi.org/10.3390/joitmc7010050
Zavolokina, L., Dolata, M., & Schwabe, G. (2016). FinTech transformation: How IT-enabled innovations shape the financial sector. FinanceCom 2016, 75–88. Retrieved from https://citations.springernature.com/item?doi=10.1007/978-3-319-52764-2_6
Zhao, Q., Tsai, P.-H., & Wang, J.-L. (2019). Improving Financial Service Innovation Strategies for Enhancing China’s Banking Industry Competitive Advantage during the Fintech Revolution: A Hybrid MCDM Model. In Sustainability (Vol. 11, Issue 5). https://doi.org/10.3390/su11051419
Zhu, J., & Liu, W. (2020). A tale of two databases: The use of Web of Science and Scopus in academic papers. Scientometrics, 123(1), 321–335. https://doi.org/10.1007/s11192-020-03387-8
Published
2022-05-13
How to Cite
Benziane, R., Roqiya, S., & Houcine, M. (2022). FINTECH STARTUP: A BIBLIOMETRIC ANALYSIS AND NETWORK VISUALIZATION. International Journal of Accounting & Finance Review, 11(1), 8-23. https://doi.org/10.46281/ijafr.v11i1.1715
Section
Regular Research Article/ Short Communication Article
Copyright (c) 2022 Roucham Benziane, Sagou Roqiya, Mahmoudi Houcine
This work is licensed under a Creative Commons Attribution 4.0 International License.
