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REVIEW ARTICLE
Startup Financing Patterns and Performance: A Systematic Review of Empirical Research
shweta Nagar 1
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Dr. Satish K Mittal 1
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School of Management, Gautam Buddha University, India
 
These authors had equal contribution to this work
 
 
Submission date: 2026-01-12
 
 
Final revision date: 2026-05-27
 
 
Acceptance date: 2026-06-19
 
 
Online publication date: 2026-07-22
 
 
Publication date: 2026-07-22
 
 
Corresponding author
shweta Nagar   

School of Management, Gautam Buddha University, Greater Noida, India
 
 
Management 2026;(1):739-770
DOI: https://doi.org/10.58691/man/224843
 
 
Article (PDF)
References (61)
 
KEYWORDS
Performance
PRISMA
Entrepreneurship
Startups
Financing Patterns
 
JEL CLASSIFICATION CODES
G24
L26
M13
O16
C89
 
TOPICS
ABSTRACT
Research background and purpose:
This study examines the financing patterns and performance of startups through a systematic review of empirical research. It aims to provide an integrated understanding of how different funding mechanisms such as venture capital, bootstrapping, angel investment, and government support- shape startup survival, growth, and scalability within the entrepreneurial ecosystem.

Design/methodology/approach:
This study employs a systematic literature analysis using a mixed-method approach. The dataset was selected following PRISMA guidelines, and bibliometric mapping was conducted using VOSviewer based on 610 records from the Web of Science database (1991-2025), supplemented by content analysis to describe the thematic aspects of the current situation of startup performance and financing patterns.

Findings:
This study finds that startup performance and financing patterns have improved in developed nations, whereas developing countries still face significant difficulties. Since 2017, startup financing and performance have attracted increasing scholarly attention worldwide, although the distribution of research remains uneven. The USA leads in this regard, followed by Italy and China.

Value added and limitations:
The analysis helps in understanding the growth of startups and relevant studies as well as which countries and authors perform most prominently in this area. This provides guidance for other researchers to explore fields that are not covered in depth. A limitation of this study is that it does not provide an in-depth analysis of regional variations.
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