Herding behaviour in equity crowdfunding and P2P lending markets: A systematic meta-analysis
本文对30项实证研究进行系统性元分析，发现羊群行为在股权众筹和P2P借贷市场中均存在，但P2P借贷更显著；竞争性项目会削弱羊群效应，非西方市场羊群行为更强，文化因素（如权力距离、集体主义）也影响其变化。
This paper provides a systematic meta-analysis of empirical research on herding behaviour in equity crowdfunding (ECF) and peer-to-peer (P2P) lending markets. Despite the increasing importance of these fintech-driven entrepreneurial finance models, research on herding remains scattered. Based on a sample of 30 studies, the paper addresses four questions: (1) Is herding behaviour consistently observed in ECF and P2P lending markets? (2) Does herding differ between ECF and P2P lending? (3) Do competing offers impact herding dynamics? (4) Do regional groups (Western vs non-Western countries) and national cultural factors shape herding behaviour? Subgroup analyses reveal that: (1) herding is statistically detectable in these markets, although its magnitude varies widely across studies and contexts; (2) herding is more pronounced in P2P lending than in ECF; (3) herding effects diminish in the presence of competing offerings; (4) herding is more prominent in non-Western markets, with cultural factors also shaping its variation. These findings provide practical insights for platform managers, entrepreneurs, and policymakers. • Herding is detectable in equity crowdfunding and P2P lending. • P2P lending shows stronger herding than equity crowdfunding. • Competing offerings attenuate herding effects across platforms. • Non-Western markets exhibit stronger herding than Western counterparts. • Cultural traits (power distance, collectivism, long-termism) shape herding.