The complexity of ECF investors’ peer-effect: a test of structural social influence theory by fsQCA approach

Purpose This study aims to investigate the causal complexity of ECF investors’ peer effect through two different paths of structural social influence. Design/methodology/approach Using the fuzzy-set qualitative comparative analysis (fsQCA) approach, we employ 157 samples from a Chinese ECF source to explore how peer-effect are caused by both informational and normative mechanisms. Findings The findings suggests that there are multiple configurations could lead to ECF investors’ high level peer-effect through both informational and normative mechanisms, and the informational mechanism' role depends on the normative mechanism, while the normative mechanism could lead to peer-effect independently. Research limitations/implications The findings enrich the literature on ECF investors’ behaviors by revealing the diverse configurations resulting in investors’ peer-effect and shedding new light on investigating the decision-making driven by information asymmetry and relationship settings for individuals at a disadvantage. Originality/value This is the first study that investigates the multiple-driven of ECF investors’ decision-making and the importance of mutual norms in individuals' decision-making by complex network analysis approach and qualitative comparative analysis from the perspective of complexity. The results reveal the complexity of investors’ decision-making in ECF.