Is There Herding in Reward-based Crowdfunding?

As an innovative financing mode, crowdfunding attracts attention from entrepreneurs. Improved environmental transparency consistent with most crowdfunding platforms affords prospective investors access to information regarding investors in predecessor time spaces, enabling an information-enhanced decision process for later investors, which therefore creates an information environment supportive of herding. Taking data form selected crowdfunding projects offered through the platform "Time Hour", and applying panel data analysis, the research was able to identify the presence of herding in reward-based crowdfunding and discernible emphasis in projects with patents or published by listed companies.