Abstract
This study explores the validity of the Winner-Take-All (WTA) hypothesis and the underlying mechanisms that condition the relationship between the installed base of a platform and the platform’s performance in the context of emerging markets. We propose a positive relationship between the existing user base of a platform and the platform’s performance and explore the moderating effects of two boundary conditions: existing users’ evaluation ambiguity and economic policy uncertainty (EPU). By utilizing a longitudinal sample of 124 Chinese peer to peer lending (P2P) platforms from 2017 to 2019, we confirm the positive relationship between the installed base of a platform and the platform’s performance, however, the positive relationship will be weakened when the existing users provide ambiguous evaluation information and will be strengthened when the level of EPU is high in the external environment.
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