Religion gambling attitudes and corporate innovation
Gambling is the wagering of money or something of value on an event main poker gratis dapat uang asli with an Gambling views religion gambling attitudes and corporate innovation among Protestants vary with some either discouraging or forbidding their members from participation in gambling. This article reviews definition, causes and associated features with substance abuse, screening and . Religion, Gambling Attitudes and Corporate Innovation Abstract We find that local gambling preferences have economically meaningful effects on corporate innovation. Using a county’s Catholics-to-Protestants ratio as a proxy for local gambling preferences, we. Religion, Gambling Attitudes and Corporate Innovation. SSRN Electronic Journal, Anup Agrawal. Binay K Adhikari. Anup Agrawal. Binay K Adhikari. Download with Google Download with Facebook or download with email. Religion, Gambling Attitudes and Corporate Innovation. Download. Religion, Gambling Attitudes and Corporate Innovation.
Religion, gambling attitudes and corporate innovation
We explore the role of technological innovation as a source of economic growth by constructing direct measures of innovation at the firm level. Geography affects both labor supply and demand. We further discuss possible underlying mechanisms through which analysts impede innovation and show that there is a residual effect of analysts on innovation even after controlling for these mechanisms. Purpose - While several facets of credit extension by banks have been extensively studied, one aspect which has largely bypassed the attention of researchers is the intrinsic attitude towards risk. Moreover, it is necessary to ensure that housing supply is resilient and improve government participation. To mitigate this concern, we examine whether our results are driven by clustering of industries in high-tech cities which are also more likely to experience rapid changes in cultural and religious compositions due to immigration.
Religion, Gambling Attitudes and Corporate Innovation
To browse Academia. Skip to main content. You're using an out-of-date version of Internet Explorer. Log In Sign Up. Anup Agrawal. Binay K Adhikari. Religion, Gambling Attitudes and Corporate Innovation. Adhikari: bkadhikari crimson. We acknowledge financial support from a summer research grant from the Culverhouse College of Business Adhikari and William A. Powell, Jr. Chair in Finance and Banking Agrawal. Religion, Gambling Attitudes and Corporate Innovation Abstract We find that local gambling preferences have economically meaningful effects on corporate innovation.
These results are supported by several robustness checks, tests to mitigate identification concerns, and analyses of several secondary implications. Investment in innovation makes a stock more lottery-like, a feature desired by individuals with a taste for gambling. Introduction Do local culture and beliefs affect real economic activity? Considerable research finds that innovation is a key driver of firm value as well as overall economic growth see, e.
However, firms are often reluctant to invest in innovation projects because these projects tend to have long gestation periods and high probabilities of failure, and thus require a culture of failure-tolerance see, e. Many innovative endeavors, i. Local gambling culture can promote innovation for at least two reasons. So managers in communities with a gambling culture are more likely to find innovation projects attractive and to invest in them. Second, as prior research on local bias finds, both retail and institutional investors tend to overinvest in local stocks see, e.
In addition, investors in gambling-tolerant areas are more likely to hold lottery-type stocks and are even willing to pay a premium for the lottery factor in a stock see Kumar and KPS So our first hypothesis is that firms located in areas with a gambling culture are more likely to invest in innovation and to generate higher innovation output. Moreover, the influence of local gambling preferences on innovation should be greater among firms in innovative industries.
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These results are supported by several robustness checks, tests to mitigate identification concerns, and analyses of several secondary implications. Investment in innovation makes a stock more lottery-like, a feature desired by individuals with a taste for gambling. Gambling preferences of both local investors and managers appear to influence firms' innovative endeavors and facilitate transforming their industry growth opportunities into firm value.
Citations References As essential dimension of culture, religion is an element that directly influences individuals' values, beliefs and preferences Williamson ;Lehrer However, these studies almost focus on Western religions such as Catholicism, Protestantism and Islam.
Next, this study makes marginal contribution to the research field of corporate financial decisions. Studies in business context have showed the effect of religion on financial decisions and outcomes Hilary and Hui ;Shu, Sulaeman, and Yeung ;Jiang et al. However, these studies overlook the impact of religion on firm risk preference. Jiang et al. Studies also show that firms headquartered in areas with higher Catholic-Protestant ratios present greater tolerance for gambling, hold more lottery-type stocks Kumar, Page, and Spalt and make more innovative investment Adhikari and Agrawal Does religious culture matter for corporate risk-taking?
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