Religion, gambling attitudes and corporate innovation

被引：175

作者：

Adhikari, Binay Kumar ^{[1
]}

Agrawal, Anup ^{[2
]}

机构：

[1] Miami Univ, Farmer Sch Business, Oxford, OH 45056 USA

[2] Univ Alabama, Culverhouse Coll Commerce, Tuscaloosa, AL 35487 USA

来源：

JOURNAL OF CORPORATE FINANCE | 2016年 / 37卷

关键词：

Local gambling attitudes; Corporate innovation; R&D; Patents; PROSPECT-THEORY; CEO TURNOVER; STOCK; LOTTERIES; RISK; COMPETITION; LIQUIDITY; SKEWNESS; DECISION; BELIEFS;

D O I：

10.1016/j.jcorpfin.2015.12.017

中图分类号：

F8 [财政、金融];

学科分类号：

020219 [财政学（含：税收学）];

摘要：

We find that firms headquartered in areas with a taste for gambling tend to be more innovative, i.e. they spend more on R&D, and obtain more and better quality patents. 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. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：229 / 248

页数：20

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