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Local gambling preferences and corporate innovative success

Chen, Yangyang, Podolski, Edward J., Rhee, S. Ghon and Veeraraghavan, Madhu 2014, Local gambling preferences and corporate innovative success, Journal of financial and quantitative analysis, vol. 49, no. 1, pp. 77-106, doi: 10.1017/S0022109014000246.

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Title Local gambling preferences and corporate innovative success
Author(s) Chen, Yangyang
Podolski, Edward J.ORCID iD for Podolski, Edward J. orcid.org/0000-0001-6617-1281
Rhee, S. Ghon
Veeraraghavan, Madhu
Journal name Journal of financial and quantitative analysis
Volume number 49
Issue number 1
Start page 77
End page 106
Total pages 30
Publisher Cambridge University Press
Place of publication Cambridge, Eng.
Publication date 2014-02
ISSN 0022-1090
1756-6916
Keyword(s) gambling
corporate innovation
local gambling preferences
financial analysis
Summary This paper examines the role of local attitudes toward gambling on corporate innovative activity. Using a county's Catholics-to-Protestants ratio as a proxy for local gambling preferences, we find that firms located in gambling-prone areas tend to undertake riskier projects, spend more on innovation, and experience greater innovative output. We contrast the local gambling effect with chief executive officer (CEO) overconfidence, another behavioral effect reported to influence innovation. We find that local gambling preferences are a stronger determinant of innovative activity, with CEO overconfidence being more relevant to innovation in areas where gambling attitudes are strong.
Language eng
DOI 10.1017/S0022109014000246
Field of Research 150201 Finance
1502 Banking, Finance And Investment
Socio Economic Objective 910202 Human Capital Issues
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2014, Michael G. Foster School of Business, University of Washington
Persistent URL http://hdl.handle.net/10536/DRO/DU:30083377

Document type: Journal Article
Collection: Department of Finance
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