{"title":"The effects of superstition on firms' investment behavior: Evidence from Vietnam, an irreligious country✰","authors":"Dai Van Pham","doi":"10.1016/j.jce.2023.11.002","DOIUrl":null,"url":null,"abstract":"<div><p>This study examines the impact of superstition on corporate decision-making in Vietnam, a highly irreligious country. We focus on the folk belief that the ages of 49–53 are considered calamitous and use a regression discontinuity design to show that companies significantly decrease their investment in fixed assets during these ages of their directors. The effect is more pronounced in smaller firms and is not accompanied by a decrease in employment growth. We introduce a novel two-stage difference method to identify the role of superstition in causing the ‘calamitous ages’ effect.</p></div>","PeriodicalId":48183,"journal":{"name":"Journal of Comparative Economics","volume":null,"pages":null},"PeriodicalIF":2.8000,"publicationDate":"2023-11-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Comparative Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0147596723000975","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
This study examines the impact of superstition on corporate decision-making in Vietnam, a highly irreligious country. We focus on the folk belief that the ages of 49–53 are considered calamitous and use a regression discontinuity design to show that companies significantly decrease their investment in fixed assets during these ages of their directors. The effect is more pronounced in smaller firms and is not accompanied by a decrease in employment growth. We introduce a novel two-stage difference method to identify the role of superstition in causing the ‘calamitous ages’ effect.
期刊介绍：
The mission of the Journal of Comparative Economics is to lead the new orientations of research in comparative economics. Before 1989, the core of comparative economics was the comparison of economic systems with in particular the economic analysis of socialism in its different forms. In the last fifteen years, the main focus of interest of comparative economists has been the transition from socialism to capitalism.
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