Xun Hu , Zhineng Long , Cheng Xue , Yanyu Zhang , Xiangfang Zhao
{"title":"Antigambling interventions and corporate financialization: Evidence from China","authors":"Xun Hu , Zhineng Long , Cheng Xue , Yanyu Zhang , Xiangfang Zhao","doi":"10.1016/j.bir.2024.03.003","DOIUrl":null,"url":null,"abstract":"<div><p>This study investigates the impact of local antigambling interventions (AGIs) on corporate financialization. From the perspective of formal institutions’ influence on culture, our findings suggest that firms located in regions with more effective AGIs exhibit lower levels of financialization. Mechanism tests show that AGIs reduce local risk preferences, subsequently influencing corporate financialization. Heterogeneity tests reveal that the main results are more pronounced when government trust is stronger, cultural transmission efficiency is higher, local firm interactions are more extensive, and community attention to antigambling initiatives is greater. This study enhances the understanding of the influence of the institutional environment on corporate investment decisions.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":6.3000,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000449/pdfft?md5=e13057ace4774d1eccda756c4ae175d7&pid=1-s2.0-S2214845024000449-main.pdf","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Borsa Istanbul Review","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2214845024000449","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This study investigates the impact of local antigambling interventions (AGIs) on corporate financialization. From the perspective of formal institutions’ influence on culture, our findings suggest that firms located in regions with more effective AGIs exhibit lower levels of financialization. Mechanism tests show that AGIs reduce local risk preferences, subsequently influencing corporate financialization. Heterogeneity tests reveal that the main results are more pronounced when government trust is stronger, cultural transmission efficiency is higher, local firm interactions are more extensive, and community attention to antigambling initiatives is greater. This study enhances the understanding of the influence of the institutional environment on corporate investment decisions.
期刊介绍：
Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations
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