押宝成功:揭示地方赌博文化在股权众筹中的作用

IF 2.1 2区 经济学 Q2 BUSINESS, FINANCE Journal of Empirical Finance Pub Date : 2024-06-14 DOI:10.1016/j.jempfin.2024.101521
Hui-Ching Hsieh, Dat Thanh Nguyen, Thien Le-Hoang Nguyen
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引用次数: 0

摘要

本研究探讨了以州级宗教构成为衡量标准的地方赌博文化如何影响股权众筹的成功。我们的研究发现,在州创新倾向的驱动下,地方赌博文化与股权众筹的成功之间存在正相关关系。我们还揭示了地方赌博文化对企业文件修订行为的积极影响,这种影响受到国家监管限制的影响。进一步的分析表明,企业的所有权结构调节了当地赌博文化与股权众筹成功和文件修改行为之间的正相关关系。我们的研究以股权众筹为中心,证明了当地赌博文化在决定创业筹资结果方面的重要作用。
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Betting on success: Unveiling the role of local gambling culture in equity crowdfunding

This study explores how local gambling culture, as measured by state-level religious composition, influences equity crowdfunding success. Our research uncovers a positive relationship between local gambling culture and equity crowdfunding success, driven by the state's innovation propensity. We also shed light on the positive effect of local gambling culture on firms’ document amendment behaviors, influenced by state regulation restrictions. Further analyses indicate that firms’ ownership structure moderates the positive relationships between local gambling culture and both equity crowdfunding success and document amendment behaviors. Our study centers on equity crowdfunding, demonstrating the important role of local gambling culture in determining entrepreneurial fundraising outcomes.

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来源期刊
CiteScore
3.40
自引率
3.80%
发文量
59
期刊介绍: The Journal of Empirical Finance is a financial economics journal whose aim is to publish high quality articles in empirical finance. Empirical finance is interpreted broadly to include any type of empirical work in financial economics, financial econometrics, and also theoretical work with clear empirical implications, even when there is no empirical analysis. The Journal welcomes articles in all fields of finance, such as asset pricing, corporate finance, financial econometrics, banking, international finance, microstructure, behavioural finance, etc. The Editorial Team is willing to take risks on innovative research, controversial papers, and unusual approaches. We are also particularly interested in work produced by young scholars. The composition of the editorial board reflects such goals.
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