Gambling preference and entity corporate financialization: evidence from China

被引：2

作者：

Zuo, Jingjing ^{[1
]}

Guo, Zhuming ^{[2
]}

Qiu, Baoyin ^{[3
]}

Xie, Huili ^{[3
]}

机构：

[1] Univ Int Business & Econ, Business Sch, Beijing, Peoples R China

[2] Shanghai Univ Finance & Econ, Coll Business, Shanghai, Peoples R China

[3] Hangzhou Dianzi Univ, Sch Accounting, Hangzhou, Peoples R China

来源：

APPLIED ECONOMICS | 2024年 / 56卷 / 38期

关键词：

Gambling preference; corporate financialization; speculation; local culture; CAPITAL ACCUMULATION; ATTITUDES; RELIGION; RISK; LIBERALIZATION; DECISION;

D O I：

10.1080/00036846.2023.2212967

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We use a sample of Chinese firms to examine the impact of local gambling preference on corporate financialization. Our findings suggest that when a firm is located in a region with stronger gambling preference, it commits more corporate financialization. Specifically, strong opportunism and high risk-taking ability are the main mechanisms. In addition, we provide evidence based on gambling psychology that 'house money effect' and 'break-even effect' strengthen the positive relationship between gambling preference and entity corporate financialization.

引用

页码：4544 / 4562

页数：19

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