Creative culture, risk‐taking, and corporate financial decisions
研究了创意文化如何影响企业的财务决策，发现位于创意文化浓厚地区的企业风险承担水平更高、投资和增长更多，并因预防性动机积累更多现金。
Abstract I examine how creative culture affects corporate financial decisions. Firms have corporate risk‐taking behavior and policies consistent with variations in local risk‐taking propensity induced by creative culture. Firms located in areas with a strong creative culture have higher levels of risk exposure, investment, and growth. These firms also accumulate more cash consistent with the precautionary motive. My findings remain robust after controlling for endogeneity and a series of robustness checks. The empirical findings are consistent with the risk‐taking tendency associated with creativity and creative culture. This paper introduces the role of creative culture and risk‐taking in corporate financial decisions.