Local Gambling Preferences and Corporate Innovative Success
用县区天主教与新教徒比例衡量本地赌博偏好，发现赌博倾向地区的企业更愿冒险、创新投入和产出更高，且该效应强于CEO过度自信。
Abstract This paper examines the role of local attitudes toward gambling on corporate innovative activity. Using a county’s Catholics-to-Protestants ratio as a proxy for local gambling preferences, we find that firms located in gambling-prone areas tend to undertake riskier projects, spend more on innovation, and experience greater innovative output. We contrast the local gambling effect with chief executive officer (CEO) overconfidence, another behavioral effect reported to influence innovation. We find that local gambling preferences are a stronger determinant of innovative activity, with CEO overconfidence being more relevant to innovation in areas where gambling attitudes are strong.