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Does regional gambling culture affect long-term corporate operational risk?–Empirical evidence from lottery sales

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  • Kang, Dong
  • Wang, Jun

Abstract

The findings of this paper indicate that regional gambling culture can increase the long-term performance volatility of enterprises. The results of heterogeneity tests show that the impact of regional gambling culture on the long-term performance volatility of enterprises is more pronounced in companies with higher information asymmetry and those in regions with lower levels of marketization. This discovery of variability offers targeted suggestions for enterprises to formulate cultural industry development strategies under different economic backgrounds and industry characteristics, providing practical guidance for policymakers and corporate managers.

Suggested Citation

  • Kang, Dong & Wang, Jun, 2024. "Does regional gambling culture affect long-term corporate operational risk?–Empirical evidence from lottery sales," Finance Research Letters, Elsevier, vol. 66(C).
    • Handle: RePEc:eee:finlet:v:66:y:2024:i:c:s1544612324005920
    DOI: 10.1016/j.frl.2024.105562
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    References listed on IDEAS

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