Betting on success: Unveiling the role of local gambling culture in equity crowdfunding

Hui-Ching Hsieh, Dat Thanh Nguyen and Thien Le-Hoang Nguyen

Journal of Empirical Finance, 2024, vol. 78, issue C

Abstract: 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.

Keywords: Equity crowdfunding; Local gambling culture; Religious composition; Document amendment behaviors; Ownership structure (search for similar items in EconPapers)
JEL-codes: G23 G32 M13 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:empfin:v:78:y:2024:i:c:s0927539824000562

DOI: 10.1016/j.jempfin.2024.101521

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