Religion and corporate innovation

Junyong Lee, Frederick Dongchuhl Oh and Donglim Shin

Journal of Multinational Financial Management, 2024, vol. 72, issue C

Abstract: This study represents the first comprehensive analysis of the role of national religiosity in corporate innovation. Using a PCA method, we divide religiosity into five dimensions: ideological, ritualistic, experiential, intellectual, and consequential. For 1506 firms in 27 countries, we find that the ideological and ritualistic dimensions promote corporate innovation, whereas the experiential, intellectual, and consequential dimensions hinder corporate innovation. Furthermore, religiosity overall has a positive impact on corporate innovation. Finally, we show that the positive effect of religiosity is more pronounced for firms in Judeo-Christian countries. Overall, we provide the first guideline to understand the diverse and comprehensive effects of religion on corporate innovation. (JEL G3, O3, Z12)

Keywords: Corporate Innovation; Religiosity; Multidimensionality of Religiosity; Judeo-Christianity (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mulfin:v:72:y:2024:i:c:s1042444x2300052x

DOI: 10.1016/j.mulfin.2023.100833

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