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

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

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.

Suggested Citation

  • Hsieh, Hui-Ching & Nguyen, Dat Thanh & Nguyen, Thien Le-Hoang, 2024. "Betting on success: Unveiling the role of local gambling culture in equity crowdfunding," Journal of Empirical Finance, Elsevier, vol. 78(C).
    • Handle: RePEc:eee:empfin:v:78:y:2024:i:c:s0927539824000562
    DOI: 10.1016/j.jempfin.2024.101521
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    Keywords

    Equity crowdfunding; Local gambling culture; Religious composition; Document amendment behaviors; Ownership structure;
    All these keywords.

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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