博彩文化与企业费用粘性

Gambling Culture and Corporate Expense Stickiness

文化是影响企业成本管理行为的重要因素。本文以2008-2019年A股上市公司为研究样本,实证检验了博彩文化对企业费用粘性的影响,研究发现:企业经营地的博彩氛围越浓厚,费用粘性现象越突出。在引入工具变量、控制公司固定效应及替换自变量为CEO籍贯地的博彩文化等稳健性检验中,这一结论依然成立。进一步的影响机制检验结果表明,博彩文化对费用粘性的正面影响仅在管理者过度自信水平较高和公司治理水平相对更低的样本企业中更显著。本文将博彩文化这一非正式制度纳入费用粘性动因的分析框架中,丰富了博彩文化的经济后果相关领域的研究。

Culture is an influential factor of firms’cost management behavior.Based on a sample of Chinese A-share listed firms during 2008 and 2019,this paper empirically examines the impact of gambling culture on corporate expense stickiness.We find a positive relationship between gambling culture and expense stickiness.The results hold in a battery of robustness tests,including introducing instrumental variables,controlling for firm fixed effects and using an alternative measure for gambling culture.Further mechanism analyses show that the effect of gambling culture on expense stickiness only exists in firms with a higher magnitude of management overconfidence and a lower level of corporate governance.This paper incorporates gambling culture as an informal institutional factor into the determinants of expense stickiness and enriches the literature on the economic consequences of gambling culture.