本研究探討CEO賭博態度與公司信用評等之關係。過去相關文獻指出，企業管理者可能會受到當地賭博文化的影響而有高風險投資行為，因此預期CEO賭博態度與公司信用評等之間呈負向關係，以次序羅吉斯迴歸分析檢驗此假說。因個人的賭博和投機行為難以直接觀察，CEO賭博態度採用代理變數衡量。針對 1995 年至 2014 年間所有美國上市公司，實證結果顯示CEO賭博態度與公司信用評等之間存在顯著負相關，即信評機構會考量CEO賭博態度對公司違約風險之影響，當CEO之賭博偏好愈高，將會降低信評機構對其公司的信用評等。橫斷面分析結果證實隨著法人持股提高，愈能抵銷CEO賭博態度之負向效果。進一步將樣本公司以投機或投資等級、市場競爭度及樣本年度遠近進行分群來評估穩健性，實證結果皆與主要結果一致。

This study examines the relationship between CEO gambling attitudes and credit rating. Past literature pointed out that managers may be influenced by local gambling culture and have risky investment behavior. Therefore, I expect that there will be a negative relationship between CEO gambling attitudes and credit rating. This hypothesis is tested by ordered logistic regression. Since it is difficult to directly observe speculative and gambling behavior, CEO gambling attitudes is measured by lottery sales in the state where the company is headquartered. This study conducts an empirical study on U.S. listed companies from 1995 to 2014. The empirical results support the above expectations and obtain consistent evidence in the sensitivity analysis, indicating that credit rating agencies do consider CEO gambling attitudes as a risk factor. In addition, this study examines whether institutional shareholders affect the relationship between CEO gambling attitudes and credit ratings. The results show that the negative relationship between CEO's gambling attitudes and credit rating is attenuated by institutional ownership.

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