本文研究賭博文化與股票崩盤之關聯性，先前文獻指出賭博文化反映一地區之風險偏好，該風氣將影響管理階層特質及其決策，倘若管理階層越偏好風險，則越不願嚴格遵守行為準則、保守之會計政策，故從事高風險投資並積壓壞消息，最終導致股票崩盤風險。惟以另一脈觀點論之，管理階層具偏好風險之特質，則董事會將強化監管機制，故企業之股票崩盤風險隨之下降。本研究採用西元1995年至2019年美國各州彩券銷售資料衡量賭博文化，實證結果顯示一地區賭博文化與企業之股票崩盤風險並未有顯著關係，表示賭博文化提升股票崩盤之觀點，與賭博文化使董事會加強監管機制，進而降低股票崩盤之觀點可能同時存在，並產生抵銷效果，此外，賭博文化與股票崩盤風險於大規模企業中具負顯著關係，意即相較於小規模企業，大規模企業可能有較完善之監管制度，進而降低股票崩盤，另外將樣本依管理階層任期長短、法人持股數分別區分為「長任期與短任期」、「高法人持股與低法人持股」，以衡量管理階層權力及外部監管機制之影響，實證結果顯示無論管理階層權力、外部監管機制強弱，一地區之賭博文化與企業之股票崩盤風險間均無顯著關係。

This paper examines the relationship between gambling culture and the risk of stock price crashes. Gambling culture reflects the risk preferences of a region, which in turn influence the characteristics and decision-making of executives. They exhibit a higher preference for risk, ultimately leading to the risk of stock price crashes. However, an alternative viewpoint suggests that risk-seeking executives raise concerns among the board of directors, thereby strengthening oversight and reducing the risk of stock price crashes. In this study, we measure gambling culture using lottery sales data from various states in the United States from 1995 to 2019. The empirical results indicate that there is no significant relationship between gambling culture and the risk of stock price crashes. This finding suggests that both perspectives may coexist and offset each other. Furthermore, gambling culture exhibits a negative and significant relationship with the risk of stock price crashes in large-scale enterprises, implying that larger companies may have more strict regulatory systems in place to mitigate stock price crashes. Additionally, we divide the sample based on the tenure of executives and corporate institutional ownership percentage as proxies for the influence of executive power and external regulatory mechanisms. The empirical results indicate no significant relationship between gambling culture and the risk of stock price crashes, regardless of the strength of executive power or external regulatory mechanisms.

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