本研究旨在探討CEO賭博態度與研發密度之關係。基於先前文獻指出公司總部設在賭博風氣盛行的區域，當地的賭博態度會影響整個組織的文化，從公司高層管理人員到各級員工的行為模式等，本研究推測CEO工作地點即公司總部如果位於賭博風氣盛行的州，在當地賭博文化風氣的影響下，會使其具有賭博的人格特質，因而具有較高的賭博態度，在研發這種高風險性決策上，勇於冒險而投入更多。本研究使用採用公司總部所在州的人均彩券銷售額衡量CEO賭博態度；實證結果顯示，CEO賭博態度與研發密度之間呈現顯著正相關，顯示CEO擁有較高的賭博態度會導致較高的研發密度。進一步的額外分析表明，機構持股與分析師的監管，會弱化CEO因賭博態度增加研發密度的效果。而CEO如果具備良好管理者的特質，則是會強化因賭博態度增加研發密度的效果。本研究通過規模大小分類及替代研發密度定義後進行穩健性測試，支持原實證結果。

CEO plays an important role in R&D spending decision. The purpose of this paper is to explore the association between CEO gambling attitude and R&D intensity. The previous literature pointed out that if the company headquarter is located in a gambling-prone area, the local gambling attitude will affect the culture of entire organization and the behavior patterns of the top executives within the firm to take higher level of risk when pursuing innovative objects. Under the influence of the local gambling culture, we expect CEO will have a higher gambling attitude, and they are more willing to take risks and spend more on R&D. This study uses per capita lottery sales in the state where the company headquartered to measure CEO gambling attitude; The empirical results show that there is a significant positive correlation between CEO gambling attitude and R&D intensity. Further additional analysis shows that as the Institutional holdings or analyst coverage increases, it will weaken the effect of increasing the R&D intensity due to the gambling attitude. And if the CEO has better managerial ability, it will strengthen the effect of increasing the R&D intensity due to the gambling attitude. This study supports the original empirical results through the robustness test after size classification and alternative R&D density definition.

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