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  • Religious beliefs and local government financing, investment, and cash holding decisions

    Author(s)
    Chen, Yangyang
    Murgulov, Zoltan
    Rhee, S. Ghon
    Veeraraghavan, Madhu
    Griffith University Author(s)
    Veeraraghavan, Madhu
    Year published
    2016
    Metadata
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    Abstract
    This paper is the first to examine the association between religious beliefs and the local government financing, investment and cash holding decisions. Using a sample of 15,204 county-year observations for census years between 1992 and 2012, we show that the degree of religiosity is negatively associated with the level of local government debt and investments while it is positively associated with accumulated cash holdings. Our results indicate that local governments in counties with a higher degree of religiosity are more conservatively managed. To validate the main findings we conduct a range of robustness tests and ...
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    This paper is the first to examine the association between religious beliefs and the local government financing, investment and cash holding decisions. Using a sample of 15,204 county-year observations for census years between 1992 and 2012, we show that the degree of religiosity is negatively associated with the level of local government debt and investments while it is positively associated with accumulated cash holdings. Our results indicate that local governments in counties with a higher degree of religiosity are more conservatively managed. To validate the main findings we conduct a range of robustness tests and demonstrate that our main results hold.
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    Journal Title
    Journal of Empirical Finance
    Volume
    38
    Issue
    Part A
    DOI
    https://doi.org/10.1016/j.jempfin.2016.07.009
    Subject
    Banking, Finance and Investment not elsewhere classified
    Applied Economics
    Econometrics
    Banking, Finance and Investment
    Publication URI
    http://hdl.handle.net/10072/172395
    Collection
    • Journal articles

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