The Effect of Alcohol Drinking Culture on Firms’ Cross-Regional Investment: A Catalyst or Barrier

We utilize Chinese A-share listed companies in the Shanghai and Shenzhen stock markets from 2008 to 2021 as the initial sample. Then, we exclude firm-year observations in financial industries, labeled as ST and *ST, and with missing data. The data on province-level alcohol consumption expenditure by urban residents and their disposable income for the years 2008-2012 is from the China National Statistical Yearbook, and for the years 2013-2021, the data is from the SRIT DRCNET database (https://www.drcnet.com.cn/www/int/). Other financial data is from the CSMAR database.