Title: Religious capital and information technology investment

Authors: Amarjit Gill; John D. Obradovich; Leo Paul Dana; Neil Mathur

Addresses: Department of Finance and Management Science, Edwards School of Business, University of Saskatchewan, 25 Campus Drive, Saskatoon, SK, V7N-5A7, Canada ' Liberty University, 1971 University Blvd., Lynchburg, VA, 24502, USA ' Rowe School of Business, Dalhousie University, 6299 South Street, Halifax, NS, B3H-4R2, Canada ' College of Management and Technology, Walden University, 100 Washington Avenue South, Minneapolis, MN, 55401, USA

Abstract: This empirical study aimed to examine the relationships between religious capital and information technology (IT) investment. We utilised a survey research design to collect data from small and medium enterprise (SME) owners in India. In addition, this study also utilised the ordinary least square model to test the hypotheses and a two-stage least square model to reduce endogeneity problems. The empirical analysis shows that religious capital increases internal financing sources (IFS) and IT investment in SMEs in India. IFS, in turn, increases IT investment. Notably, religious capital increases the chances of IT investment by 34.40% and increases the chances of having higher IFS by 10.80%. Empirical results contribute to the literature on the relationships between religious capital and IT investment.

Keywords: religious capital; internal financing sources; IFS; IT investment; India; small and medium enterprises; SMEs.

DOI: 10.1504/IJEF.2023.133839

International Journal of Electronic Finance, 2023 Vol.12 No.4, pp.423 - 439

Received: 09 Nov 2022
Accepted: 27 Dec 2022
Published online: 04 Oct 2023 *

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