Ask HN: Does your company allow Hackathons?

Our company does not and I'm trying to get a sense of how common/uncommon this is.

Reasons given by leadership:

1) It is a lot of time (and therefore money) to not put towards roadmap items / things that "will never get used"

2) It creates dissonance between Eng and other teams (eg why don't the other teams get a day to do events like this? And of course, to suggest involving the other teams would invoke #1)

3) Though they have heard arguments that Hackathons might be good for culture building, they "honestly don’t see the connection between a hackathon and culture building"

I have never heard of a company outright saying "Absolutely not, we will not have a Hackathon", so I'd be curious to hear if any of you have.