What is the superstition about Maneki Neko?

I'm curious, can you tell me more about the superstition surrounding Maneki Neko, the beckoning cat figurine? Is it believed to bring good luck or ward off evil spirits? Are there any specific rituals or placements that one must follow in order to harness its supposed powers? Additionally, are there any cultural nuances or historical origins behind this superstition that are particularly interesting or noteworthy?