Top managers' preferences and Firm actions: the moderating role of early-life experience of wars

Huong Trang Kim ()
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Huong Trang Kim: Foreign Trade University

Economics Bulletin, 2023, vol. 43, issue 2, 1195 - 1201

Abstract: This study attempts to explore how the heterogeneity of managers' risk and time preferences explains the different financial leverage and investment behaviors of firms, specifically between firms led by managers born in and after the Vietnam wars. To answer that research question, we conducted a lab-in-the-field experiment with a sample of top managers from 320 textile and garment small and medium-sized enterprises (SMEs) in Vietnam. Our study provides interesting evidence that managers' risk aversion and present bias have a strong link to the firm actions led by managers born and grown-up during the Vietnam wars.

Keywords: Experimental economics; corporate investment; financial leverage; managers; risk preferences; time preferences (search for similar items in EconPapers)
JEL-codes: D2 M5 (search for similar items in EconPapers)
Date: 2023-06-30
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