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Huong Trang Kim
''Top managers' preferences and Firm actions: the moderating role of early-life experience of wars''
( 2023, Vol. 43 No.2 )
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
JEL: M5 - Personnel Economics: General
D2 - Production and Organizations: General
Manuscript Received : Oct 12 2022 Manuscript Accepted : Jun 30 2023

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