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

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  • Huong Trang Kim

    (Foreign Trade University)

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.

Suggested Citation

  • Huong Trang Kim, 2023. "Top managers' preferences and Firm actions: the moderating role of early-life experience of wars," Economics Bulletin, AccessEcon, vol. 43(2), pages 1195-1201.
    • Handle: RePEc:ebl:ecbull:eb-22-00750
    as

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    File URL: http://www.accessecon.com/Pubs/EB/2023/Volume43/EB-23-V43-I2-P100.pdf
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    References listed on IDEAS

    as
    1. Thomas Dohmen & Armin Falk & Bart H. H. Golsteyn & David Huffman & Uwe Sunde, 2017. "Risk Attitudes Across The Life Course," Economic Journal, Royal Economic Society, vol. 127(605), pages 95-116, October.
    2. Choi, Sanghak & Jung, Hail & Kim, Daejin, 2021. "War-experienced CEOs and corporate policies: Evidence from the Korean war," Emerging Markets Review, Elsevier, vol. 47(C).
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    Keywords

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    JEL classification:

    • M5 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics
    • D2 - Microeconomics - - Production and Organizations

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