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Managers’ risk preferences and firm training investments

Author

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  • Marco Caliendo

    (Director of Research at the Institute for the Study of Labor (IZA) in Bonn and affiliated with DIW Berlin and IAB - Director of Research at the Institute for the Study of Labor (IZA) in Bonn and affiliated with DIW Berlin and IAB)

  • Deborah Cobb-Clark
  • Harald Pfeifer

    (BIBB - Bundesinstitut für Berufsbildung)

  • Arne Uhlendorff

    (CREST - Centre de Recherche en Économie et Statistique - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - X - École polytechnique - ENSAE Paris - École Nationale de la Statistique et de l'Administration Économique - CNRS - Centre National de la Recherche Scientifique)

  • Caroline Wehner

Abstract

This study analyses the impact of managers’ risk preferences on their training allocation decisions. We begin by providing nationally representative evidence that managers’ risk-aversion is negatively correlated with the likelihood that their firms engage in any worker training. Using a novel vignette study, we then demonstrate that risk-tolerant and risk-averse decision makers have significantly different training preferences. Risk aversion results in increased sensitivity to turnover risk. Managers who are risk-averse offer less general training and are more reluctant to train workers with a history of job mobility. Adopting a weighting approach to flexibly control for observed differences in the characteristics of risk-averse and risk-tolerant managers, we show that our findings cannot be explained by heterogeneity in either managers’ observed characteristics or the type of firms where they work. All managers, irrespective of their risk preferences, are sensitive to the investment risk associated with training, avoiding training that is more costly or that targets those with less occupational expertise or nearing retirement. This provides suggestive evidence that the risks of training are primarily due to the risk that trained workers will leave the firm (turnover risk) rather than the risk that the benefits of training do not outweigh the costs (investment risk).
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Suggested Citation

  • Marco Caliendo & Deborah Cobb-Clark & Harald Pfeifer & Arne Uhlendorff & Caroline Wehner, 2024. "Managers’ risk preferences and firm training investments," Post-Print hal-04354612, HAL.
  • Handle: RePEc:hal:journl:hal-04354612
    DOI: 10.1016/j.euroecorev.2023.104616
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    JEL classification:

    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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