{"title":"Entrepreneurs’ impatience and digital technologies","authors":"S. Basiglio, A. Ricci, M. Rossi","doi":"10.1007/s11187-024-00974-4","DOIUrl":null,"url":null,"abstract":"<p>This paper analyzes the impact of entrepreneurs’ preferences (impatience and risk attitudes) on firms’ propensity to invest in both general and digital technologies. Using data from the Rilevazione su Imprese e Lavoro (RIL) survey, conducted on a representative sample of Italian firms, we find that impatience significantly reduces the likelihood of adopting digital investments, even when controlling for risk preferences. To address potential endogeneity and simultaneity concerns, we implement an instrumental variable (IV) strategy, exploiting exogenous variation from exposure to earthquakes. The findings remain robust and highlight the crucial role of impatience in shaping investment decisions, particularly in digital technologies.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"95 1","pages":""},"PeriodicalIF":6.5000,"publicationDate":"2024-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Small Business Economics","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1007/s11187-024-00974-4","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0
Abstract
This paper analyzes the impact of entrepreneurs’ preferences (impatience and risk attitudes) on firms’ propensity to invest in both general and digital technologies. Using data from the Rilevazione su Imprese e Lavoro (RIL) survey, conducted on a representative sample of Italian firms, we find that impatience significantly reduces the likelihood of adopting digital investments, even when controlling for risk preferences. To address potential endogeneity and simultaneity concerns, we implement an instrumental variable (IV) strategy, exploiting exogenous variation from exposure to earthquakes. The findings remain robust and highlight the crucial role of impatience in shaping investment decisions, particularly in digital technologies.
本文分析了企业家偏好（不耐烦和风险态度）对企业投资一般技术和数字技术倾向的影响。利用对意大利代表性样本企业进行的 Rilevazione su Imprese e Lavoro（RIL）调查数据，我们发现，即使控制了风险偏好，缺乏耐心也会显著降低采用数字投资的可能性。为了解决潜在的内生性和同时性问题，我们采用了工具变量（IV）策略，利用地震风险的外生变化。研究结果依然稳健，并强调了不耐烦在影响投资决策，尤其是数字技术投资决策方面的关键作用。
期刊介绍：
Small Business Economics: An Entrepreneurship Journal (SBEJ) publishes original, rigorous theoretical and empirical research addressing all aspects of entrepreneurship and small business economics, with a special emphasis on the economic and societal relevance of research findings for scholars, practitioners and policy makers.
SBEJ covers a broad scope of topics, ranging from the core themes of the entrepreneurial process and new venture creation to other topics like self-employment, family firms, small and medium-sized enterprises, innovative start-ups, and entrepreneurial finance. SBEJ welcomes scientific studies at different levels of analysis, including individuals (e.g. entrepreneurs'' characteristics and occupational choice), firms (e.g., firms’ life courses and performance, innovation, and global issues like digitization), macro level (e.g., institutions and public policies within local, regional, national and international contexts), as well as cross-level dynamics.
As a leading entrepreneurship journal, SBEJ welcomes cross-disciplinary research.
Officially cited as: Small Bus Econ
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