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Strategy or Returns? The Role of Experience, Investment Proposal Readability, and Financial Constraints in Managers' Investment Selections.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Strategy or Returns? The Role of Experience, Investment Proposal Readability, and Financial Constraints in Managers' Investment Selections./
Author:	Ahn, Seung Kyo.
Description:	1 online resource (53 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 84-11, Section: B.
Contained By:	Dissertations Abstracts International84-11B.
Subject:	Psychology. -
Online resource:	click for full text (PQDT)
ISBN:	9798379454982

Strategy or Returns? The Role of Experience, Investment Proposal Readability, and Financial Constraints in Managers' Investment Selections.
Ahn, Seung Kyo.

Strategy or Returns? The Role of Experience, Investment Proposal Readability, and Financial Constraints in Managers' Investment Selections. - 1 online resource (53 pages)

Source: Dissertations Abstracts International, Volume: 84-11, Section: B.

Thesis (Ph.D.)--The University of Wisconsin - Madison, 2023.

Includes bibliographical references

Investment selection is an important planning process that translates firms' strategies into tangible action plans. When selecting investments, managers ideally need to balance financial considerations with strategic fit. However, academics and practitioners express concerns about managers' tendency to focus narrowly on return measures (e.g., NPV or IRR). I examine how this tendency depends on the characteristics of the manager (experience), task (investment proposal readability), and environment (presence of financial constraints). Compared to highly experienced managers, less experienced managers exhibit a greater tendency to focus on return measures. I provide some evidence that less experienced managers do so to a greater extent than highly experienced managers when investment proposals are less readable or financial constraints are present. As less experienced managers often conduct the initial review of investment proposals, my study suggests firms may benefit from adopting measures such as involving highly experienced managers early in the investment selection process.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798379454982Subjects--Topical Terms:

555998
Psychology.
Subjects--Index Terms:

ExperienceIndex Terms--Genre/Form:

554714
Electronic books.

Strategy or Returns? The Role of Experience, Investment Proposal Readability, and Financial Constraints in Managers' Investment Selections.
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504 $a Includes bibliographical references
520 $a Investment selection is an important planning process that translates firms' strategies into tangible action plans. When selecting investments, managers ideally need to balance financial considerations with strategic fit. However, academics and practitioners express concerns about managers' tendency to focus narrowly on return measures (e.g., NPV or IRR). I examine how this tendency depends on the characteristics of the manager (experience), task (investment proposal readability), and environment (presence of financial constraints). Compared to highly experienced managers, less experienced managers exhibit a greater tendency to focus on return measures. I provide some evidence that less experienced managers do so to a greater extent than highly experienced managers when investment proposals are less readable or financial constraints are present. As less experienced managers often conduct the initial review of investment proposals, my study suggests firms may benefit from adopting measures such as involving highly experienced managers early in the investment selection process.
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653 $a Financial constraints
653 $a Investment decisions
653 $a Readability
653 $a Return measures
653 $a Investment selections
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