Entrepreneurs’ impatience and digital technologies
利用意大利企业调查数据，发现企业家的不耐烦特质会显著降低企业投资数字技术的可能性，且该结论在控制风险偏好和处理内生性后依然稳健。
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.