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This study attempts to investigate risk and time preferences of top managers to see if there is a link between managers’ traits and debt-financing behaviours of firms. Accordingly, we conduct an experimental study with a sample of 623 top managers from Vietnamese textile and garment firms. We find strong evidence that firms led by loss-averse managers are less likely to access both foreign and domestic debt, while debt level is substantially lower for firms led by impatient managers. It is worth noting that our study sheds further light on the current literature by providing evidence that managers’ preferences have significant impact on debt-financing behaviour of SMEs, but their effects on large firms are very modest.

On the relationship between managers’ preferences and debt financing: evidence from Vietnamese firms