The Impact of the Financial Education of Executives on the Financial Practices of Medium and Large Enterprises

• 成果类型: Article
• 署名作者: Custodio, Claudia; Mendes, Diogo; Metzger, Daniel
• 署名单位: Centre for Economic Policy Research - UK; Imperial College London; European Corporate Governance Institute; Stockholm School of Economics; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13476
• 发表日期: 2025
• 页码: 2875-2920
• 关键词: WORKING CAPITAL MANAGEMENT; ceo overconfidence; PRODUCTIVITY; entrepreneurship; performance; selection; MARKETS; matter; style; FIRMS

摘要

We study the impact of an MBA-style executive education course in finance on corporate policies and firm performance targeting top managers of medium and large Mozambican enterprises. Using a randomized controlled trial, we find that the educational treatment induces changes in financial policies that improve firm performance. Specifically, a reduction in working capital (0.4 to 0.5 standard deviations) increases cash flow, and in turn long-term investments. This effect operates primarily through a reduction in accounts receivable (0.4 to 1 standard deviations). Our findings show that targeted educational interventions can build managerial capital and enhance corporate performance by improving financial decision making among executives.