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Economic preferences and temperament traits among business leaders and paid employees
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Economic preferences and temperament traits among business leaders and paid employees
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Journal Article
Economic preferences and temperament traits among business leaders and paid employees
2023
Overview
Abstract This paper explores individuals’ economic preferences and temperament traits among different categories of business leaders (i.e., managers, self-employed with employees, self-employed without employees) and paid employees. We assume that these quite stable preferences and traits play a role in predicting occupational choice toward leadership roles. We use a large individual-level survey dataset (n = 5890) from the Northern Finland Birth Cohort 1966 at age 46 with linkages to nationally registered data. We construct survey measures for three types of economic preferences: risk, time, and social preferences. We use Cloninger’s inventory to measure four main temperament traits: harm avoidance, reward dependence, novelty-seeking, and persistence. We show that business leaders, in general, have different economic preferences and temperament traits than paid employees. To become a manager, especially the temperament trait of novelty-seeking seems relevant; and to become self-employed, particularly the economic preference of risk-taking appears as important.Plain English SummaryIn middle-aged population, business leaders are more prone to novelty-seeking and persistence than paid employees, and self-employed individuals without employees score highest in risk taking.
