Is firm behavior mainly driven by its environment or rather by the characteristics of its managers? We develop a cognitive theory of manager fixed effects, where the allocation of managerial attention determines firm behavior. We show that in complex environments, the endogenous allocation of attention exacerbates manager fixed effects. Small differences in managerial expertise then may result in dramatically different firm behavior, as managers devote scarce attention in a way that amplifies initial differences. In contrast, in less complex environments, the endogenous allocation of attention mitigates manager fixed effects. Firm owners prefer “managers with style” only in complex environments. (JEL D21, D23, G34, M10, M31, M54)

中文翻译：

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管理风格和注意力

企业行为主要是由其环境驱动还是由其管理者的特征驱动？我们发展了经理固定效应的认知理论，其中经理注意力的分配决定了公司的行为。我们表明，在复杂环境中，注意力的内生分配会加剧经理的固定效应。管理专业知识上的微小差异可能会导致公司行为大相径庭，因为管理人员很少关注会放大最初的差异。相比之下，在不太复杂的环境中，注意力的内生分配减轻了管理者的固定效应。企业所有者只在复杂的环境中更喜欢“有风格的经理”。(JEL D21、D23、G34、M10、M31、M54)