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.

本文分析了企业家的偏好（不耐烦和风险态度）对公司投资通用技术和数字技术倾向的影响。使用对意大利公司代表性样本进行的 Rilevazione su Imprese e Lavoro （RIL） 调查的数据，我们发现，即使在控制风险偏好的情况下，不耐烦也会显著降低采用数字投资的可能性。为了解决潜在的内生性和同时性问题，我们实施了一种工具变量 （IV） 策略，利用地震暴露的外生性变化。调查结果仍然稳健，并强调了不耐烦在影响投资决策中的关键作用，尤其是在数字技术方面。