This study aims to examine whether managers' loss aversion has significant impact on debt financing behavior of SMEs. For this purpose, we carried out a lab-in-the-field experiment with a sample of top managers from 320 textile and garment SMEs in Vietnam. We find that SMEs led by more loss-averse managers are less likely to access domestic debt, and have a significantly lower level of foreign debt. Notably, we observe that loss aversion exerts a stronger effect on domestic debt than on foreign debt financing behavior.

中文翻译：

---

经理人的损失厌恶与企业债务融资：来自越南中小企业的一些见解

本研究旨在检验管理者的损失厌恶是否对中小企业的债务融资行为产生显着影响。为此，我们对来自越南 320 家纺织和服装中小企业的高层管理人员进行了实地实验室实验。我们发现，由更多厌恶损失的经理领导的中小企业获得内债的可能性较小，外债水平也显着降低。值得注意的是，我们观察到损失厌恶对内债的影响大于对外债融资行为的影响。