Managerial decisions and team performance: Evidence from professional elite soccer

Abstract How do managerial decisions influence team performance? Using tournament data from four sources on 76 managers coaching 34 teams in 1580 matches covering 10 seasons of the Italian male soccer premier league, we provide field evidence on the impact of managerial perseverance in playing style and risk aversion on team performance. We document that managers' perseverance is positively related to team outcomes. Our core findings are robust to a battery of checks. By shedding light on key features of decision‐making in a high‐powered incentives industry with frequent feedback, our results help qualify the “managers matter” view advanced in prior research.