Custódio, CláudiaMendes, DiogoMetzger, Daniel2025-09-232025-09-232025-100022-1082PURE: 128752494PURE UUID: 596d9bc0-4f77-44b9-9f79-49b6497587c1Scopus: 105013569217http://hdl.handle.net/10362/188478Funding Information: Claudia Custodio is with Imperial College London, CEPR, and ECGI; Diogo Mendes with Stockholm School of Economics and SHoF; and Daniel Metzger with Rotterdam School of Management and ECGI. We thank the Editor Antoinette Schoar, two anonymous referees, and Nick Bloom; Michael Boehm; Phillip de Jager; Esther Duflo; Miguel Ferreira; Campbell Harvey; Raj Iyer; Rustam Ibragimov; Dirk Jenter; Jo\u00E3o Macedo; David McKenzie; Matthijs Oosterveen; Raffaella Sadun; Antoinette Schoar; Luke Stein; Tavneet Suri; John van Reenen; Pedro Vicente; and Bilal Zia, as well as participants at the American Finance Association 2020, Empirical Management Conference 2019, German Economists Abroad meeting 2019, the Labor and Finance Group meeting at Chicago Booth 2019, EFA 2019 in Lisbon, the LBS Summer Symposium, the Portuguese Finance Network Conference, Arizona State University, BI Norwegian Business School, Bocconi University Milan, Einaudi Institute for Economics and Finance Rome, Erasmus University Rotterdam, ESSEC Business School Paris, Fundacao Getulio Vargas Sao Paulo, Imperial College London, Nova SBE Lisbon, University of Geneva SFI, Toulouse School of Economics, University of Cologne, University of Liverpool, and University of Washington Seattle for very helpful comments. We also thank Mattia Fracchia, Hetal Kanji, Gon\u00E7alo Luz, Adriana Ravara, and Katherine Velasquez Rodriguez for outstanding research assistance, and the IGC team in Mozambique (Jorrit Oppewal and Novella Maugeri), NOVAFRICA (Raquel Fernandes), KPMG (Filipe Grenho), and Imperial College London for administrative support. Financial support was provided by IGC (grants 1\u2010VCC\u2010VMOZ\u2010VXXXX\u201036203 and 1\u2010VCC\u2010VMOZ\u2010V2001\u201036403), the European Research Council Grant (project 852677 grow, Cust\u00F3dio), Funda\u00E7\u00E3o para a Ci\u00EAncia e Tecnologia (grants PTDC/EGE\u2010OGE/28603/2017, PD/BD/105722/2014, and PTDC/IIM\u2010FIN/4177/2014), the Swedish House of Finance, the J. Wallander & T. Hedelius Foundation, and the Browaldh Foundation (Mendes). Publisher Copyright: © 2025 The Author(s). The Journal of Finance published by Wiley Periodicals LLC on behalf of American Finance Association.We study the impact of an MBA-style executive education course in finance on corporate policies and firm performance targeting top managers of medium and large Mozambican enterprises. Using a randomized controlled trial, we find that the educational treatment induces changes in financial policies that improve firm performance. Specifically, a reduction in working capital (0.4 to 0.5 standard deviations) increases cash flow, and in turn long-term investments. This effect operates primarily through a reduction in accounts receivable (0.4 to 1 standard deviations). Our findings show that targeted educational interventions can build managerial capital and enhance corporate performance by improving financial decision making among executives.802250engAccountingFinanceEconomics and Econometricsjournal article10.1111/jofi.13476https://www.scopus.com/pages/publications/105013569217