This study explores whether sunk cost effects exist among business managers in Taiwan. Based on the prospect theory and responsibility theory, we explored the impact of manager¡¦s personality traits on sunk cost effects. Besides exploring the effects of risk perception and felt responsibility individually, we went further than previous studies by analyzing the impact of the interaction between the two on sunk cost effects, providing a more integrated explanation for the causes of sunk cost effects. We use experimental research method as research subjects. This study employed 201 managers in listed and OTC Taiwanese firms as subjects, and used moderated regressions to examine the relationship between the variables of interest. The results show that risk perception only affects sunk cost effects under low responsibility conditions; and responsibility only affects sunk cost effects under low risk perception conditions. We also provide the implication of this study.