| 英文摘要 |
The study aims to investigate the association between CEO extraversion and firm operating performance (measured by accounting- and market-based performance), employing the Five-Factor Personality Model (FFM) (Costa and McCrae, 2000) and data from the S&P 500 firms from 2007 to 2019. CEOs’extraversion scores are estimated using the Open Language Chief Executive Personality Tool (OLCPT) (Harrison, Thurgood, Boivie, and Pfarrer, 2019). The results show a significant and positive association between CEO extraversion and firm operating performance. In addition, this study finds that homogeneity in Top Management Team (TMT) backgrounds and equity volatility significantly weaken the positive association between CEO extraversion and firm performance, while TMT shared working experience and market competitiveness significantly strengthen the positive association between CEO extraversion and firm performance. Finally, the results remain consistent even when controlling for the effects of other four personality traits (i.e. conscientiousness, neuroticism, agreeableness, and openness), employing difference-indifference analysis, using TMT tenure homogeneity as the moderator instead, and utilizing alternative proxies of accounting- and market-based performance. |
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