- 期刊
執行長外向性格、高管團隊特徵與公司經營績效關聯性之研究
CEO Extraversion, Management Team Characteristics, and Firm Operating Performance
摘要
本研究依循Costa and McCrae（2000）的人格結構五因素模型（the Five-Factor Personality Model; FFM）及利用Harrison, Thurgood, Boivie, and Pfarrer（2019）所開發的開放式語言經理人人格特質工具（OLCPT），計算2007至2019年S&P500公司執行長外向性格的人格特質分數，進而探討執行長外向性格與公司經營績效之關係。研究結果顯示，執行長外向性格對公司經營績效（會計績效與市場績效）有正向顯著之影響。此外，本研究亦發現，當高管團隊同質性與公司權益風險越高時，執行長外向性格對於公司經營績效的正向關係將顯著越弱；而當高管團隊共享經驗與市場競爭程度增高時，執行長外向性格對公司經營績效的正向關係將顯著增強。最後，本研究結果在使用差異中之差異分析（Difference-in-difference Analysis）、控制其他人格特質（嚴謹自律性、神經質性、經驗開放性、親和性）、高管團隊年資同質性作為調節變數及改採其他公司績效變數下仍成立。
並列摘要
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-in-difference analysis, using TMT tenure homogeneity as the moderator instead, and utilizing alternative proxies of accounting- and market-based performance.