CEO personality traits, strategic flexibility, and firm dynamics

被引：17

作者：

Aabo, Tom ^{[1
,2
]}

Pantzalis, Christos ^{[3
]}

Park, Jung Chul ^{[3
]}

Trigeorgis, Lenos ^{[4
,5
]}

Wulff, Jesper N. ^{[1
]}

机构：

[1] Aarhus Univ, Fuglesangs 4, DK-8210 Aarhus V, Denmark

[2] Danish Finance Inst, Solbjerg Plads 3, DK-2000 Frederiksberg, Denmark

[3] Univ S Florida, Muma Coll Business, Kate Tiedemann Sch Business & Finance, BSN3403, Tampa, FL 33620 USA

[4] Univ Durham, Business Sch, Mill Hill Lane, Durham DH1 3LB, England

[5] Univ Cyprus, Dept Accounting & Finance, Nicosia, Cyprus

来源：

JOURNAL OF CORPORATE FINANCE | 2024年 / 84卷

关键词：

CEO personality traits; Managerial ability; Strategic flexibility; Real options; Corporate performance; REAL OPTIONS; MODERATING ROLE; PERFORMANCE; OVERCONFIDENCE; RISK; EXTROVERSION; LEADERSHIP; NARCISSISM; EXTRAVERSION; ACQUISITIONS;

D O I：

10.1016/j.jcorpfin.2023.102524

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Reexamining CEO personality traits from a real options theory perspective, we suggest that the firm's strategic flexibility can be worsened by CEO conscientiousness and neuroticism. We use a measure of strategic flexibility as the firm's ability to take advantage of heightened volatility, which then results in superior stock returns. Our results suggest that strategic adaptability is impeded by rigid planning, resistance to change (conscientiousness) and lack of emotional stability (neuroticism). For firms that experience a decrease in volatility, the opposite holds. In line with trait activation theory, our results imply that the effect of specific CEO personality traits on firm dynamics and performance is contingent and context-specific. Our findings are economically significant and have important implications concerning CEO selection and management.

引用

页数：24

共 108 条

[1] CEO personality traits and corporate value implication of acquisitions [J].