Page 99 - 34-2

NTU Management Review
Vol. 34 No. 2 Aug. 2024, 91-138
https://doi.org/10.6226/NTUMR.202408_34(2).0003

CEO Extraversion, Management Team Characteristics, and Firm
Operating Performance

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

Tsung-Kang Chen, Department of Management Science, National Yang Ming Chiao Tung University
/ Center for Research in Econometric Theory and Applications, National Taiwan University
陳宗岡 / 國立陽明交通大學管理科學系 / 國立臺灣大學計量理論與應用研究中心
Po-Chun Huang, Department of Management Science, National Yang Ming Chiao Tung
University
黃柏竣 / 國立陽明交通大學管理科學系
Yijie Tseng, Department of Accounting, Fu Jen Catholic University
曾怡潔 / 輔仁大學會計學系
Received 2021/8, Final revision received 2023/9

Abstract
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.
【Keywords】CEO personality traits, extraversion, operating performance, management
team homogeneity, shared working experience

領域主編：黃家齊教授

91