外向的力量：职业发展与公司成长（TAR2019）

题目：Executive Extraversion: Career and Firm Outcomes（高管外向性格、职业发展与公司成长）

摘要：Psychology research identifies extraversion as the personality trait most closely associated with leadership emergence. We examine executive extraversion, as measured by speech patterns during conference calls, and find extraverts experience significant career benefits. Controlling for executive and firm characteristics, including firm fixed effects, we find that extraverted CEOs and CFOs earn 6–9 percent higher salaries. Moreover, extraverted CEOs are less likely to experience job turnover, have longer tenures, serve on more outside boards, and hold directorships at larger firms, and extraverted CFOs are more likely to be promoted to CEO. Executive extraversion is also linked with firm outcomes. Analyzing a sample of manager transitions, we find that increases in CEO extraversion are associated with improvements in investor recognition and sales growth. Further, extraverted CEOs are associated with higher acquisition announcement returns. Our findings highlight the role of personality traits in explaining executive career and firm outcomes.

研究问题：管理者外向性格对其职业发展，公司成长的影响

研究动机：高管对于公司发展重要性不言而喻，但是目前我们对董事会雇佣高管过程中看重的性格特质却知之甚少（relatively little is known about which traits are viewed as important to boards in their hiring of top executives.）

研究设计：双向固定效应（高管性格与职业发展）；高管变更场景（高管性格与公司成长）

研究贡献：已有研究大多从高管习得性属性（如教育背景，职业经历，社交网络）等角度研究其对高管薪酬的影响，本文从高管心理特质补充了高管薪酬决定因素的文献。同时，还拓展了非认知特征对高管职业成功相关研究。

特别的点：基于电话会议的Q&A文本，借用成熟算法度量高管的外向性格；对于遗漏变量偏误的讨论和处理；对于劳动力市场高管和公司匹配以及缘何使用高管变更情形的讨论

注：个人翻译和解读，可能存在疏漏和错误,仅供参考(20220425)。