Complementarity in the CEO-CFO interface: The joint influence of CEO and CFO personality and structural power on firm financial leverage

IF 9.1 1区管理学 Q1 MANAGEMENT Leadership Quarterly Pub Date : 2024-04-01 DOI:10.1016/j.leaqua.2023.101711

Joseph S. Harrison , Shavin Malhotra

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Abstract

We integrate a person-role fit perspective with recent research on executive personality to explain how and when personality traits reflecting CEOs’ and CFOs’ potential complementary roles as the firm’s visionary leader (extraversion) and corporate conscience (conscientiousness) interact to influence financial leverage. Using a sample of more than 3000 CEO-CFO dyads of S&P 1500 firms from 1997 to 2017, we show that firms with more (less) extraverted CEOs tend to have higher (lower) levels of financial leverage, but that greater CFO conscientiousness buffers this relationship by encouraging more moderate levels of financial leverage at either level of CEO extraversion. We also find that this interaction is less pronounced when the CEO has greater structural power, but more pronounced when the CFO has greater structural power. Our theory and findings extend leadership research by enhancing our understanding of the roles of personality and power in collective leadership settings, and particularly, in encouraging outcomes that better reflect complementarity in the CEO-CFO interface.

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首席执行官与首席财务官之间的互补性：首席执行官和首席财务官的个性与结构性权力对公司财务杠杆的共同影响

我们将人-角色契合视角与近期对高管人格的研究相结合，解释了反映首席执行官和首席财务官作为公司远见卓识的领导者（外向性）和企业良知（自觉性）的潜在互补角色的人格特质如何以及何时相互作用，从而影响财务杠杆。我们使用 1997 年至 2017 年期间 S&P 1500 家公司的 3000 多个 CEO-CFO 二元组样本，结果表明，CEO 外向型较多（较少）的公司往往具有较高（较低）的财务杠杆水平，但 CFO 的自觉性较高可以缓冲这种关系，在任何 CEO 外向型水平下都会鼓励财务杠杆水平较为适中。我们还发现，当首席执行官拥有更大的结构性权力时，这种相互作用就不那么明显，而当首席财务官拥有更大的结构性权力时，这种相互作用就更加明显。我们的理论和研究结果拓展了领导力研究，加强了我们对集体领导环境中个性和权力作用的理解，尤其是鼓励在 CEO-CFO 接口中更好地反映互补性的结果。

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来源期刊

Leadership Quarterly Multiple-

CiteScore

15.20

自引率

9.30%

发文量

期刊介绍： The Leadership Quarterly is a social-science journal dedicated to advancing our understanding of leadership as a phenomenon, how to study it, as well as its practical implications. Leadership Quarterly seeks contributions from various disciplinary perspectives, including psychology broadly defined (i.e., industrial-organizational, social, evolutionary, biological, differential), management (i.e., organizational behavior, strategy, organizational theory), political science, sociology, economics (i.e., personnel, behavioral, labor), anthropology, history, and methodology.Equally desirable are contributions from multidisciplinary perspectives.

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