{"title":"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","authors":"Joseph S. Harrison , Shavin Malhotra","doi":"10.1016/j.leaqua.2023.101711","DOIUrl":null,"url":null,"abstract":"<div><p>We integrate a person-role fit perspective with recent research on executive personality to explain how and when personality traits<span> 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.</span></p></div>","PeriodicalId":48434,"journal":{"name":"Leadership Quarterly","volume":"35 2","pages":"Article 101711"},"PeriodicalIF":9.1000,"publicationDate":"2024-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Complementarity in the CEO-CFO interface: The joint influence of CEO and CFO personality and structural power on firm financial leverage\",\"authors\":\"Joseph S. Harrison , Shavin Malhotra\",\"doi\":\"10.1016/j.leaqua.2023.101711\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>We integrate a person-role fit perspective with recent research on executive personality to explain how and when personality traits<span> 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.</span></p></div>\",\"PeriodicalId\":48434,\"journal\":{\"name\":\"Leadership Quarterly\",\"volume\":\"35 2\",\"pages\":\"Article 101711\"},\"PeriodicalIF\":9.1000,\"publicationDate\":\"2024-04-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Leadership Quarterly\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1048984323000371\",\"RegionNum\":1,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"MANAGEMENT\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Leadership Quarterly","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1048984323000371","RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"MANAGEMENT","Score":null,"Total":0}
Complementarity in the CEO-CFO interface: The joint influence of CEO and CFO personality and structural power on firm financial leverage
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.
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.
京公网安备 11010802042870号
京ICP备2023020795号-1
分享
求助内容：
应助结果提醒方式：
扫码关注我们
