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CEO Personality and Firm Policies

Ian D. Gow, Steven Kaplan (), David F. Larcker and Anastasia Zakolyukina

No 22435, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Based on two samples of high quality personality data for chief executive officers (CEOs), we use linguistic features extracted from conferences calls and statistical learning techniques to develop a measure of CEO personality in terms of the Big Five traits: agreeableness, conscientiousness, extraversion, neuroticism, and openness to experience. These personality measures have strong out-of-sample predictive performance and are stable over time. Our measures of the Big Five personality traits are associated with financing choices, investment choices and firm operating performance.

JEL-codes: D22 D23 G3 G34 (search for similar items in EconPapers)
Date: 2016-07
New Economics Papers: this item is included in nep-bec, nep-hrm, nep-neu and nep-sbm
Note: CF LS
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