CEO extraversion and the cost of equity capital

被引：0
|
作者：
Adebambo, Biljana [1 ]
Bowen, Robert M. [2 ,3 ]
Malhotra, Shavin [4 ]
Zhu, Pengcheng [1 ]
机构：
[1] Univ San Diego, Knauss Sch Business, San Diego, CA USA
[2] Chapman Univ, George L Argyros Sch Business & Econ, One Univ Dr, Orange, CA 92866 USA
[3] Univ Washington, Foster Sch Business, Seattle, WA USA
[4] Univ Waterloo, Conrad Sch Entrepreneurship & Business, Waterloo, ON, Canada
来源：
JOURNAL OF FINANCIAL RESEARCH | 2024年
关键词：
IMPLIED COST; RISK-TAKING; INDIVIDUAL-DIFFERENCES; CORPORATE GOVERNANCE; JOB-PERFORMANCE; EXPECTED RATE; PERSONALITY; OVERCONFIDENCE; RETURN; LIFE;
D O I：
10.1111/jfir.12389
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine whether CEO extraversion, an important personality trait associated with leadership, is associated with firms' expected cost of equity capital. We measure CEO extraversion using CEOs' speech patterns during the unscripted portion of conference calls. After controlling for multiple CEO and firm-specific variables, we find a strong positive incremental association between CEO extraversion and firms' expected cost of capital. Moreover, cost of equity increases when a more extraverted CEO replaces a less extraverted CEO. In addition, we find that firms with relatively extraverted CEOs take more risk and exhibit lower credit ratings, which is associated with higher cost of equity capital. These results are statistically and economically meaningful and do not appear to be driven by reverse causality, endogenous matching, look-ahead bias, or bias in analysts' earnings forecast.
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页数：40
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