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The personality factor: how top management teams make decisions. A literature review


  • Gianpaolo Abatecola


  • Gabriele Mandarelli
  • Sara Poggesi


Past research has increasingly suggested that CEO/TMT personality can play a relevant role in influencing various external (e.g. firm performance) and internal (e.g. firm organizational structure) management outcomes. These promising results need appropriate systematization and discussion, which we aim at providing through a literature review based on rigorous inclusion/exclusion criteria. Our analysis shows great heterogeneity in regard to both the personality traits and the personality based management outcomes explored by the investigated population of studies. Thus, we specifically use the framework provided by the Five-Factor Model (FFM) of personality to codify the publications and this framework allows us to identify some possible theoretical trajectories. These trajectories mainly regard the empirical testing of the highlighted associations between CEO emotional stability, extraversion and conscientiousness with bureaucratization, strategic pro-activity and firm performance. Our article is primarily intended for those scholars and practitioners who want to improve their knowledge about psychology-based decision making and behavioural corporate governance through the understanding of how CEO/TMT personality can affect their strategic decisions. Copyright Springer Science+Business Media, LLC. 2013

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  • Gianpaolo Abatecola & Gabriele Mandarelli & Sara Poggesi, 2013. "The personality factor: how top management teams make decisions. A literature review," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 17(4), pages 1073-1100, November.
  • Handle: RePEc:kap:jmgtgv:v:17:y:2013:i:4:p:1073-1100
    DOI: 10.1007/s10997-011-9189-y

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    References listed on IDEAS

    1. Henry Tosi, 2008. "Quo Vadis? Suggestions for future corporate governance research," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 12(2), pages 153-169, May.
    2. Danny Miller, 1991. "Stale in the Saddle: CEO Tenure and the Match Between Organization and Environment," Management Science, INFORMS, vol. 37(1), pages 34-52, January.
    3. Danny Miller & Jean-Marie Toulouse, 1986. "Chief Executive Personality and Corporate Strategy and Structure in Small Firms," Management Science, INFORMS, vol. 32(11), pages 1389-1409, November.
    4. Roberto Cafferata & Gianpaolo Abatecola & Sara Poggesi, 2009. "Revisiting Stinchcombe's 'liability of newness': a systematic literature review," International Journal of Globalisation and Small Business, Inderscience Enterprises Ltd, vol. 3(4), pages 374-392.
    5. Morten Huse & Robert Hoskisson & Alessandro Zattoni & Riccardo Viganò, 2011. "New perspectives on board research: changing the research agenda," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 15(1), pages 5-28, February.
    6. Mary M. Crossan & Marina Apaydin, 2010. "A Multi‐Dimensional Framework of Organizational Innovation: A Systematic Review of the Literature," Journal of Management Studies, Wiley Blackwell, vol. 47(6), pages 1154-1191, September.
    7. Don Y. Lee & Eric W. K. Tsang, 2001. "The effects of entrepreneurial personality, background and network activities on venture growth," Journal of Management Studies, Wiley Blackwell, vol. 38(4), pages 583-602, June.
    8. Ginn, Charles W. & Sexton, Donald L., 1990. "A comparison of the personality type dimensions of the 1987 Inc. 500 company founders/CEOs with those of slower-growth firms," Journal of Business Venturing, Elsevier, vol. 5(5), pages 313-326, September.
    9. Arshad M. Khan & V. Manopichetwattana, 1989. "Innovative and Noninnovative Small Firms: Types and Characteristics," Management Science, INFORMS, vol. 35(5), pages 597-606, May.
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    11. Boone, Christophe & van Witteloostuijn, Arjen, 1996. "Industry Competition and Firm Human Capital," Small Business Economics, Springer, vol. 8(5), pages 347-364, October.
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    Cited by:

    1. GianPaolo Abatecola, 2012. "Path Dependent Entrepreneurs? A Decision Making Perspective," DSI Essays Series, DSI - Dipartimento di Studi sull'Impresa, vol. 24.
    2. Jungeun Lee & Hye-Young Joo, 2020. "The Impact of Top Management’s Support on the Collaboration of Green Supply Chain Participants and Environmental Performance," Sustainability, MDPI, Open Access Journal, vol. 12(21), pages 1-1, October.
    3. Valentina Lagasio & Nicola Cucari, 2019. "Corporate governance and environmental social governance disclosure: A meta‐analytical review," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(4), pages 701-711, July.
    4. Jang Hee Lee & Olga A. Shvetsova, 2019. "The Impact of VR Application on Student’s Competency Development: A Comparative Study of Regular and VR Engineering Classes with Similar Competency Scopes," Sustainability, MDPI, Open Access Journal, vol. 11(8), pages 1-1, April.
    5. Matteo Cristofaro, 2016. "Cognitive styles in dynamic decision making: a laboratory experiment," International Journal of Management and Decision Making, Inderscience Enterprises Ltd, vol. 15(1), pages 53-82.
    6. Marina Brogi & Valentina Lagasio, 2019. "Do bank boards matter? A literature review on the characteristics of banks' board of directors," International Journal of Business Governance and Ethics, Inderscience Enterprises Ltd, vol. 13(3), pages 244-274.
    7. Michela Piccarozzi & Barbara Aquilani & Corrado Gatti, 2018. "Industry 4.0 in Management Studies: A Systematic Literature Review," Sustainability, MDPI, Open Access Journal, vol. 10(10), pages 1-1, October.
    8. Milkiyas Ayele Tefera & He Yuanqiong & Liu Luming, 2020. "A link between top managers’ perception and corporate social responsibility: Transformational leadership as a moderator," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 9(1), pages 1-14, January.
    9. Barbara Aquilani & Michela Piccarozzi & Tindara Abbate & Anna Codini, 2020. "The Role of Open Innovation and Value Co-creation in the Challenging Transition from Industry 4.0 to Society 5.0: Toward a Theoretical Framework," Sustainability, MDPI, Open Access Journal, vol. 12(21), pages 1-1, October.
    10. Pascal Back & Andreas Bausch, 2019. "Not If, But How CEOs Affect Product Innovation: A Systematic Review and Research Agenda," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 16(03), pages 1-52, May.


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