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CEO Personality and Firm Policies


  • Gow, Ian D.

    (Harvard University)

  • Kaplan, Steven N.

    (University of Chicago)

  • Larcker, David F.

    (Stanford University)

  • Zakolyukina, Anastasia A.

    (University of Chicago)


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.

Suggested Citation

  • Gow, Ian D. & Kaplan, Steven N. & Larcker, David F. & Zakolyukina, Anastasia A., 2016. "CEO Personality and Firm Policies," Research Papers 3444, Stanford University, Graduate School of Business.
  • Handle: RePEc:ecl:stabus:3444

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    Cited by:

    1. Parise, Gianpaolo & Peijnenburg, Kim, 2017. "Understanding the Determinants of Financial Outcomes and Choices: The Role of Noncognitive Abilities," CEPR Discussion Papers 11900, C.E.P.R. Discussion Papers.
    2. Gianpaolo Parise & Kim Peijnenburg, 2017. "Understanding the determinants of financial outcomes and choices: the role of noncognitive abilities," BIS Working Papers 640, Bank for International Settlements.
    3. Michał Dzieliński & Alexander F. Wagner & Richard J. Zeckhauser, 2017. "Straight Talkers and Vague Talkers: The Effects of Managerial Style in Earnings Conference Calls," NBER Working Papers 23425, National Bureau of Economic Research, Inc.
    4. repec:eee:jbfina:v:88:y:2018:i:c:p:267-291 is not listed on IDEAS
    5. repec:eee:corfin:v:48:y:2018:i:c:p:597-614 is not listed on IDEAS
    6. Steven N. Kaplan & Morten Sorensen, 2017. "Are CEOs Different? Characteristics of Top Managers," NBER Working Papers 23832, National Bureau of Economic Research, Inc.

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