Reexamining CEO personality traits from a real options theory perspective, we suggest that the firm's strategic flexibility can be worsened by CEO conscientiousness and neuroticism. We use a measure of strategic flexibility as the firm's ability to take advantage of heightened volatility, which then results in superior stock returns. Our results suggest that strategic adaptability is impeded by rigid planning, resistance to change (conscientiousness) and lack of emotional stability (neuroticism). For firms that experience a decrease in volatility, the opposite holds. In line with trait activation theory, our results imply that the effect of specific CEO personality traits on firm dynamics and performance is contingent and context-specific. Our findings are economically significant and have important implications concerning CEO selection and management.

从实物期权理论的角度重新审视CEO的性格特征，我们认为CEO的责任心和神经质可能会恶化公司的战略灵活性。我们衡量战略灵活性的标准是公司利用波动性加剧的能力，从而获得更高的股票回报。我们的研究结果表明，严格的计划、对变革的抵制（责任心）和缺乏情绪稳定性（神经质）会阻碍战略适应性。对于波动性下降的公司来说，情况恰恰相反。根据特质激活理论，我们的结果表明，特定 CEO 人格特质对公司动态和绩效的影响是偶然的且因环境而异。我们的研究结果具有重要的经济意义，并对首席执行官的选择和管理产生重要影响。