We integrate a person-role fit perspective with recent research on executive personality to explain how and when personality traits reflecting CEOs’ and CFOs’ potential complementary roles as the firm’s visionary leader (extraversion) and corporate conscience (conscientiousness) interact to influence financial leverage. Using a sample of more than 3000 CEO-CFO dyads of S&P 1500 firms from 1997 to 2017, we show that firms with more (less) extraverted CEOs tend to have higher (lower) levels of financial leverage, but that greater CFO conscientiousness buffers this relationship by encouraging more moderate levels of financial leverage at either level of CEO extraversion. We also find that this interaction is less pronounced when the CEO has greater structural power, but more pronounced when the CFO has greater structural power. Our theory and findings extend leadership research by enhancing our understanding of the roles of personality and power in collective leadership settings, and particularly, in encouraging outcomes that better reflect complementarity in the CEO-CFO interface.

中文翻译：

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CEO-CFO界面的互补性：CEO和CFO的个性和结构权力对公司财务杠杆的共同影响

我们将人与角色契合的视角与最近对高管人格的研究相结合，解释了反映首席执行官和首席财务官作为公司有远见的领导者（外向性）和企业良心（尽责性）的潜在互补角色的人格特质如何以及何时相互作用，从而影响财务杠杆。通过使用 1997 年至 2017 年标准普尔 1500 强公司 3000 多名 CEO-CFO 组合的样本，我们发现 CEO 外向程度较高（较少）的公司往往拥有较高（较低）的财务杠杆水平，但 CFO 责任心较高则可以缓冲这一影响。通过鼓励任一级别的首席执行官外向性采用更适度的财务杠杆水平来建立关系。我们还发现，当首席执行官拥有更大的结构性权力时，这种相互作用不太明显，但当首席财务官拥有更大的结构性权力时，这种相互作用就更加明显。我们的理论和研究结果通过增强我们对集体领导环境中人格和权力作用的理解，特别是在鼓励更好地反映首席执行官-首席财务官界面中的互补性的结果方面，扩展了领导力研究。