Using panel data of U.S. firms, we focus on an important yet understudied facet of the chief executive officer's (CEO) personality—extraversion—and how it affects corporate capital structure decisions. We examine how this relation is moderated by financing (tax) benefits, financial crisis, firm size, growth opportunities, and collateralization. The results show that firms managed by extraverted CEOs use greater financial leverage, adjusting toward target leverage levels at a faster speed, with about half‐life within a year for book and market leverage. In addition, the positive extraversion–leverage relation is enhanced for firms that are large, have greater collateralizable assets, and are more vulnerable to external shocks (financial crisis). Last, although the positive extraversion–leverage relation holds particularly when product market competition is high, the effect is attenuated for high‐growth opportunity firms.

中文翻译：

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CEO外派和资本结构决策：公司动态，产品市场竞争和金融危机的作用

利用美国公司的面板数据，我们关注的是首席执行官（CEO）性格的一个重要但未被充分了解的方面-外向性及其对公司资本结构决策的影响。我们研究了如何通过融资（税收）收益，金融危机，公司规模，增长机会和抵押来调节这种关系。结果表明，由外向型CEO管理的公司使用更大的财务杠杆，以更快的速度向目标杠杆水平调整，一年内账面和市场杠杆的半衰期为一半。此外，大型，拥有更多可抵押资产且更容易受到外部冲击（金融危机）的公司会增强正向外向-杠杆关系。持续，