This document summarizes Conilyn Poulsen Judge's dissertation defense on examining the relationship between C-level leader extraversion, measured by enthusiasm and assertiveness, and firm goal achievement. The study found extraversion overall predicted firm goal achievement, but when examining the subscales, assertiveness positively correlated with firm goal achievement while enthusiasm did not. The study advances understanding of extraversion and its subscales in leadership and has implications for selection and development of leaders. Limitations included sampling and measurement methods. Future research opportunities include examining subscales in different contexts and relationships to other personality traits.

1. Dissertation Defense
Posted by:
Conilyn Poulsen Judge, Ph.D.

2. The Relationship Between Leader
Extraversion and Corporate Financial
Performance
by Conilyn Poulsen Judge
Grand Canyon University
March 25, 2019
Committee Members:
Brian Kelly, PhD., Chair
Angela Gridley, PhD., Methodologist
Dana Shelton, PhD., Content Expert

3. Background
•Extraversion was the most frequently correlated
personality trait for leaders (Bono et al., 2014)
•‘Great Man’ leader archetype (Goldberg, 1993;
Hogan, 1982; Judge et al., 2002)
•Introverted leaders are disadvantaged (Cain, 2012;
Clack, 2017; Green et al., 2016)
•Recent research findings mixed (Zaccaro, 2017) and
pointed to extravert downsides (Smith et al., 2018)
•Additionally, the emergence of subscales was a new
lens for extraversion research insights (Do &
Minbashian, 2014)

4. Gap
•Abundant but inconsistent research of extraversion
and leadership (Malhotra et al., 2018; Zaccaro et al.,
2017)
•Gap in understanding relationship between leaders
and enthusiasm and assertiveness (Araujo-Cabrera
et al., 2017; Do & Minbashian, 2014; Kaiser, 1998)
•Opportunity to contribute to leadership
development and personality study (Gow et al.,
2016; Green et al., 2016; Harari et al., 2018)

5. Problem
Statement
It was not known if, or to what
extent, a C-level leader’s
extraversion, measured by
enthusiasm and assertiveness,
related to firm goal
achievement.

6. Theoretical Frameworks
•Company financial performance – The framework
by which organizations use accountancy-based
measures to track company performance (Griffin &
Mahon, 1997; Orlitzky et al., 2003; Reimann, 1975)
•Five Factor Model of personality – The most
accepted and highly validated integrative trait
model of personality, measuring five overarching
traits: openness, conscientiousness, extraversion,
agreeableness, and neuroticism (Widiger, 2017)

7. Purpose
Statement
The purpose of this
quantitative, correlational
study was to examine if a C-
level leader’s extraversion,
measured by enthusiasm and
assertiveness, related to firm
goal achievement.

8. Research Method and Design
•Quantitative correlational methodology with
multiple linear regression
•PVs (enthusiasm and assertiveness) measured using
extraversion questions from the BFAS (DeYoung et
al., 2007; Harari et al., 2018)
•CV (firm goal achievement) measured using a two-
question validated questionnaire (Baer & Frese,
2003; Wall et al., 2004)
•Research design examined the relationship between
the PVs and CV rather than examining differences
amongst the variables

9. Variable Structure
Variable
Number and
Role
Concept Operational
Term
Measure
(Type and
Range)
Source/Instrument
1 - Predictor
Variable
Leader
personality
C-level
leader’s level
of enthusiasm
Interval; 1-5 Big Five Aspect
Scales (DeYoung et
al., 2007)
2 - Predictor
Variable
Leader
personality
C-level
leader’s level
of
assertiveness
Interval; 1-5 Big Five Aspect
Scales (DeYoung et
al., 2007)
3 - Criterion
Variable
Company
performance
Firm goal
achievement
of the C-level
leader’s
company
Interval; 1-7 FGA questions (Baer
& Frese, 2003)

10. Research Question 1
To what extent, if any, does a C-level leader’s
extraversion, measured by enthusiasm and
assertiveness, predict FGA?
•H10: A C-level leader’s extraversion, measured by
enthusiasm and assertiveness, does not
statistically predict FGA.
•H1a: A C-level leader’s extraversion, measured by
enthusiasm and assertiveness, does statistically
predict FGA.

11. Research Question 2
To what extent, if any, does a C-level leader’s
enthusiasm relate to firm goal achievement when
controlling for assertiveness?
•H20: There is no statistically significant correlation
between a C-level leader’s enthusiasm and firm
goal achievement after controlling for
assertiveness.
•H2a: There is a statistically significant correlation
between a C-level leader’s enthusiasm and firm
goal achievement after controlling for
assertiveness.

12. Research Question 3
To what extent, if any, does a C-level leader’s
assertiveness relate to firm goal achievement when
controlling for enthusiasm?
•H30: There is no statistically significant correlation
between a C-level leader’s assertiveness and firm
goal achievement after controlling for enthusiasm.
•H3a: There is a statistically significant correlation
between a C-level leader’s assertiveness and firm
goal achievement after controlling for enthusiasm.

13. Population and Sample
•Units of analysis for PVs were the individual C-level
leader’s enthusiasm and assertiveness and for the
CV was the leaders’ perception of FGA
•Population of interest was all senior leaders of
organizations
•Sample was C-level leaders (CEO, report to CEO,
member of TMT), over 18, currently employed, and
willing to volunteer
•A priori sample size for multiple regression analysis
was 68 with a target of 100 to allow for attrition
•Actual sample size n = 113, lending credibility and
validity to the study findings

14. Sample (Continued)
•Convenience and snowball sampling was used as C-
level leaders are difficult to identify and reach,
consistent with previous empirical studies (Dillman
et al., 2014; Gray, 2017)
•Recruited via email to researcher’s network,
LinkedIn direct message and post, and
SurveyMonkey Audience
•Ethical concerns addressed by ensuring anonymity
of subjects, protecting sensitive data, and
withholding interpretation of results from subjects
to avoid perceived negative impact

15. Primary Data Sources
•Validated instruments and sources of data existed
to collect data on the variables via online
questionnaire
•Data source for C-level leader’s extraversion,
enthusiasm and assertiveness at the individual level
used the BFAS subscales (DeYoung et al., 2007)
•Data source for FGA used a two-question
questionnaire to represent accountancy-based
financial measures, allowing the sample to include
non-publicly traded companies (Baer & Frese, 2003)

16. Data Collection Instruments
•Demographic questionnaire included six approved
questions developed by the researcher
•Enthusiasm (PV) used the 10-question subscale
from the BFAS (DeYoung et al., 2007)
•Assertiveness (PV) used the 10-question subscale
from the BFAS (DeYoung et al., 2007)
•Firm goal achievement (CV) used a validated two-
question questionnaire (Baer and Frese, 2003)
•All data to measure the units of analysis from each
volunteer was gathered via the same questionnaire
on SurveyMonkey

17. Data Analysis Procedures & Tests of Assumptions
•Multiple linear regression assessed the extent to
which the PVs (enthusiasm & assertiveness)
predicted the CV (FGA)
•RQ1 used a multiple linear regression analysis,
which included an ANOVA, to determine the
interaction between extraversion measured by BFAS
to FGA
•RQ2 used semi partial correlations to assess the
relative importance of Enthusiasm to FGA
•RQ3 used semi partial correlations to assess the
relative importance of Assertiveness to FGA

18. Sample Profile n = 113
Gender
Male Female NA
Education
NA No college
High School College Grad
Grad School Post Grad
Age
NA < 25 25 - 29 30 - 34
35 - 39 40 - 44 45 - 49 50 - 54
55 - 59 60+
Years at C-Level
NA 0 - 5 6 - 10
11 - 15 16 - 20 21+
Years with Company
NA 0 - 5 6 - 10
11 - 15 16 - 20 21+
Company Size
NA Micro SME
Mid Large X-Large
Male: N = 74 (65.5%) 35-39: N = 25
(22.1%)
<40 ~ N = 14
(12%)
College Grads:
N = 46 (40.7%
Micro 1-20
employees:
N = 67
(59.3%)
SME 21-250
employees:
N = 18
(15.9%)
0-5: N = 42
(37.2%)
6-10: N = 25
(22.1%)
11-15: N = 19
(16.8%)
0-5: N = 44
(38.8%)
6-10: N = 30
(26.5%)
11-15: N = 12
(10.6%)
Female: N = 38 (33.6%)
21+: N = 13
(11.5%)
21+: N = 16
(14.2%)

19. Descriptive Statistics for the Variables
Variable M SD Skewness Kurtosis
Stat Std Err Stat Std Err
Extraversion 3.72 .44 -.18 .22 -.25 .44
Enthusiasm 3.59 .57 -.09 .22 -.53 .44
Assertiveness 3.86 .45 -.25 .22 -.03 .44
Firm Goal
Achievement
5.27 .95 -.51 .22 -.37 .45

20. Eight Assumption Checks for Multiple
Regression Analysis (via SPSS)
1. CV measured at the continuous level
2. Two PVs were approximate to continuous &
independent
3. There was independence of observation
4. A linear relationship between the CV and PVs
5. The data showed homoscedasticity

21. Eight Assumption Checks for Multiple
Regression Analysis (via SPSS)
6. No multicollinearity
7. No significant outliers and
8. Residuals (errors) were approximately normally
distributed
Thus, the data did not violate any assumptions with
respect to multiple regression and the researcher is
clear to interpret analyses confidently

22. Results
•RQ1: Rejected null hypothesis, concluded that
extraversion overall was a predictor of FGA (F =
3.24, p < .05)
•RQ2: Accepted the null hypotheses, concluded that
enthusiasm did not significantly correlate with FGA
in the model (t = -.40, p > .05). When controlling for
assertiveness, enthusiasm showed negative effect
(sr = -.04)
• RQ3: Rejected the null hypothesis, concluded that
assertiveness did correlate with FGA (t = 2.40; p <
.05). When controlling for enthusiasm,
assertiveness showed a positive effect (sr = .22)

23. Findings Compared to Other Studies: RQ1
•The findings related to RQ1 specifically advanced
understanding of extraversion as a perceived
essential personality trait of successful C-level
leaders
•The findings support studies that correlate
extraversion to leader emergence and effectiveness
(Bono & Judge, 2004; Judge et al., 2002; Mann,
1959) and positively correlated to criteria that
indicate improved firm performance (Araujo-
Cabrera et al., 2017; Do & Minbashian, 2014; Green
et al., 2016; Malhotra et al., 2018; Zaccaro et al.,
2017)

24. Findings Compared to Other Studies:
RQ2 and RQ3
•Studies have found extraversion as a leader
personality trait too broad to adequately predict
relationship of variables and therefore use
subscales as a lens for more precise and fuller
understanding (Do & Minbashian, 2017; Harari et
al., 2018)
•This study revealed that while extraversion is
consistently a predictor of leader outcomes, there
was an unanticipated difference in importance
between the subscales of enthusiasm and
assertiveness in relating to the financial success of a
leader’s company

25. Findings Compared to Other Studies: RQs 2&3
•Few extant studies used subscales to understand
the relationship of leader extraversion, enthusiasm
and assertiveness to other variables (Harari et al.,
2018)
•RQ2: Supports previously disregarded research that
enthusiasm had a negative relationship with
performance outcomes at a senior leader level
(Kaiser, 1998)
•RQ3: Supports previous study that assertiveness
had a positive relationship with leader outcomes in
terms of transformational leadership and
performance (Do & Minbashian, 2017)

26. Study Strengths
•New approach to measure relationship of
extraversion subscales in a challenging sample
using quantifiable variables
•Extends previous work to explore subscales and
possible positive and negative relationship
between leader and company performance
•Potential benefit to OB/HR professionals, C-level
leaders, recruiters and leader development by
identifying predictive relationships and
potentially dispelling myths about deficiencies of
introverted leaders

27. Study Limitations and Weaknesses
•Difficulty of reaching sample population
necessitated convenience/snowball sampling
which could lead to selection bias
•Limitation of BFAS instrument to measure
subscales of extraversion as desirability bias could
come from using self-reported data
•Limited validity of FGA instrument as a measure
of financial outcomes
•Predictive accuracy of 4-5% may not necessarily
be meaningful, thus practical value may be
limited

28. Implications
•Theoretical: Challenges predictive assumptions
about extraverted leadership using subscales (Judge
et al., 2002) and validates previously dismissed
research (Kaiser, 1998) by studying a larger sample
•Practical: May be used by C-level leaders, recruiters,
OB/HR professionals, and personality researchers to
use subscale analysis for selection and development
decisions
•Future: Using subscales provides deeper insight into
leader extraversion and indicates layers of
complexity which are opportunities for further
discovery

29. Potential Practical Applications
•Benefit leaders and OB/HR professionals through
using subscales in executive succession planning,
recruitment, selection, and assessment
•Promote awareness of extraversion as fixed trait
with biological roots and unique motivators to
encourage development, selection and promotion
of both introverted and extraverted leaders
•Provide insights into leader behaviors that can
mitigate negative effects of enthusiasm while
retaining positives of assertiveness
•Frame extraversion/introversion as an important
dimension of diversity to encourage balanced teams

30. Recommendations for Future Research
•Study subscale relationships in different types of
organizations (e.g. bureaucratic, cooperative)
•Use independent accountancy based results as CV to
validate relationship with company performance
•Qualitative or mixed-method studies may yield
deeper insights and helpful narratives into E/I
•Explore relationships between leader enthusiasm
and assertiveness and the other FFM traits
•Examine leader enthusiasm/assertiveness in context
of dark traits (e.g. narcissism, Machiavellianism)

31. Key References
Araujo-Cabrera, Y., Suarez-Acosta, M. A., & Aguiar-Quintana, T. (2017). Exploring the influence of CEO
extraversion and openness to experience on firm performance: The mediating role of top
management team behavioral integration. Journal of Leadership & Organizational Studies, (1548-
0518), 24 (2), 201.
Baer, M., & Frese, M. (2003). Innovation is not enough: Climates for initiative and psychological safety,
process innovations, and firm performance. Journal of Organizational Behavior, 24(1), 45-68.
Bono, J. E., & Judge, T. A. (2004). Personality and transformational and transactional leadership: a meta-
analysis. Journal of Applied Psychology, 89(5), 901.
Bono, J. E., Shen, W., & Yoon, D. J. (2014). Personality and leadership: Looking back, looking ahead. In Day,
D. V. (Ed.), The Oxford Handbook of Leadership and Organizations (pp 199-220). New York, NY:
Oxford University Press.
Cain, S. (2012). Quiet: The power of introverts in a world that can’t stop talking. New York, USA: Random
House.
Clack, L. A. (2017). Examination of leadership and personality traits on the effectiveness of professional
communication in healthcare. Journal of Healthcare Communications, 2(2).
DeYoung, C. G., Quilty, L. C., & Peterson, J. B. (2007). Between facets and domains: 10 aspects of the Big
Five. Journal of Personality and Social Psychology, 93(5), 880.
Do, M. H., & Minbashian, A. (2014). A meta-analytic examination of the effects of the agentic and
affiliative aspects of extraversion on leadership outcomes. The Leadership Quarterly, 25(5), 1040-
1053.
Goldberg, L. R. (1993). The structure of phenotypic personality traits. American Psychologist, 48(1), 26.
Gow, I. D., Kaplan, S. N., Larcker, D. F., & Zakolyukina, A. A. (2016). CEO Personality and Firm Policies (No.
w22435). National Bureau of Economic Research.

32. Key References (continued)
Green, T. C., Jame, R., & Lock, B. (2016). It pays to be extraverted: Executive personality and career
outcomes. Available at SSRN 2503663.
Harari, M. B., Thompson, A. H., & Viswesvaran, C. (2018). Extraversion and job satisfaction: The role of trait
bandwidth and the moderating effect of status goal attainment. Personality and Individual
Differences, 123, 14-16.
Hogan, R. (1982). A socioanalytic theory of personality. In Nebraska Symposium on Motivation. University
of Nebraska Press.
Judge, T., Bono, J., Ilies, R., & Gerhardt, M. (2002). Personality and leadership: A qualitative and
quantitative review. Journal of Applied Psychology, 87(4), 765-780.
Kaiser, R. B. (1998). Personality correlates of perceived senior executive effectiveness: An application of
the five-factor model. In Poster Presented at the 13th Annual Meeting of the Society for Industrial
and Organizational Psychology, Dallas, TX.
Malhotra, S., Reus, T. H., Zhu, P., & Roelofsen, E. M. (2018). The acquisitive nature of extraverted
CEOs. Administrative Science Quarterly, 63(2), 370-408.
Smith, M. B., Hill, A. D., Wallace, J. C., Recendes, T., & Judge, T. A. (2018). Upsides to dark and downsides to
bright personality: A multidomain review and future research agenda. Journal of
Management, 44(1), 191-217.
Stephens-Craig, D., Kuofie, M., & Dool, R. (2015) Perception of introverted leaders by mid to high-level
leaders. Journal of Marketing & Management 6(1):62.
Wall, T. D., Michie, J., Patterson, M., Wood, S. J., Sheehan, M., Clegg, C. W., & West, M. (2004). On the
validity of subjective measures of company performance. Personnel Psychology, 57(1), 95-118.
Zaccaro, S. J., Green, J. P., Dubrow, S., & Kolze, M. (2017). Leader individual differences, situational
parameters, and leadership outcomes: A comprehensive review and integration. The Leadership
Quarterly, 29(1), 2-43.

33. Questions?

34. “Must Address” from AQR Level 5 Review
•Revised RQs 2 and 3 and associated hypotheses to
accurately reflect the semi-partial correlations
performed by the researcher
•Recomputed a priori power analysis to reflect
regression testing analysis; changed minimum
sample size to 68 throughout
•Included assumption testing visuals associated with
a multiple regression analysis in tables or
appendices