The impact of board personality characteristics on capital structure of companies in Iran

Abstract

In this study, using the five-factor characteristics, the degree of managers' each personal characteristic factor is determined and then, considering the financial data of their attributed companies, the existing relationship between the variables, the sample of the study includes 48 listed companies managers in Iran during 2010-2012. The results revealed that the managers' extrovert and neurosis personage has a meaningful reverse relationship and their agreement, conscientiousness and experience- accepting character has a meaningful direct relationship with the capital structure of companies. The innovative aspect of this paper lies in using on-line questionnaire through creating private hosts and domains for ease of top managers' participation, and also in using reliable questionnaire for converting personality qualitative components into quantitative numbers and figures and making relationships with financial statement data of bourse companies.