本研究旨在探討外向性CEO對分析師預測準確度及離散性之影響。為檢驗CEO外向性與分析師預測特性之關聯，本文以1998 年至2018 年美國 S&P500 為研究樣本，參考Behn et al. (2008)作法建立本研究實證模型。由實證結果可知，CEO外向性特質與分析師預測準確度呈正向顯著，也與分析師預測離散性呈負向顯著。此外，本文額外測試顯示CEO外向在增加分析師預測準確度和降低分析師預測離散程度的作用在營運波動度高、分析師跟隨人數低及近期更為明顯。上述結果說明外向CEO開朗、擅於溝通的特質，有助於提高對外溝通，減少資訊不對稱，提升公司透明度。本研究之實證結果除了具有增補CEO特質影響面向之文獻外，亦有助於補充影響分析師盈餘預測特性因素之文獻。

This study aims to explore the impact of an extraverted CEO on the accuracy and dispersion of analysts’ forecasts. To examine the relationship between CEO extraversion and the characteristics of analysts’ forecasts, this paper uses a sample of U.S. S&P 500 companies from 1998 to 2018 and builds an empirical model based on the methodology of Behn et al. (2008). The empirical results indicate that a CEO’s extraversion has a significant positive effect on the accuracy of analysts’ forecasts and a significant negative effect on the dispersion of analysts’ forecasts. Additionally, further tests reveal that the effect of CEO extraversion on increasing analysts’ forecast accuracy and reducing forecast dispersion is more pronounced during periods of high operational volatility, with fewer analysts following the firm, and in recent years. These results suggest that an extraverted CEO, with their cheerful and communicative nature, helps improve external communication, reduce information asymmetry, and enhance corporate transparency.

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