本篇研究主要探討CEO外向性和銀行借款成本之關係。由於CEO外向性對銀行借款成本的影響可能存在兩個對立面向的效果，因此兩者之間的關係需要透過實證分析來解答。本研究使用2003年至2014年間美國上市公司的貸款案件，搭配Harrison et al.（2020）提供的CEO五大人格特質資料。實證結果顯示，在全部樣本的設定下，CEO外向性與貸款利差間未存在顯著關係。若將全部樣本按CEO年齡區隔為年齡低與年齡高兩群子樣本，實證結果顯示，在CEO年齡較低時，CEO外向性與貸款利差呈現負向關係。整體而言，本研究找到部分證據，證實外向性格是銀行進行貸款決策的CEO個人特質之一。

This study focuses on the relationship between CEO extraversion and bank loan costs. Since CEO extraversion may have two opposing effects on bank loan costs, the relationship between CEO extraversion and debt cost needs to be answered through empirical analysis. This study uses bank loan data of U.S. public companies from 2003 to 2014, along with the CEO five personality traits data provided by Harrison et al. (2020). The empirical results show that under the setting of the whole sample, there is no significant relationship between CEO extraversion and loan spread. If the entire sample is divided into two sub-samples of younger age and older age according to CEO age, the empirical results show that when CEO age is younger, CEO extraversion has a negative relationship with loan spread. Overall, this study finds some evidence that extraversion is one of the CEO's personal traits in bank lending decisions.

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