Market knowledge as a function of CEOs' personality: A fuzzy set approach

Market knowledge (MK) improves firm performance, yet knowledge of how MK develops remains sparse. In small and medium-sized enterprises, MK likely depends on the personal dispositions of CEOs. This study draws on personality research to theorize that CEOs' personality traits influence the intensity of seeking (openness and conscientiousness), the opportunity to access (extraversion), or the accuracy of processing (agreeableness and emotional stability) market information. A fuzzy set qualitative comparative analysis of 409 CEOs reveals two equifinal configurations of traits leading to high MK, both of which include traits favoring accuracy, suggesting their particular importance. The findings provide new understanding of the antecedents of MK and have conceptual implications for the study of CEOs' personality in general.