Personality and Risk-Perception Profiles with Regard to Subjective Wellbeing and Company Management: Corporate Managers during the Covid-19 Pandemic

Abstract

This study examined the role of the Big Five personality traits and risk perception profiles among a sample of corporate managers concerning their subjective wellbeing (SWB) and corporate management practices during the Covid-19 pandemic. Two hundred and fifty-five chief executive officers (CEOs) and chief financial officers (CFOs) of companies listed on the main market of the Warsaw Stock Exchange (WSE) in Poland participated in the study by completing the Satisfaction with Life Scale, Positive and Negative Affect Scale, Ten-Item Personality Inventory, Stimulation-Instrumental Risk Inventory, and a business survey on the Covid-19 pandemic’s impact on company management. Latent profile analysis revealed the existence of diverse profiles among the participants regarding personality traits and risk perception, which were variously related to their SWB and managerial practices during the pandemic. It seems that individual differences in personality traits and risk perception not only matter for the individual life satisfaction of managers but may also translate into effective company management in times of crisis. The results of our study may be an adjunct to understanding underlying sources of managerial biases in corporate management as well as to developing more effective methods of psychological counseling of corporate managers, a topic that remains still a highly understudied research area.