CEO facial masculinity and bank risk-taking
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A1 Alkuperäisartikkeli tieteellisessä aikakauslehdessä
Personality and Individual Differences, Volume 138
AbstractThis paper uses Chief Executive Officer (CEO) facial features to examine the association between CEO masculinity and bank risk-taking. Given that high facial width-to-height ratio has been linked to high testosterone levels and masculine behavioral traits such as increased risk tolerance, aggression, and sensation seeking, we postulate a positive relationship between CEO facial masculinity and bank risk-taking. Consistent with this prediction, we document that banks led by CEOs with more masculine facial features are associated with more volatile stock returns and higher levels of idiosyncratic risk.
Bank risk-taking, CEO masculinity, Facial width-to-height ratio, fWHR, Testosterone
Ahmed , S , Sihvonen , J & Vähämaa , S 2019 , ' CEO facial masculinity and bank risk-taking ' , Personality and Individual Differences , vol. 138 , pp. 133-139 . https://doi.org/10.1016/j.paid.2018.09.029