CEO facial masculinity and bank risk-taking

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A1 Alkuperäisartikkeli tieteellisessä aikakauslehdessä
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Date
2019-02-01
Major/Subject
Mcode
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Language
en
Pages
7
133-139
Series
Personality and Individual Differences, Volume 138
Abstract
This 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.
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Keywords
Bank risk-taking, CEO masculinity, Facial width-to-height ratio, fWHR, Testosterone
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Citation
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