Please use this identifier to cite or link to this item: https://hdl.handle.net/10356/142906
Title: The face of risk : CEO facial masculinity and firm risk
Authors: Kamiya, Shinichi
Kim, Andy Y. Han
Park, Soohyun
Keywords: Business::General
Issue Date: 2018
Source: Kamiya, S., Kim, A. Y. H., & Park, S. (2019). The face of risk : CEO facial masculinity and firm risk. European Financial Management, 25(2), 239-270. doi:10.1111/eufm.12175
Journal: European Financial Management
Abstract: We examine whether a male CEO's facial masculinity, measured by facial width-to-height ratio (fWHR), predicts the riskiness of his firm. Using the face pictures of 1,162 CEOs in the Execucomp database, we find supporting evidence. Firms with more masculine-faced CEOs have higher stock return volatility and higher financial leverage and are more acquisitive. Their frequency of acquisitions, the dollar amount spent on acquisitions, and the takeover premium are all higher. We find that more masculine-faced CEOs’ compensation is more sensitive to the risk of the firm. The result is robust when we use AI (artificial intelligence)-measured fWHR of the CEOs.
URI: https://hdl.handle.net/10356/142906
ISSN: 1354-7798
DOI: 10.1111/eufm.12175
Rights: This is the accepted version of the following article: Kamiya, S., Kim, A. Y. H., & Park, S. (2019). The face of risk : CEO facial masculinity and firm risk. European Financial Management, 25(2), 239-270, which has been published in final form at http://dx.doi.org/10.1111/eufm.12175. This article may be used for non-commercial purposes in accordance with the Wiley Self-Archiving Policy [https://authorservices.wiley.com/authorresources/Journal-Authors/licensing/self-archiving.html].
Fulltext Permission: open
Fulltext Availability: With Fulltext
Appears in Collections:NBS Journal Articles

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