CEO facial structure and stock price crash risk

被引：4

作者：

Zheng, Zunxin ^{[1
]}

Li, Donghui ^{[1
]}

Zhong, Tingyong ^{[2
]}

Wang, Tian ^{[1
]}

He, Ling ^{[3
]}

机构：

[1] Shenzhen Univ, Sch Management, Shenzhen 518060, Peoples R China

[2] Chongqing Technol & Business Univ, Sch Accounting, Chongqing 400067, Peoples R China

[3] Sichuan Univ, Sch Business, Chengdu, Peoples R China

来源：

ACCOUNTING AND FINANCE | 2023年 / 63卷

基金：

中国国家自然科学基金;

关键词：

facial structure; investment inefficiency; M&A frequency; stock price crash risk; TO-HEIGHT RATIO; STRUCTURE PREDICTS; AGENCY COSTS; FACE; TESTOSTERONE; WIDTH; FIRM; OVERCONFIDENCE; ATTRACTIVENESS; ACQUISITIONS;

D O I：

10.1111/acfi.13069

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study conducted an empirical analysis of a manually collected sample of chief executive officer (CEO) facial structure measurements (facial width-to-height ratio [FWHR]) to examine the relationship between FWHR and stock price crash risk. The samples were collected for the period 2008-2019 from Chinese A-share listed firms. The results revealed a positive impact of FWHR on stock price crash risk. The positive impact is more pronounced for firms in which CEOs are entrusted with greater powers, firms that appoint a higher number of independent directors, or which function in a more competitive product market. Various robustness and endogeneity tests confirm our main conclusions.

引用

页码：873 / 905

页数：33

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