Earticle

초록

영어

Testosterone is a steroid hormone that affects male to aggressively take risks to achieve dominant status. We examine whether CEOs with higher testosterone level make the firms riskier. Since the facial width-to-height ratio (fWHR) of a male adult is determined by his pubertal testosterone exposure, we measure the fWHR male CEOs in both Execucomp and BoardEx that had CNBC interviews during 1997~2009. Controlling for sample selection bias, CEO’s preference for risky hobbies, and overconfidence, we find that high testosterone CEOs (1) increase firm risk; (2) maintain high leverage ratio; (3) are more acquisitive; and (4) receive high VEGA compensation.

목차

Abstract
 I. INTRODUCTION
 II. HYPOTHESES DEVELOPMENT
 III. METHODS
 IV. RESULTS
  IV.1. Main Results
  IV.2. Controlling for CEO Overconfidence
  IV.3. Controlling for Vocal Masculinity
  IV.4. Controlling for risky personal hobbies of the CEO
  IV.5. Alternative measures of fWHR
  IV.6. Leverage and Testosterone
  IV.7. Acquisitiveness and Testosterone
  IV.8. Testosterone and CEO compensation structure
 V. CONCLUSION
 References
 Appendix A. Procedure of selecting best quality CEO pictures
 Appendix B. Link between BoardEx and Compustat databases and identifying executives
 Appendix C. The procedure of identifying directors with media expertise
 Appendix D. Collecting and classifying news articles with CEO names and the ones without
 Appendix E. Measuring the Vocal Masculinity of the CEO
 Appendix F. Variable Definition

키워드

저자

• Y. Han (Andy) Kim [ Assistant Professor of Finance, Nanyang Business School, Nanyang Busness School, Nanyang Business School, Nanyang Avenue, Singapore ] Corresponding author
• Shinichi Kamiya [ Assistant professor of Finance, Nanyang Business School, Nanyang Technological University, Nanyang Avenue, Singapore ]

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  한국재무학회 학술대회

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  2006~2024

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