CEO facial masculinity and bank risk-taking

Shaker Ahmed, Jukka Sihvonen, Sami Vähämaa*

*Corresponding author for this work

Research output: Contribution to journalArticleScientificpeer-review

15 Citations (Scopus)


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.

Original languageEnglish
Pages (from-to)133-139
Number of pages7
JournalPersonality and Individual Differences
Publication statusPublished - 1 Feb 2019
MoE publication typeA1 Journal article-refereed


  • Bank risk-taking
  • CEO masculinity
  • Facial width-to-height ratio
  • fWHR
  • Testosterone


Dive into the research topics of 'CEO facial masculinity and bank risk-taking'. Together they form a unique fingerprint.

Cite this