CEO facial masculinity and bank risk-taking

Research output: Contribution to journalArticle


Research units

  • University of Vaasa


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

    Research areas

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

ID: 28562039