CEO facial structure and stock price crash risk

Zunxin Zheng, Donghui Li, Tingyong Zhong, Tian Wang and Ling He

Accounting and Finance, 2023, vol. 63, issue S1, 873-905

Abstract: 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.

Date: 2023
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https://doi.org/10.1111/acfi.13069

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