Firm Performance in the Face of Fear: How CEO Moods Affect Firm Performance

Ali Akansu, James Cicon, Stephen P. Ferris and Yanjia Sun

Journal of Behavioral Finance, 2017, vol. 18, issue 4, 373-389

Abstract: The authors use facial emotion recognition software to quantify CEO mood. Anger or disgust motivates a CEO to work harder to improve his or her situation; thus firm profitability improves in the subsequent quarter. Happy CEOs are less likely to work on hard or unpleasant tasks; thus profitability decreases in the subsequent quarter. In the short term, fear explains the firm's announcement period market performance. However, fear is transient and performance improvement is short term.

Date: 2017
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DOI: 10.1080/15427560.2017.1338704

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