Alliance Partner Choice and CEOs’ Facial Structure
研究了CEO面部宽高比与企业联盟伙伴选择的关系，发现面部更宽的CEO更倾向于与新伙伴结盟，尤其在伙伴规模更大或绩效低于预期时。
Abstract We examine how CEOs’ facial width‐to‐height ratio relates to their firm's alliance partner choice. Using a sample of 2627 alliances of 184 US firms in high‐technology industries between 1993 and 2020, we find that firms led by CEOs with a greater facial width‐to‐height ratio are more likely to ally with new and unfamiliar partners. This tendency is more pronounced when the partner firm is larger or more central in the alliance network than the focal firm. We also find that this tendency is strengthened when the focal firm's performance is below aspirations. Our findings suggest that wider‐faced CEOs are more inclined to take risks and seek status in their alliance partner choice. Our paper bridges upper echelons theory and strategic alliance literature by examining the role of an important but understudied physical attribute of executives in the context of strategic alliances.