Are Boards Sensitive to CEO Masculinity? The Effect of CEO Facial and Vocal Masculinity on CEO Dismissal
基于进化心理学，研究CEO面部和声音的男性气质如何影响董事会的解雇决策，发现男性气质越强，CEO越可能被解雇，且分析师评价会调节这一关系。
Abstract Drawing on evolutionary psychology theorizing, this paper examines how chief executive officer (CEO) facial and vocal masculinity – as evolved biases shaping peoples’ perceptions of an individual’s leadership ability – influence boards’ dismissal decisions. Specifically, we theorize that boards are likely to perceive CEO facial and vocal masculinity as costly to the firm, as they signal aggression, dominance, and risk‐taking – traits that are only valued in the narrow context of conflict. Based on this reasoning, we argue that CEO facial and vocal masculinity will be positively related to CEO dismissal. Further, we develop contingency arguments which suggest that CEO facial and vocal masculinity will interact with analysts’ evaluation of firm performance to jointly influence CEO dismissal. We test and find support for our predictions using a panel dataset of CEOs from S&P 1500 firms.