Aesthetic Leadership: The Influence of CEO Attractiveness on Bank Loan Contracts
研究CEO外貌吸引力如何影响企业贷款成本，发现CEO越有吸引力，企业获得的贷款利差越低，且这种效应与CEO提升公司盈利能力和债权人信心有关。
ABSTRACT Facial traits constitute a significant source of information in social interactions, yet little is known about whether they affect borrowing costs. This study examines how CEO attractiveness influences loan costs. Our analysis reveals that firms with more attractive CEOs secure lower loan spreads. To address endogeneity, a difference‐in‐differences approach centred on CEO turnovers confirms robustness. Further analysis shows a significant positive association between CEO attractiveness and operating cash flow, supporting the notion that visually appealing CEOs enhance firm profitability and improve lenders' perceptions of creditworthiness. These findings underscore CEO appearance as an important intangible asset in shaping firm credit terms.