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초록
영어
Testosterone is a steroid hormone that affects male to aggressively take risks to achieve dominant status. We examine whether CEOs with higher testosterone level make the firms riskier. Since the facial width-to-height ratio (fWHR) of a male adult is determined by his pubertal testosterone exposure, we measure the fWHR male CEOs in both Execucomp and BoardEx that had CNBC interviews during 1997~2009. Controlling for sample selection bias, CEO’s preference for risky hobbies, and overconfidence, we find that high testosterone CEOs (1) increase firm risk; (2) maintain high leverage ratio; (3) are more acquisitive; and (4) receive high VEGA compensation.
목차
Abstract
I. INTRODUCTION
II. HYPOTHESES DEVELOPMENT
III. METHODS
IV. RESULTS
IV.1. Main Results
IV.2. Controlling for CEO Overconfidence
IV.3. Controlling for Vocal Masculinity
IV.4. Controlling for risky personal hobbies of the CEO
IV.5. Alternative measures of fWHR
IV.6. Leverage and Testosterone
IV.7. Acquisitiveness and Testosterone
IV.8. Testosterone and CEO compensation structure
V. CONCLUSION
References
Appendix A. Procedure of selecting best quality CEO pictures
Appendix B. Link between BoardEx and Compustat databases and identifying executives
Appendix C. The procedure of identifying directors with media expertise
Appendix D. Collecting and classifying news articles with CEO names and the ones without
Appendix E. Measuring the Vocal Masculinity of the CEO
Appendix F. Variable Definition
I. INTRODUCTION
II. HYPOTHESES DEVELOPMENT
III. METHODS
IV. RESULTS
IV.1. Main Results
IV.2. Controlling for CEO Overconfidence
IV.3. Controlling for Vocal Masculinity
IV.4. Controlling for risky personal hobbies of the CEO
IV.5. Alternative measures of fWHR
IV.6. Leverage and Testosterone
IV.7. Acquisitiveness and Testosterone
IV.8. Testosterone and CEO compensation structure
V. CONCLUSION
References
Appendix A. Procedure of selecting best quality CEO pictures
Appendix B. Link between BoardEx and Compustat databases and identifying executives
Appendix C. The procedure of identifying directors with media expertise
Appendix D. Collecting and classifying news articles with CEO names and the ones without
Appendix E. Measuring the Vocal Masculinity of the CEO
Appendix F. Variable Definition
저자정보
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