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This paper explores the impact of CEO masculinity on corporate financial performance. It focuses on two primary measures of masculinity: the facial width-to-height ratio (fWHR) and testosterone levels. Using artificial intelligence, specifically Python code, the study measures the fWHR for a sample of CEOs and applies a recent model to estimate testosterone levels based on facial measurements and CEO age. The analysis is conducted on a sample of 1,611 firm-year observations from listed companies in Bursa Malaysia between 2009 and 2019. The findings reveal three significant results. First, there is a positive relationship between CEO fWHR and firm performance, indicating that companies led by CEOs with wider faces tend to achieve higher financial performance. Second, testosterone levels show a significant positive association with performance, suggesting that CEOs with higher testosterone are likely to drive superior financial outcomes. Third, CEO masculinity can serve as a predictor of company performance. These insights offer practical implications for using testosterone levels as a proxy for masculinity in future research and may inform the decision-making process for appointing new CEOs by providing a biological signal that is resistant to manipulation. The study contributes uniquely by linking the biological characteristics of CEOs with corporate performance within the context of Bursa Malaysia, an area previously unexplored in performance research.

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CEO’s Facial Masculinity, Testosterone Level, and Corporate Performance: Empirical Evidence from Malaysia

  • 章节

  • 发表日期：

    2025年

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  • Tamer Elsheikh,
  • Hafiza Aishah Hashim,
  • Khaled Hussainey,
  • Nor Raihan Mohamad,
  • Ahmed Gomaa Ahmed Radwan,
  • Gihane Magdi Mohamed Kamal Gazia

摘要

This paper explores the impact of CEO masculinity on corporate financial performance. It focuses on two primary measures of masculinity: the facial width-to-height ratio (fWHR) and testosterone levels. Using artificial intelligence, specifically Python code, the study measures the fWHR for a sample of CEOs and applies a recent model to estimate testosterone levels based on facial measurements and CEO age. The analysis is conducted on a sample of 1,611 firm-year observations from listed companies in Bursa Malaysia between 2009 and 2019. The findings reveal three significant results. First, there is a positive relationship between CEO fWHR and firm performance, indicating that companies led by CEOs with wider faces tend to achieve higher financial performance. Second, testosterone levels show a significant positive association with performance, suggesting that CEOs with higher testosterone are likely to drive superior financial outcomes. Third, CEO masculinity can serve as a predictor of company performance. These insights offer practical implications for using testosterone levels as a proxy for masculinity in future research and may inform the decision-making process for appointing new CEOs by providing a biological signal that is resistant to manipulation. The study contributes uniquely by linking the biological characteristics of CEOs with corporate performance within the context of Bursa Malaysia, an area previously unexplored in performance research.