<scp>CEO</scp> facial structure and stock price crash risk-Reference-Cited by-同舟云学术

CEO facial structure and stock price crash risk

Published:2023-03 Issue:S1 Volume:63 Page:873-905
ISSN:0810-5391
Container-title:Accounting & Finance
language:en
Short-container-title:Accounting & Finance

Author:

Zheng Zunxin¹,Li Donghui¹^ORCID,Zhong Tingyong²,Wang Tian¹,He Ling³

Affiliation:

1. School of Management Shenzhen University Shenzhen China

2. School of Accounting Chongqing Technology and Business University Chongqing China

3. School of Business Sichuan University Chengdu China

Abstract

AbstractThis study conducted an empirical analysis of a manually collected sample of chief executive officer (CEO) facial structure measurements (facial width‐to‐height ratio [FWHR]) to examine the relationship between FWHR and stock price crash risk. The samples were collected for the period 2008–2019 from Chinese A‐share listed firms. The results revealed a positive impact of FWHR on stock price crash risk. The positive impact is more pronounced for firms in which CEOs are entrusted with greater powers, firms that appoint a higher number of independent directors, or which function in a more competitive product market. Various robustness and endogeneity tests confirm our main conclusions.

Funder

National Natural Science Foundation of China

National Social Science Fund of China

Publisher

Wiley

Subject

Economics, Econometrics and Finance (miscellaneous),Finance,Accounting

Link

https://onlinelibrary.wiley.com/doi/pdf/10.1111/acfi.13069

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