Facial masculinity, risk preferences, and corporate hedging

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-03-25 DOI:10.1016/j.irfa.2025.104197

Massimiliano Barbi , Valentina Febo

引用次数: 0

Abstract

We explore the influence of CEO and CFO facial masculinity, measured by the facial width-to-height ratio (fWHR), on the hedging decisions of a sample of oil and gas producers from 2009 to 2019. Our findings show a negative association between the fWHR and the hedging likelihood and extent, which is particularly pronounced when considering both executives. This effect is consistent with facial masculinity being linked to increased managerial risk-taking and leading to reduced corporate hedging. This evidence is robust to managerial compensation incentives and professional and demographic characteristics, survives multiple robustness checks, and is plausibly causal.

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面部阳刚之气，风险偏好和公司对冲

我们以2009年至2019年的石油和天然气生产商为样本，探讨了CEO和CFO的面部阳刚之气（以面部宽高比（fWHR）衡量）对对冲决策的影响。我们的研究结果表明，fWHR与对冲可能性和程度之间存在负相关，这在考虑两位高管时尤为明显。这种效应与面部阳刚气质与管理风险增加、导致企业对冲减少有关。这一证据对管理薪酬激励、专业和人口特征都是强有力的，经受住了多次稳健性检验，而且似乎是因果关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.