The Testosterone Level of the CEO and Corporate Risk Taking
Author(s):
Article Type:
Research/Original Article (دارای رتبه معتبر)
Abstract:
Testosterone is one of the most important masculine hormones, playing a major role in shaping mens face and their behavioral characteristics including risk taking. Measuring the testosterone level of the CEOs, recent studies have revealed a significant relationship between biological characteristics of the CEOs and corporate economic decisions. Therefore, the present study aims to investigate the impact of the facial width to height ratio (fWHR) of the CEO as one of the factors determining the testosterone level on risk-taking companies. To do so, a sample of 49 firms listed in Tehran Stock Exchange during the years 2014-2016 were selected and then tested using multivariate regression model based on panel data technique. The findings indicate that the high testosterone level in CEOs tends to result in corporate risk taking. The findings of current study not only fill existing gaps in the field, but also contribute to decision-making practices in Stock Exchange.
Keywords:
Language:
Persian
Published:
Journal of Investment Knowledge, Volume:6 Issue: 24, 2018
Pages:
83 to 98
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