The impact of a male CEO’S facial masculinity on leverage

Nur Fadjrih Asyik · Muchlis Muchlis · Ikhsan Budi Riharjo · Rusdiyanto

26 citations0/0 files storedCogent Business & Management

No readable copy stored yet — this record is metadata only.

No open-access location is known for this record yet.

Literature note Cite in a project Citation map

Corporate Finance and Governance Gender Diversity and Inequality Evolutionary Psychology and Human Behavior

Abstract

The purpose of this study was to obtain empirical evidence of the effect of male CEO’s facial masculinity on leverage, to identify the effect of male CEO’s facial masculinity on leverage. This study uses a quantitative approach with a population and research sample using companies on the Indonesia Stock Exchange in 2016–2021. The study collected images of faces identified as male CEOs from data from the Indonesia Stock Exchange website and company websites and using Google searches. The panel data analysis method in this study uses Regression Ordinary Least Square (OLS) with Stata Software which connects theories, concepts and data that can be carried out on research variables. The findings suggest that the higher the value of male CEOs’ facial masculinity, the greater the effect on reducing corporate leverage, and vice versa, the lower the value of male CEOs’ facial masculinity, the greater the impact on increasing corporate leverage value. The practical implications of this study can help the Indonesian Association of Accountants in developing accounting in Indonesia. Meanwhile, the theoretical implications of this study can explain agency theory and behavioral consistency theory. As for the policy implications of this study, it could provide empirical evidence that male CEOs’ masculinity undermines corporate leverage. To date, researchers in Indonesia have not identified significant research on the topic of masculinity of male CEOs in relation with leverage, or the characteristic role of male CEOs in influencing leverage policy. This study contrasts previous findings of a study that was conducted in the United States from 1993 to 2008. Meanwhile, the sampling period for this study was from 2016 to 2021 and was conducted in Indonesia.

Paper brief

Loading…

Cite this work

Citation unavailable for this work.

BibTeX RIS CSL-JSON

No public copy is stored for this record, so only the metadata is cited.

Citations in this library

Citation map →

Stored only when both papers are in the corpus — 26 citations exist upstream.

References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1989Agency Theory: An Assessment and Review 2005Performance matched discretionary accrual measures 1991Ethical Decision Making by Individuals in Organizations: An Issue-Contingent Model 2003Managing with Style: The Effect of Managers on Firm Policies 2005CEO Overconfidence and Corporate Investment 2012Are Overconfident CEOs Better Innovators?2011Overconfidence and Early‐Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies

Cited by

2024Environmental analysis and impact on green business strategy and performance in SMEs post the Covid-19 pandemic 2023Moderating Effects of Business Strategy and Environmental Uncertainty on the Relationship Between Personal Characteristics and Performance of Indonesian SMEs

Explore the map →

Papers that cite the same references — the relational fallback while embeddings are still backfilling.

Imported from OpenAlex (CC0) — nothing here is generated.