Online Appendix to 'The Face of Risk: CEO’s Facial Masculinity and Firm Risk'

European Financial Management

42 Pages Posted: 3 Mar 2021

See all articles by Shinichi Kamiya

Shinichi Kamiya

Nanyang Business School, Nanyang Technological University

Y. Han (Andy) Kim

Sungkyunkwan University

Soohyun Park

Sungkyunkwan University, School of Business Administration, Students

Date Written: December 31, 2020

Abstract

This online appendix has two parts. First, we provide additional regression results for the paper as robustness checks. Our additional regressions use alternative measures of facial masculinity and alternative measures of overconfidence as controls. The flow of the tables is in tandem with the flow of the discussion in the main text of the paper. Also, we show difference-in-difference analyses surrounding CEO turnovers in Table 5 of this appendix to support our argument in the paper. Second, we provide detailed description about our Python coding to automatically measure facial width to height ratio for the collected face pictures of the CEOs.

Chapter 1. Robustness Checks with the CEO fWHR in the main text

Chapter 2. Description of the algorithm to measure fWHR using Artificial Intelligence

Keywords: fWHR, Risk, Masculinity, CEO

Suggested Citation

Kamiya, Shinichi and Kim, Y. Han (Andy) and Park, Soohyun, Online Appendix to 'The Face of Risk: CEO’s Facial Masculinity and Firm Risk' (December 31, 2020). European Financial Management, Available at SSRN: https://ssrn.com/abstract=3757920 or http://dx.doi.org/10.2139/ssrn.3757920

Shinichi Kamiya

Nanyang Business School, Nanyang Technological University ( email )

Singapore, 639798
Singapore

Y. Han (Andy) Kim (Contact Author)

Sungkyunkwan University ( email )

422 School of Business
25-2 SungKyunKwan-Ro, Jongno-ju
Seoul, 110-745
Korea, Republic of (South Korea)
+82-2-760-0622 (Phone)
+82-2-760-0622 (Fax)

HOME PAGE: http://https://sites.google.com/site/andyyhankim/

Soohyun Park

Sungkyunkwan University, School of Business Administration, Students ( email )

206 International Hall
Seoul 110-745
Korea, Republic of (South Korea)

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