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The Facial Appearance of CEOs: Faces Signal Selection but Not Performance

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  • Janka I Stoker
  • Harry Garretsen
  • Luuk J Spreeuwers

Abstract

Research overwhelmingly shows that facial appearance predicts leader selection. However, the evidence on the relevance of faces for actual leader ability and consequently performance is inconclusive. By using a state-of-the-art, objective measure for face recognition, we test the predictive value of CEOs’ faces for firm performance in a large sample of faces. We first compare the faces of Fortune500 CEOs with those of US citizens and professors. We find clear confirmation that CEOs do look different when compared to citizens or professors, replicating the finding that faces matter for selection. More importantly, we also find that faces of CEOs of top performing firms do not differ from other CEOs. Based on our advanced face recognition method, our results suggest that facial appearance matters for leader selection but that it does not do so for leader performance.

Suggested Citation

  • Janka I Stoker & Harry Garretsen & Luuk J Spreeuwers, 2016. "The Facial Appearance of CEOs: Faces Signal Selection but Not Performance," PLOS ONE, Public Library of Science, vol. 11(7), pages 1-11, July.
    • Handle: RePEc:plo:pone00:0159950
    DOI: 10.1371/journal.pone.0159950
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    Cited by:

    1. Tim Hahn & Nils R Winter & Christine Anderl & Karolien Notebaert & Alina Marie Wuttke & Celina Chantal Clément & Sabine Windmann, 2017. "Facial width-to-height ratio differs by social rank across organizations, countries, and value systems," PLOS ONE, Public Library of Science, vol. 12(11), pages 1-14, November.
    2. Necka, Elizabeth A. & Amir, Carolyn & Dildine, Troy C. & Atlas, Lauren Y., 2021. "Expectations about pain and analgesic treatment are shaped by medical providers’ facial appearances: Evidence from five online clinical simulation experiments," Social Science & Medicine, Elsevier, vol. 281(C).

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