What are they looking at: directors’ facial appearances and shareholder voting outcomes

Loading...
Thumbnail Image
Authors
Chen, Jeff Z.
Kolev, Kalin
Luo, Xin
Yang, Liu
Advisors
Issue Date
2025-06-03
Type
Article
Keywords
Board of directors , Director photos , Machine learning , Perception , Shareholder voting
Research Projects
Organizational Units
Journal Issue
Citation
Jeff Z. Chen, Kalin Kolev, Xin Luo, Liu Yang, (2025). What are they looking at: directors’ facial appearances and shareholder voting outcomes, Journal of Business Research, Volume 198, 115479, ISSN 0148-2963, https://doi.org/10.1016/j.jbusres.2025.115479. (https://www.sciencedirect.com/science/article/pii/S0148296325003029)
Abstract

In this study, we investigate whether directors’ facial appearances are associated with shareholders’ voting behavior. Drawing on research in neuroscience and cognitive psychology and utilizing machine learning technology to measure directors’ trustworthiness, attractiveness, and dominance, we find that individual directors’ trustworthiness and attractiveness are positively associated with director elections. Furthermore, the higher average level of (variation in) directors’ trustworthiness or attractiveness leads to greater (lower) support from shareholders on say-on-pay proposals. The impact of facial appearances on shareholder voting behavior is weaker when shareholders know more about the directors’ track record. Finally, we find that directors’ perceived trustworthiness is positively associated with board meeting frequency, suggesting that impressions of trustworthiness can influence board dynamics and functioning. © 2025 Elsevier Inc.

Table of Contents
Description
Publisher
Elsevier Inc.
Journal
Journal of Business Research
Book Title
Series
PubMed ID
ISSN
01482963
EISSN