The effect of CEO facial masculinity on ESG performance: evidence from Canada
CEOの男性的な顔立ちがESGパフォーマンスに与える影響：カナダからの証拠 (AI 翻訳)
Imen Mahfoudh, Sameh Kobbi-Fakhfakh, Molka Trigui
🤖 gxceed AI 要約
日本語
本論文は、CEOの顔の男性的特徴（顔幅高比）が企業のESGパフォーマンスに与える影響をカナダ企業データで検証。2012〜2022年の非金融企業を対象に、画像解析ソフトImageJで計測したfacial masculinityとESGスコアの関係を回帰分析した結果、男性的な顔のCEOほどESG活動を促進する傾向が示された。これはupper echelon理論を支持する。
English
This study examines the effect of CEO facial masculinity (measured by facial width-to-height ratio) on ESG performance using Canadian non-financial firms from 2012 to 2022. Regression results show that CEOs with more masculine facial features are more likely to encourage CSR initiatives, supporting upper echelon theory.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではCEOの外見とESGの関連を調査した研究はほとんどなく、本論文は新しい視点を提供する。ただし、日本企業における同様の分析には文化的・経営環境の違いを考慮する必要がある。
In the global GX context
This paper contributes to the global ESG literature by linking CEO biological traits to corporate sustainability performance. It provides evidence from Canada, adding a new dimension to upper echelon theory, though the direct applicability to other countries may be limited.
👥 読者別の含意
🔬研究者:CEO特性とESGの関係に関する新たな生物学的指標を提示しており、上層部理論の拡張に貢献する。
🏢実務担当者:CEO選任における外見的要素の影響を示唆するが、実務への直接的な示唆は限定的。
📄 Abstract（原文）
Given the scarcity of empirical studies exploring the relationship between CEO characteristics and Environmental Social and Governance (ESG) performance, this research aims to investigate whether the CEO facial masculinity affects the ESG performance. To achieve our purpose, we selected non-financial firms listed on the Canadian S&P/TSX Composite index spanning an 11-year period from 2012 to 2022. CSR performance is proxied by ESG score. By utilizing the ImageJ software, we calculated the facial width-to-height ratio as a measure of CEO facial masculinity. Data collection was derived from several sources, including annual reports, the Datastream database and other online sources. A multiple regression model, including industry and year fixed effects, was estimated using STATA software. The findings reveal that the greater the CEO facial masculinity, the more likely he is to encourage CSR initiatives in his company. This supports the predictions of the upper echelon theory which posits that the demographic, psychological and biological traits of top executives influence firm decisions and outcomes. It suggests that implementing CSR within a company is a strategic decision made by risk-tolerant and competitively aggressive CEOs in order to achieve the objectives of the company, penetrate new markets and capitalize on opportunities for positive outcomes. This study contributes to the existing literature on the impact of CEO attributes on ESG performance by examining a new CEO biological characteristic, facial masculinity, in the Canadian context.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1108/ejms-10-2025-0187first seen 2026-07-18 08:03:28
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