Are Boards Sensitive to CEO Masculinity? The Effect of CEO Facial and Vocal Masculinity on CEO Dismissal

Matthew P. Mount; Wen Hua Sharpe; Karen M. Y. Lai; Ferdinand A. Gul

doi:10.1111/joms.13159

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Are Boards Sensitive to CEO Masculinity? The Effect of CEO Facial and Vocal Masculinity on CEO Dismissal

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Are Boards Sensitive to CEO Masculinity? The Effect of CEO Facial and Vocal Masculinity on CEO Dismissal

Matthew P. Mount, Wen Hua Sharpe, Karen M. Y. Lai and Ferdinand A. Gul

Journal of Management Studies, Vol.62(7), pp.3153-3181

2025

DOI: https://doi.org/10.1111/joms.13159

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Abstract

board of directors

CEO dismissal

CEO masculinity

evolutionary psychology

financial analysts

Drawing on evolutionary psychology theorizing, this paper examines how chief executive officer (CEO) facial and vocal masculinity – as evolved biases shaping peoples' perceptions of an individual's leadership ability – influence boards' dismissal decisions. Specifically, we theorize that boards are likely to perceive CEO facial and vocal masculinity as costly to the firm, as they signal aggression, dominance, and risk-taking – traits that are only valued in the narrow context of conflict. Based on this reasoning, we argue that CEO facial and vocal masculinity will be positively related to CEO dismissal. Further, we develop contingency arguments which suggest that CEO facial and vocal masculinity will interact with analysts' evaluation of firm performance to jointly influence CEO dismissal. We test and find support for our predictions using a panel dataset of CEOs from S&P 1500 firms.

Details

Title: Are Boards Sensitive to CEO Masculinity? The Effect of CEO Facial and Vocal Masculinity on CEO Dismissal
Authors: Matthew P. Mount - The University of Adelaide
Wen Hua Sharpe - University of the Sunshine Coast, Queensland, School of Business and Creative Industries
Karen M. Y. Lai - Shenzhen University
Ferdinand A. Gul - University of the Sunshine Coast, Queensland, School of Business and Creative Industries
Publication details: Journal of Management Studies, Vol.62(7), pp.3153-3181
Publisher: Wiley-Blackwell Publishing Ltd.
Date published: 2025
DOI: 10.1111/joms.13159
ISSN: 1467-6486; 0022-2380
Organisation Unit: School of Business and Creative Industries
Language: English
Record Identifier: 991080897102621
Output Type: Journal article

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Collaboration types: Domestic collaboration; International collaboration
Web Of Science research areas: Business; Management