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Beauty and appearance in corporate director elections

Author

Listed:
  • Philipp Geiler

    (EM - EMLyon Business School)

  • Luc Renneboog

    (Tilburg University [Tilburg] - Netspar)

  • Yang Zhao

    (Newcastle University Business School)

Abstract

We study the role of facial appearance in corporate director (re-)elections by means of director photographs published in annual reports. We find that shareholders use inferences from facial appearance in corporate elections, as a better (higher rated) appearance measure of a director reduces voting dissent. These heuristics are based on perceived competence, trustworthiness, likability, and intelligence, but not on physical beauty. The results are valid for director re-elections but not for first appointment elections as in the latter cases, shareholders may not as yet be familiar with a director's looks. In firms with few institutional shareholders and more retail investors owning small equity stakes, the latter tend to rely more on facial appearance than institutional shareholders, presumably as institutions conduct more research on the director's background and performance, and consequently rely less on facial appearance. While female directors generally experience lower voting dissent, their facial appearance does not affect their elections results.

Suggested Citation

  • Philipp Geiler & Luc Renneboog & Yang Zhao, 2018. "Beauty and appearance in corporate director elections," Post-Print hal-02312136, HAL.
    • Handle: RePEc:hal:journl:hal-02312136
    DOI: 10.1016/j.intfin.2018.03.004
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    Cited by:

    1. Tyrowicz, Joanna & Terjesen, Siri & Mazurek, Jakub, 2020. "All on board? New evidence on board gender diversity from a large panel of European firms," European Management Journal, Elsevier, vol. 38(4), pages 634-645.
    2. Zhihong Li & Yining Song & Xiaoying Xu, 2019. "Incorporating facial attractiveness in photos for online dating recommendation," Electronic Commerce Research, Springer, vol. 19(2), pages 285-310, June.
    3. Hamermesh, Daniel S. & Leigh, Andrew K., 2022. "“Beauty too rich for use”: Billionaires’ assets and attractiveness," Labour Economics, Elsevier, vol. 76(C).
    4. Abel François & Sophie Panel & Laurent Weill, 2023. "Dictators’ facial characteristics and foreign direct investment," Post-Print hal-03969697, HAL.
    5. Joanna Tyrowicz & Siri Terjesen & Jakub Mazurek, 2017. "All on board? New evidence on board gender diversity from a large panel of firms," GRAPE Working Papers 5, GRAPE Group for Research in Applied Economics.
    6. Chen, Jeff Z. & Kolev, Kalin & Luo, Xin & Yang, Liu, 2025. "What are they looking at: directors’ facial appearances and shareholder voting outcomes," Journal of Business Research, Elsevier, vol. 198(C).

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    Keywords

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    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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