董事长面部可信度与企业风险承担

Chairman's Facial Trustworthiness and Corporate Risk-taking

神经科学与心理学研究表明,面部特征通常会影响他人对自身内在特征的判断。本文以2004—2022年中国A股上市公司为样本,立足董事长面部可信度的独特视角,通过采用深度学习的面部检测算法来测量董事长面部可信度,基于社会知觉理论,考察董事长面部可信度对企业风险承担的影响。研究发现,与董事长面部可信度较低的企业相比,董事长面部可信度较高的企业风险承担水平提高了3.69%。作用机制研究发现,董事长面部可信度主要通过影响董事与员工凝聚力、债权人与投资者信心,进一步影响企业风险承担。异质性检验显示,董事长面部可信度对企业风险承担的影响在董事长社会资本不足以及产品市场地位较低的企业中更为显著。本文拓展了董事长面部特征研究,表明董事长面部可信度是影响企业风险承担的一个重要因素。

The neuroscience and psychology literature indicates that facial features often influence others'judgments of one's internal characteristics.This paper examined the impact of the perceived trustworthiness of a chairman's facial features on corporate risktaking using a sample of Chinese A-share listed companies from 2004 to 2022.In line with the social perception theory,the perceived trustworthiness of the chairman's facial features was proxied by deep learning via Facial detection algorithms.The findings reveal that companies with high perceived trustworthiness showed a 3.69%increase in their level of risktaking as compared to their peer companies with low perceived trustworthiness of the chairman's facial feature.The mechanism by which this occurs is primarily through the influence of the cohesion among directors and employees,as well as the confidence of creditors and investors,which in turn affects corporate risk-taking.The robust findings show that the impact of the perceived trustworthiness of the chairman's facial features on corporate risk-taking is more significant in companies with lower social capital and product market positions.This study contributes to this contemporary literature on the facial features of a chairman,demonstrating that the perceived trustworthiness of a chairman's face is a significant factor influencing corporate risk-taking.