近日，我院杜瑶博士在European Financial Management期刊发表学术论文“Aesthetic Leadership: The Influence of CEO Attractiveness on Bank Loan Contracts”。《European Financial Management》属于SSCI二区期刊，ABS3星期刊，近五年影响因子为3.1。
【论文简介】
Facial traits constitute a significant source of information in social interactions, yet little is known about whether they affect borrowing costs. This study examines how CEO attractiveness influences loan costs. Our analysis reveals that firms with more attractive CEOs secure lower loan spreads. To address endogeneity, a difference-in-differences approach centred on CEO turnovers confirms robustness. Further analysis shows a significant positive association between CEO attractiveness and operating cash flow, supporting the notion that visually appealing CEOs enhance firm profitability and improve lenders' perceptions of creditworthiness. These findings underscore CEO appearance as an important intangible asset in shaping firm credit terms.
【原文链接】
https://doi.org/10.1111/eufm.12565
