Are Facial Characteristics Correlated with CEO Traits?

Researchers John R. Graham, Campbell R. Harvey, and Manju Puri, all of the Fuqua School of Business at Duke, conducted a study using almost 2000 participants in an effort to determine if facial characteristics are related to various CEO traits. In one experiment of the study, the researchers showed pictures of 138 CEOs to 230 study participants who were asked to rate each CEO picture in terms of four attributes: competence, attractiveness, trustworthiness, and likeability. The results of the study showed that all four traits are positively correlated. That is, if a CEO (based on the picture) was rated as high on competence, he was also rated high on each of attractiveness, trustworthiness, and likeability. The largest correlation was between trustworthiness and likeability, and the smallest correlation was between trustworthiness and attractiveness. These ratings on each of the four traits were also analyzed to determine if there was a correlation with total sales of the CEO's firm and with CEO income. The results showed that there was a small positive correlation between CEO ratings on competence and company sales. There was also a small positive correlation between CEO ratings oncompetence and their income. In another experiment, 138 CEOs were rated on being "baby-faced." Analysis of the study data showed that there was a positive correlation between CEOs' baby-faced rating and likability. That is, the more CEOs appeared to be baby-faced, the higher they were rated in likeability. However, there was a negative correlation between CEOs' baby-faced rating and competence.

Things to Ponder

1. Similar studies have been conducted in the area of political science to determine the electability of people running for office. What do you think is the real impact of studies like this in business?
2. The authors of the study suggest that baby-faced people tend to have large, round eyes, high eyebrows, and a small chin, thereby giving the perception of a baby-faced appearance. In this study, baby-faced CEOs were rated more highly on one attribute and low on another attribute. Based on these results, what advice would you give to a baby-faced business manager who aspires to be a CEO?