The Face of CSR: CEO’s Facial Masculinity, Performance Feedback, and CSR

This study examines the relationship between chief executive officers’ (CEOs’) facial masculinity, financial performance feedback, and corporate social responsibility (CSR) activity, drawing on the behavioral theory of the firm (BTOF). Using a panel dataset of 5,113 firm-year observations from 672 U.S. manufacturing firms (1992–2018), it explores how CEOs with higher facial masculinity influence CSR engagement under varying financial conditions. The findings reveal that CEOs’ facial masculinity alone does not directly predict CSR engagement. However, under negative financial performance feedback, firms led by more masculine-faced CEOs tend to intensify CSR initiatives. Their risk-taking propensity drives them to adopt CSR as a strategic response to restore legitimacy and address performance deficits. Conversely, under positive feedback, masculine-faced CEOs show no significant tendency to expand CSR engagement. These results highlight the nuanced role of CEO personality traits in shaping CSR strategies under financial pressures. By illustrating how CEOs’ facial masculinity moderates the relationship between performance feedback and CSR investment, this study advances research on executive characteristics and corporate sustainability.