The face of morality: Powerful Chief Executive Officers’ (CEOs’) facial characteristics and moral foundations.

Abstract

The present study examines the moral aspects of Chief Executive Officers (CEOs). We focus on two fundamental moral foundations—binding (prioritizing group loyalty and authority) and individualizing (prioritizing individual rights and welfare). Based on 10-year data of U.S. CEOs from S&P 500 firms, we found that only among high-power CEOs, binding foundations are predicted by the facial width-to-height ratio (fWHR; an androgen-sensitive phenotype associated with social dominance), but not by facial symmetry (fS; a phenotype associated with social concern), whereas individualizing foundations are predicted by fS but not by fWHR. Our findings suggest that CEOs’ moral foundations are characteristic adaptations, varying upon genetic predispositions contextualized in their social roles (positional power). Given the potentially significant influence of executives’ morality on various firm stakeholders, the economy, and society, we shed light on the strategic leadership literature by identifying important predictors of CEOs’ moral foundations.