Can CEOs' Facial Attractiveness Influence Philanthropic Behavior? Evidence from India

Arpita Agnihotri, Saurabh Bhattacharya

Research output: Contribution to journalArticlepeer-review

1 Scopus citations


This study extends the extant literature on corporate philanthropy by exploring the indirect effect of physical attractiveness of CEOs on corporate philanthropy under conditional effects of family ownership and control. Recent empirical studies in psychology suggest that egalitarian values are negatively related to physical attractiveness. Based on these findings, we propose that physically attractive CEOs invest less in corporate philanthropic activities than less attractive peers as they have lower egalitarian values. Leveraging upper echelons and stewardship theory, we further consider the moderating impact of family ownership and control on the indirect relationship between the physical attractiveness of a CEO and philanthropy mediated through egalitarianism.

Original languageEnglish (US)
Pages (from-to)112-142
Number of pages31
JournalManagement and Organization Review
Issue number1
StatePublished - Feb 2021

All Science Journal Classification (ASJC) codes

  • Business and International Management
  • Strategy and Management


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