The paper investigates the moderating effect of CEO race on the relationship between CEO masculinity and company performance. The sample includes 260 companies listed on the Bursa Malaysia for the period from 2009 to 2019. Data extracted for 405 unique CEOs from different races (Malay, Chinese, Indian, and others). The paper uses two indicators of CEO masculinity, facial width-to-height ratio (fWHR) and testosterone level (Tsh). The fWHR of CEOs is measured using artificial intelligence (Python code/c). In addition, a contemporary model (...) is applied to estimate Tsh based on face measures and CEO age. The results indicate that CEO race moderates the relationship between masculinity and company performance. The findings reveal that high masculinity is positively associated with company performance only among the non-Bumiputera group, however, there is no significant evidence among the Bumiputera group. This study uniquely links CEO characteristics and financial performance with neuro finance and biological aspects. Therefore, this study offers novel contributions to literature and implications for investors, board members, policymakers, and academicians. (shrink)

A board of directors consists of a set of key personnel that hold vital positions in a company. Based on the premise of the resource dependence theory, we explore the association between board diversity and innovation performance in Malaysia. The sample consists of 220 companies from the industrial product sector of the main market of Bursa Malaysia for the financial year 2013. Board diversity is represented by a comprehensive score that includes age, gender, ethnicity, nationality, education, tenure, area of experience (...) and directorship in other companies. Results of the regression analysis show that there is a positive association between board diversity and innovation performance. Our findings contribute to the policy involving the diversity of corporate boards by suggesting that policy, such as one of gender diversity in Malaysia, is expanded to include multi-dimensional aspects of board diversity that better represent the economic, legal and cultural environment of a country. (shrink)