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Zheng, Xue

Facial masculinity has powerful effects on interpersonal perceptions and relationships. However, to date, research has mainly focused on romantic and leader-subordinate relationships. Building on entrepreneurship literature and gender role theory, we extend research on facial masculinity to the entrepreneurship context. Specifically, we argue that regardless of entrepreneurs¡¯ gender, investors perceive entrepreneurs with masculine faces as being more socially masculine and capable. As a result, investors are likely to invest more in entrepreneurs with masculine faces. A field study and an experiment support these predictions. Previous studies have mainly focused on the effect of entrepreneurs¡¯ gender on investors¡¯ decisions. In contrast, our findings suggest that investors¡¯ decisions are influenced by facial masculinity rather than entrepreneurs¡¯ gender, highlighting the importance of studying how entrepreneurs¡¯ biological indicators other than physical gender shape investors¡¯ perceptions and investment decisions.