毓秀讲堂 |【Seminar 预告】No.652--凌崚（GCSU）

In societies with prevalent gender inequality, attractive women may be perceived as lacking managerial capabilities or suited only for ornamental roles. Integrating institutional theory and the Upper Echelons theory with research on gender inequality, beauty effects, and corporate philanthropy, we argue that attractive female CEOs may fear their attractiveness undermines their perceived competence. To counteract such biases, they engage in corporate philanthropy to demonstrate compassion and care—qualities aligned with broader expectations of effective leadership. We propose that the relationship between female CEO attractiveness and corporate philanthropy is moderated by gender stereotypes and economic development. Specifically, weaker gender stereotypes and competitive markets that value managerial talent should reduce discrimination against women in leadership. To test this theory, we examine the link between the physical attractiveness of female corporate leaders and corporate donations in China and the U.S. Our findings reveal that in China, attractive female CEOs engage more actively in corporate philanthropy, donating larger amounts than their less attractive peers, particularly in regions with stronger gender stereotypes and less market-driven economies. In contrast, among U.S. S&P 1500 firms, female CEO attractiveness shows no correlation with corporate donations. These results suggest that the divergent effects of female CEO attractiveness on corporate philanthropy stem from differences in gender inequality and the distinct cultural and economic contexts of each nation.