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The authors analyzed the relationship between chief executive officer (CEO) facial masculinity and the level of corporate social responsibility disclosure (CSRD).

The authors conducted research for 2011–2019, covering companies listed on the Indonesian Stock Exchange. This study used an ordinary least squares regression, the coarsened exact matching (CEM) and propensity score matching (PSM) procedure in testing the hypothesis.

Based on the results of analysis, it is known that CEO facial masculinity is negatively related to corporate CSR disclosure levels. However, this negative relationship can be mitigated through governance mechanisms: the audit committee.

This paper provides implications in the field of research, especially regarding the biological attributes of CEOs in relation to CSR.

As many previous studies focused on the managerial aspect of the CEO, this study focused on the biological aspect of CEO. To the authors’ knowledge, this study is among the first to attempt to investigate this issue in an emerging market.

With a sample of 22 banks, this study examines the significance of the news contents about the privatization of two public sector banks in India. New information does impact the stock markets. This study provides evidence on how the privatization of public sector banks impacted the returns of the Indian banking sector.

This study employs the standard event study methodology with the market model for estimating the normal returns.

The statistical results indicate that while the private sector banks experienced positive average abnormal returns on the event day, the cumulative effect of the announcement is negatively significant for both private and public sector banks. The statistical results also provide evidence of information leakage, with significant results before the announcement date. The shorter event windows analysis exhibits significant positive returns in the 5-days [−2, +2] window for the private sector banks and the entire sample, signifying a positive short-term impact on the private sector banks.

The event study literature captures the impacts of many events. However, to the best of our knowledge, the impacts of the privatization of the Indian public sector banks have never been examined using the event study methodology. Hence, this study anticipates being the first-ever study to fill this gap and extend the available literature in finance. In addition, although we provide Indian evidence, future studies may be oriented to capture cross-country impacts.