The Teddy Bear Effect: Does A Babyface Benefit Black CEOs?

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Executive Summary

In terms of real earnings and achievement, the more babyfaced the black CEO, the more prestigious was the company he actually led, reflected by both Fortune 500 ranking and annual corporate revenue. Theories abound, as does some evidence, regarding factors that limit minority access to power. Researchers cite economic disadvantage and resultant limited access to educational, social, and cultural opportunities. Others point to psychological studies of mental associations between whiteness and leadership that make it difficult for blacks to "fit" the preconceived notion of a leader.

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