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AI Can Detect Depression in CEOs’ Voices, Study Shows Higher Pay for Those Affected

A new study using artificial intelligence to analyze CEO voices during earnings calls has revealed new insights into depression among corporate leaders, finding that female and older CEOs show lower rates of depression while those leading riskier companies show higher rates.

The research, published in the Journal of Accounting Research on January 8, 2025, marks the first large-scale examination of depression among CEOs using machine learning to detect subtle voice patterns that humans can’t perceive. The study analyzed recordings from over 14,000 corporate earnings calls between 2010 and 2021.

Surprisingly, CEOs showing signs of depression often received higher compensation and stronger performance incentives than their non-depressed counterparts. However, the research found no evidence that CEO depression affected company performance or led to more frequent CEO turnover.

The study also identified specific company characteristics linked to higher rates of CEO depression. “Greater firm risk is positively associated with CEO depression, whereas higher job demands are negatively associated with CEO depression,” explains the research team in their findings.

In a notable gender and age disparity, female CEOs were approximately 16% less likely to show signs of depression compared to their male counterparts. Older CEOs also demonstrated lower rates of depression, with each standard deviation increase in age associated with a 1.9% lower probability of depression.

The machine learning system developed for the study analyzed voice patterns during quarterly earnings calls, identifying subtle vocal characteristics linked to depression. The researchers validated their approach against clinical interview data and found their model outperformed previous methods of depression detection.

Despite higher rates of depression being associated with certain firm characteristics, the research found no evidence that depressed CEOs performed worse than their peers. Stock market investors also showed no reaction to CEO depression signals during earnings calls, suggesting these vocal patterns aren’t detectable by human listeners.

The study opens new avenues for understanding mental health in corporate leadership, particularly important given previous research suggesting that depression may be more prevalent among executives than in the general population. The findings could help shape future corporate policies around executive well-being and compensation structures.

These insights come at a crucial time as businesses increasingly recognize the importance of mental health in the workplace, extending all the way to the executive suite. The research suggests that while depression among CEOs may be more common than previously known, it doesn’t necessarily impair corporate performance.

“Considering the widespread nature of depression among executives, additional studies are needed to understand contributing factors, how depression affects business decisions, and strategies for managing depression in leadership roles,” said Nargess Golshan, PhD, an assistant professor at Indiana University Kelley School of Business.


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