Study Reveals CEO Accents Impact Everyday Investors’ Choices

Research from the University of Rhode Island indicates that the accents of chief executive officers (CEOs) can influence investment decisions among everyday investors, while professional investors remain largely unaffected. The study, led by professors Anis Triki and Devendra Kale, was published in the Journal of Behavioral and Experimental Finance on January 25, 2026.

Within the S&P 500, only about 10% of CEOs speak with an accent or come from foreign backgrounds, yet their presence is increasingly significant. As companies like Alphabet, NVIDIA, and Microsoft appoint more leaders with diverse accents, Triki and Kale explored the extent to which these factors sway investor behavior.

“Discussions in academia often touch on the importance of a professor’s accent, but there is limited research on its impact in the business realm,” Triki noted. To address this gap, the researchers investigated whether a CEO’s accent affects investment decisions among investors willing to consider up to $10,000 in a fictional company.

The study involved presenting participants with two types of information: a business journal article detailing the CEO’s reputation and audio recordings of earnings calls, with the CEO’s voice altered to reflect American, Indian, and Kenyan accents. The findings revealed that investors showed a preference for CEOs with foreign accents, particularly when their reputations were strong.

“People generally chose to invest more with individuals who speak with a foreign accent,” stated Triki. The research highlighted that when a CEO’s reputation was poor, their accent had little to no impact on investment decisions. In contrast, a solid reputation enhanced the likelihood of investment, regardless of the CEO’s accent.

Interestingly, among the accents tested, those with Indian and Kenyan accents attracted more hypothetical investment than their American counterpart. The study, which surveyed around 290 participants, contrasted with common assumptions regarding biases against foreign accents.

“When we presented the research, people were surprised,” said Kale. “There is a prevalent narrative about how accents can foster negative bias.” He emphasized that a poor reputation diminishes the effect of accent on investment decisions. Conversely, a good reputation can lead to increased investments for CEOs with foreign accents.

This research underscores the evolving dynamics of investor behavior in a globalized economy, suggesting that while biases exist, they can be mitigated by a strong reputation. The findings offer valuable insights for companies seeking to diversify their leadership and appeal to a broader investor base.