Abstract
ABSTRACT Using the data of turnover of Chinese city-level Party secretaries and mayors over the period 2001–2016, this paper explores the impact of officials’ turnover on foreign direct investment (FDI) inflows. We further measure the facial attractiveness score of the new official according to their official photographs and investigate the role of facial appearance of official. The results indicate that turnover of a Party secretary does not show a significant impact on FDI inflows, but in the year of a mayor’s turnover, there are fewer FDI inflows and the effect is greater when the new mayor has a lower level of facial appearance. Moreover, the impact of mayors’ turnover and facial appearance only exists in regions with lower investor protection.
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