Indianapolis, Indiana – Mental health struggles among top executives, particularly CEOs, are often hidden behind closed doors. The pressures of leadership—high-stakes decision-making, long hours, and constant scrutiny—can take a toll on even the most resilient individuals. Yet, these struggles often go unnoticed due to the stigma surrounding mental health and the fear of tarnishing a professional reputation. A new study from the Indiana University Kelley School of Business is beginning to peel back the layers of this issue, utilizing cutting-edge artificial intelligence (AI) to provide a unique insight into the emotional well-being of CEOs.
The research, which employs AI to analyze subtle vocal markers of depression, offers a groundbreaking approach to understanding mental health among top executives. By examining more than 14,600 earnings call recordings from S&P 500 companies spanning from 2010 to 2021, the study highlights how the voices of CEOs may reveal hidden signs of depression—symptoms that might otherwise go undetected. These vocal cues, often imperceptible to the human ear, can be detected through machine learning models trained to identify clinically validated indicators of depression.
Read also: March 2025 webinar to discuss strategies for women supporting women at work
The findings are striking. Over 9,500 instances of CEOs displaying vocal patterns consistent with depression were found throughout the study. According to Nargess Golshan, an assistant professor of accounting at the Kelley School of Business, “Our study provides an initial examination of CEO depression, something that often remains hidden due to the high-pressure nature of the role these people play at their companies.” She went on to explain that, due to the influential role of CEOs in shaping company outcomes, their emotional states can profoundly impact not just their own careers, but the broader economy as well. The constant pressure associated with the job, compounded by long hours and crucial decisions, increases the likelihood of these leaders experiencing depression.
The study, titled “Silent Suffering: Using Machine Learning to Measure CEO Depression,” was published in the Journal of Accounting Research. Golshan and her co-author, Mark Cheng, a doctoral candidate at the University of Kentucky, delved into the connections between CEO depression and job-related stressors. They found that heightened firm risk correlates with more severe symptoms of depression, while CEOs with higher job demands tend to exhibit lower levels of depression. Interestingly, female and older CEOs were less likely to show signs of depression, a discovery that opens doors for further exploration into the factors influencing mental health in leadership.
Previous studies have suggested that the same brain regions responsible for depression also play a role in decision-making. Research shows that depressed individuals tend to be more sensitive to losses and negative feedback, while simultaneously being less responsive to positive outcomes and rewards. This could be a critical factor in understanding how depression affects decision-making in high-pressure corporate environments.
Read also: AlgoRhythms summit explores the intersection of music and AI innovation
Another key element of the study was the exploration of how depression influences a CEO’s career trajectory. While the researchers found no evidence suggesting that depression directly impacts CEO turnover, they did identify a noteworthy trend: CEOs experiencing depression exhibited a heightened turnover-performance sensitivity. This means that depressed CEOs may be more acutely aware of their performance and more likely to experience turnover linked to their performance metrics.
The study also examined the relationship between CEO depression and their compensation. The findings suggest that CEOs with higher depression levels tend to receive more substantial compensation packages, with a larger portion of their pay linked to company performance. This could indicate that depression may make executives more responsive to negative feedback, which might drive performance-related incentives. However, the study found no evidence to suggest that depression among CEOs directly affects firm performance, either in the short or long term. This suggests that while CEO depression may influence the individual leader’s emotional state and career decisions, it does not appear to directly impact the overall performance of the company.
Despite the significant revelations from this study, Golshan is quick to point out the limitations of the model. “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,” she said. It’s important to note that while AI voice analysis provides valuable insights into the emotional health of CEOs, the model should not be seen as a diagnostic tool but rather as a way of shedding light on an issue that has long been obscured in the world of business leadership.
As more companies adopt a focus on mental health and well-being, this study serves as a crucial reminder of the silent struggles that can affect those at the top. With the help of artificial intelligence, researchers are uncovering new ways to understand and address these challenges. As the field of AI continues to evolve, it could play a pivotal role in not just recognizing depression but also developing strategies to manage it, ultimately helping CEOs—and other leaders—thrive in their high-pressure roles.
In conclusion, while CEOs have long been viewed as the pillars of corporate strength and success, this research reveals that they too are vulnerable to the mental health challenges faced by many. By recognizing the subtle signs of depression through AI voice analysis, researchers are opening the door to more honest conversations about mental health at the highest levels of leadership. As Golshan aptly puts it, “This study is just the beginning, and there is much more to uncover as we continue to understand how depression affects decision-making and leadership.”
