Factors such as age, education and other facial and vocal characteristics that suggest masculinity were also taken into account.
The scientists found a clear correlation between voice pitch and success, with those with lower voices managing larger companies and earning more.
A decrease in voice pitch of 22.1Hz correlated with an increase in company size of $440 million which was accompanied by higher pay of $187,000 a year.
The researchers also found that male chief executives with lower voices were retained longer by the companies that employed them.
Professor Mohan Venkatachalam, one of the Fuqua researchers, said: "These findings suggest that the effects of a deep voice are salient even for the upper echelons of management in corporate America."
But his colleague Professor Bill Mayew added: "While a deep voice appears to correlate with various measures of labor market success, we still have little understanding of the precise mechanism by which a deep voice adds value."
Previous research by Duke University has found that voters of both sexes prefer candidates with deeper voices.
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