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The reason behind this is probably very simple; testosterone causes hair loss. The more testosterone one has, the more likely he is going to get hair loss and eventually being bald. Though there are other factors included too, but anyways, testosterone is strongly associated with hair loss.
And other characteristics involved with testosterone are too associated with masculinity and leadership. Like strong jaws, but there have also been some research that suggests that some men have evolved "fake" jaws to emulate high testosterone levels (high testosterone= good immune system-> women prefer healthy men).
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