Mannes (who is balding himself) conducted a study published in the journal, Social Psychological and Personality Science, found that guys with shaved heads are seen by other men as more dominant and have a greater potential for leadership. Look at action stars such as Bruce Willis and Jason Statham for examples.
However, Mannes discovered that men with shaved heads were also viewed as less attractive and older-looking than men with a full head of hair. Meaning that whatever a man gains in dominance, his perceived attractiveness will proportionally be diminished.
Full article: How bald guys can look more manly and dominant