Old captains at the helm: chairman age and firm performance
| Data(s) |
01/05/2013
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|---|---|
| Resumo |
This paper examines whether the chairmen of the boards (COBs) impose their life cycles on the firms over which they preside. Using a large sample of unlisted firms, we find a robust negative relation between COB age and firm performance. COBs age much like ‘ordinary’ people. Their cognitive abilities deteriorate, and they experience significant shifts in motivation. Deteriorating cognitive abilities are the main driver of the performance effect that we observe. The results imply that succession planning problems in unlisted firms are real. Mandatory retirement age clauses cannot solve these problems. |
| Formato |
application/pdf application/pdf |
| Identificador |
http://boris.unibe.ch/38738/13/Old_captains_at_the_helm_final.pdf http://boris.unibe.ch/38738/7/1-s2.0-S0378426613000216-main.pdf Wälchli, Urs; Zeller, Jonas (2013). Old captains at the helm: chairman age and firm performance. Journal of banking & finance, 37(5), pp. 1612-1628. Amsterdam: Elsevier 10.1016/j.jbankfin.2012.12.012 <http://dx.doi.org/10.1016/j.jbankfin.2012.12.012> doi:10.7892/boris.38738 info:doi:10.1016/j.jbankfin.2012.12.012 urn:issn:0378-4266 |
| Idioma(s) |
eng |
| Publicador |
Elsevier |
| Relação |
http://boris.unibe.ch/38738/ |
| Direitos |
info:eu-repo/semantics/openAccess info:eu-repo/semantics/restrictedAccess |
| Fonte |
Wälchli, Urs; Zeller, Jonas (2013). Old captains at the helm: chairman age and firm performance. Journal of banking & finance, 37(5), pp. 1612-1628. Amsterdam: Elsevier 10.1016/j.jbankfin.2012.12.012 <http://dx.doi.org/10.1016/j.jbankfin.2012.12.012> |
| Palavras-Chave | #650 Management & public relations #330 Economics |
| Tipo |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion PeerReviewed |
