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
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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.
Item Type: |
Journal Article (Original Article) |
|---|---|
Division/Institute: |
03 Faculty of Business, Economics and Social Sciences > Department of Business Management > Institute of Financial Management |
UniBE Contributor: |
Wälchli, Urs, Zeller, Jonas |
Subjects: |
600 Technology > 650 Management & public relations 300 Social sciences, sociology & anthropology > 330 Economics |
ISSN: |
0378-4266 |
Publisher: |
Elsevier |
Language: |
English |
Submitter: |
Urs Wälchli |
Date Deposited: |
25 Nov 2013 11:12 |
Last Modified: |
05 Dec 2022 14:26 |
Publisher DOI: |
10.1016/j.jbankfin.2012.12.012 |
Web of Science ID: |
000317167600024 |
BORIS DOI: |
10.7892/boris.38738 |
URI: |
https://boris.unibe.ch/id/eprint/38738 |
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