Waelchli, Urs; Zeller, Jonas - In: Journal of Banking & Finance 37 (2013) 5, pp. 1612-1628
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...