Waelchli, Urs; Zeller, Jonas - In: Journal of Banking & Finance 37 (2013) 5, pp. 1612-1628
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 … that succession planning problems in unlisted firms are real. Mandatory retirement age clauses cannot solve these problems. …