Ageing effect: the impact of chair-CEO age dissimilarity on investment efficiency

Xiaoyun Yang

Applied Economics Letters, 2025, vol. 32, issue 14, 2033-2039

Abstract: According to different research paradigms, the impact of chair-CEO age dissimilarity on corporate decision-making may have a bright side or a dark side. This paper discusses the effect of chair-CEO age dissimilarity on investment efficiency in China. Using the sample of public firms from 2005 to 2019, we find an ‘ageing effect’ that a normative age gap between the chair and CEO improves firms’ investment efficiency by mitigating under-investment. Our finding deepens the understanding of the antecedent and the mechanism of investment efficiency from the micro-perspective of executives’ age differences.

Date: 2025
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DOI: 10.1080/13504851.2024.2332527

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