The relationship between CEO age and firm performance – evidence from Europe

dc.contributorAalto Universityen
dc.contributorAalto-yliopistofi
dc.contributor.advisorLuotonen, Niilo
dc.contributor.authorKarimo, Lauri
dc.contributor.departmentRahoituksen laitosfi
dc.contributor.schoolKauppakorkeakoulufi
dc.contributor.schoolSchool of Businessen
dc.date.accessioned2024-01-28T17:05:37Z
dc.date.available2024-01-28T17:05:37Z
dc.date.issued2023
dc.description.abstractThis study examines the relationship between CEO age and firm performance using a sample of STOXX Europe 600 companies over the period of 2015-2022. I measure firm performance by Tobin’s Q, ROA and NPM and employ pooled OLS and piecewise linear regressions while controlling for industry and time-specific effects as well as time-invariant and unobservable firm characteristics. I find no evidence of a direct relationship between CEO age and firm performance. However, the results suggest a statistically significant non-linear pattern of performance across different CEO age groups, as measured by Tobin’s Q and ROA. Moreover, the findings remain consistent after testing for robustness. Finally, this study contributes to the broader body of corporate governance literature by illuminating the relationship between CEO characteristics and firm performance in a less-studied European market, using recent data from the late 2010s.en
dc.format.extent29+4
dc.format.mimetypeapplication/pdfen
dc.identifier.urihttps://aaltodoc.aalto.fi/handle/123456789/126215
dc.identifier.urnURN:NBN:fi:aalto-202401281883
dc.language.isoenen
dc.programmeRahoitusen
dc.subject.keywordCEO characteristicsen
dc.subject.keywordCEO ageen
dc.subject.keywordfirm performanceen
dc.subject.keywordEuropeen
dc.titleThe relationship between CEO age and firm performance – evidence from Europeen
dc.typeG1 Kandidaatintyöfi
dc.type.ontasotBachelor's thesisen
dc.type.ontasotKandidaatintyöfi
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