It’s one of those things we all learned in the scandal-laden earlier years of this decade: Celebrity CEOs aren’t always what they’re cracked up to be. Those who get showered with praise at one point may be superstar CEOs, but that doesn’t mean they have superstar performance.
According to a new study by Berkeley and UCLA professors, CEOs who won awards from organizations like (ahem) BusinessWeek or other business publications received more stock and options from their companies after the award was given than their peers who didn’t win awards. But at the same time, the nonwinning CEOs outperformed those who were recognized.
The study raises all kinds of interesting questions about well, how CEOs recognized in the business press are viewed. But I think the best line in the Wall Street Journal’s blog about the study is this one: “The economists found that the award-winners wrote more books. They also had lower golf handicaps.”
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