Date of Publication :5th August 2025

Abstract: This study investigates the relationship between CEO age and firm performance using a panel of 17,948 firm-year observations from 1,729 non-financial, non-governmental firms listed on the NSE from 2009 to 2023. Firm performance is examined across two dimensions: accounting-based (ROA) and market-based (stock returns) measures. The results reveal a consistent and statistically significant positive association between CEO age and both performance outcomes, suggesting that older CEOs contribute to improved profitability and investor confidence. These findings challenge the conventional inverted U-shaped narrative and highlight the value of experienced leadership, particularly in emerging market contexts like India.

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