Thinking of taking up golf to improve your chances of climbing the corporate ladder? Better think twice.
Hitting the links could soon become a sore subject in corporate boardrooms, thanks to a new study by USA Today that looks at the stock prices of companies where the CEO is listed among the top golfers in Golf Digest magazine. Apparently, having a CEO who enjoys a good game of golf does more to hamper than help a company's share price.
USA Today reports that eight of the 12 companies who have CEOs with the lowest golf handicaps have performed worse than the S&P 500.
Should this really be a surprise? Any duffer or golf widow (of which I am a very occasional member of that club) knows that golf is a colossal waste of time. It usually doesn't make for a very good workout. Furthermore, participants often end up in a foul mood and suffering from a crippling lack of confidence.
What could be worse for business?
Of course, when you examine the companies listed -- EGL (shipping), UPS (package delivery), and Dollar General, to name a few -- it's pretty clear that their stock slump this year has a lot more to do with being in economically sensitive industries than having a CEO who shoots near par.
CEOs interviewed by USA Today are quick to explain that they only golf on the weekends or vacations and find it a valuable way to relax (yeah, right -- golf has to be the least relaxing game on the planet). They say there is no correlation between golf and the stock performance. But 71% admit they've done business with someone they played golf with.
Maybe playing golf is, in fact, a good way to get ahead in the corporate world. But once you reach the the CEO level, best to keep your sticks locked in the car trunk where they belong.
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Reader Comments (Page 1 of 1)
9-08-2006 @ 11:15PM
Leigh Curry said...
SOunds like someone who just doesn't get it -- lousy article -- not even worth publishing -- sorry -- go wash some dishes.....
9-11-2006 @ 5:02AM
Allison Clark said...
An obvious non-golfer / hacker who is uninformed and unaware of the personal and professional benefits of the game. This article is a definite double-bogey.
9-11-2006 @ 3:55PM
Jennifer Myers said...
This correlation between CEOs with low handicaps and stock price is like blaming the Giants' loss to the Colts on the price of the hot dogs at the concession stand. Conversely, golfers with low handicaps are usually competitive people with a good sense of fair play and who would never cheat (obviously there are exceptions). You can tell a lot about a person during a round of golf. Bill Clinton was a well-known cheater at the game! (How do you tell the President he can't have another mulligan?)
9-12-2006 @ 8:06PM
Steve said...
Well I work for one of these golfers and I must say you are on the right track. He is an arrogant, pompous man who suffers from compulsive disorders. It prompts him to make poor discussions because of his personal feelings, always leaving the business to suffer.