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.