By using individual age characteristics as the breakthrough point and
executive echelon theory,agency theory and inter-generational difference
theory,this paper analyzes the influence of the chairman's age and the age gap
of the chairman and the CEO on the agency cost. We selected the CEO and
chairman of A-share listed companies in Shanghai and Shenzhen stock markets
from 2010 to 2016 as the research objects. And the empirical results show that
the age of the chairman was negatively correlated with the agency cost.
Meanwhile,there is a nonlinear negative correlation between the generation gap
and agency cost, and the enterprise ownership does not affect the conclusion.
The research in this paper provides empirical evidence for the interpretation
of agency problem from the perspective of managers' characteristics.
JEL classification numbers: G34,G41,M120
Keywords: Executives; Generation gap; Ggency costs; Corporate governance