Marathon-running CEOs seem to perform better

Of the CEOs who led S&P 1,500 companies between 2001 and 2011, those who also finished a marathon during that time led companies with an average firm value about five per cent above the rating average, even when corrected for outside factors.

Though the analysis of the the list was not exhaustive, it does seem to suggest a trend that falls in line with other, previous observations of the benefits of a healthy lifestyle on cognitive performance and lower stress levels.

The analysis was done by Peter Limbach and Florian Sonnenburg, who looked through results from the largest 15 marathons in the United States between 2001 and 2011 to see which CEOs had finished one. About six per cent of all CEOs finished a marathon during that time, though the number was closer to eight per cent during more recent years, in line with booming road running participation.

The authors write their work provides “a rationale for why executive recruiting firms look for physically fit candidates. […] Our findings have general implications for executives (beyond the CEO) as fitness is likely to be highly relevant in jobs resembling that of the CEO, such as investment managers of large funds or lawyers.”

The benefits of being in shape seemed even wider for CEOs who were above the median age of their workplace or carried a particularly stressful workload. In these circumstances the company values were closer to eight per cent higher than average.

Also interesting, the CEOs’ participation in marathons fell alongside the 2007 recession.