Technically speaking, the study, which was published by Lee Biggerstaff at Miami University, David Cicero at the University of Alabama, and Andy Puckett at the University of Tennessee, analyzes USGA records from more than 360 CEOs and finds that the ones who play the most golf tend to preside over less successful businesses.
The study also finds some other interesting snippets, like how CEOs who play more golf tend to lose their jobs faster than non-golfing CEOs, and that CEOs tend to play more golf the longer they are CEO.
But no mention of the adverse effects all that work has on the CEOs' golf game? I mean, they obviously love golf so much that they're willing to sacrifice their own company's performance for their games. That sounds pretty honorable to us. They're heroes, really.
Here's the full study: