Table 1 Summary of available literature

The relationship between age and company performance

Significantly positive correlation

Huang et al. (2010)

–

Significantly negative correlation

Sun et al. (2006), Tao and Xu (2012) and Moscu (2013)

Main conclusion

Uncorrelated

Karami et al. (2006)

–

The relationship between EL and company performance

Significantly positive correlation

Shipilov and Danis (2006), Kong and Zhang (2010), Huang et al. (2010) and Tao and Xu (2012)

Main conclusion

Uncorrelated

Gottesman and Morey (2010) and Yang and Li (2012)

–

The relationship between LoS and company performance

Significantly positive correlation

Bergh (2001)

–

Significantly negative correlation

Keck (1997) and Huang et al. (2010)

–

Inverted u-shaped relationship

Hambrick and Fukutomi (1991), Li and Liu (2011) and Luo et al. (2013)

Main conclusion

Uncorrelated

Tao and Xu (2012)

–