Yermack found that companies which had significant managerial perks such as use of corporate aircraft:

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Yermack's research indicated that companies with significant managerial perks, such as the use of corporate aircraft, tended to exhibit poorer financial performance compared to those without such perks. This finding suggests that excessive perks might be indicative of managerial excess or misallocation of company resources, which could negatively impact overall company performance.

Yermack Found That Companies Which Had Significant Managerial Perks Such