The Economic Times: How CEOs can seek advice: Avoid internal advisors, surround themselves with diverse ideas

CEOs of firms facing poor financial performance consult internal advisers who are less likely to offer fresh insight, says a comprehensive study co-authored by Professor Yasemin Kor of Cambridge Judge Business School. “When CEOs seek advice more from sources cognitively distant from themselves, enabling them to bring in novel perspectives and knowledge, their firms pursue strategic change at a higher rate, while insular sources of advice (internal or external) promote strategic inertia,” the paper says.

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