When it comes to strategic decision-making, how much do CEOs really matter?

The answer to such a straight question isn’t as obvious as you might think. In fact, this issue has been hotly debated in management and finance circles for decades now. While plenty of anecdotal evidence suggests that CEOs can make or break a firm, many business scholars see CEOs being merely the most visible cogs in complex machines, writes HEC Paris Professor Georg Wernicke, in an op-ed for CEO World Magazine.