Based on the study results, one could argue that companies that hire MBAs have incentive schemes that focus more on short term earnings. MBAs learn skills that can help you financially engineer results to meet those incentives.

We give the board too much of a free ride. They are compensated well and define the incentive scheme and the characteristic of their ideal CEO.  Their share compensation allows them to participate handsomely on the upside and their retainers are approach $500k now.  Yet when things fail, the CEO and shareholders are on the hook with little criticism of the board that set the direction.

Ultimate the CEO just executes what the board sets. Causation misses this key relationship.