Longbeards expect the worst, and spend a long time grumbling about the inadequacies of Dwarfs/weapons/Goblins these days, as they're not as brave/well-made/scary as they were in the olden days. It takes a lot to unsettle a Longbeard from a good grumble. They tend to look down their beards at younger Dwarfs. In their turn other Dwarfs pay dutiful attention to the words of their elders to avoid their withering glares-and endless moans of "told you so!".
Source: Warhammer Armies Project: Unofficial 9th Edition (v2.2)
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Longbeards are Immune to Panic. In addition, any friendly Dwarf units within 6'' of a unit of Longbeards can re-roll failed Panic tests.