CEO Duality and Firm Performance Revisited

This paper replicates and extends the empirical work of Boyd’s 1995 article: CEO Duality and Firm Performance: A Contingency Model. We retest Boyd’s hypotheses using a database of over 11,000 Swedish firms from the year 2005 to 2009. Similar to Boyd, we find that CEO duality is positively correlated to firm performance and the effect varies across environmental dimensions of munificence, dynamism and complexity. Using quantile regression, we also show that the positive impact of CEO duality increases by firm performance. Our findings hold after we control for potential endogeneity concerns.

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Year of publication:	2015-03-13
Authors:	Mohammadi, Ali ; Basir, Nada O. ; Lööf, Hans
Institutions:	Centre of Excellence for Science and Innovation Studies, Kungliga Tekniska Högskolan (KTH)
Subject:	CEO duality \| boards of directors \| agency theory \| stewardship theory \| replication

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Extent:	application/pdf
Series:	Working Paper Series in Economics and Institutions of Innovation.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series KTH/CESIS Working Paper Series in Economics and Institutions of Innovation Number 400 36 pages
Classification:	G30 - Corporate Finance and Governance. General ; G34 - Mergers; Acquisitions; Restructuring; Corporate Governance ; L25 - Firm Size and Performance
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10011200201