Does CEO Duality Really Affect Corporate Performance?
AbstractMost research investigating the impact of board leadership structure as a corporate governance mechanism, on corporate performance has focused largely on either the Anglo-American context or the Asian experience and has come up with diverse conclusions. This study sheds light on the extent to which corporate leadership structure affects corporate performance by providing empirical evidence from a sample of Egyptian listed firms. The initial econometric results indicate that CEO duality has no impact on corporate performance. However, when an interaction term between industry type and CEO duality is included in the model, the impact of CEO duality on corporate performance is found to vary across industries, a result that is supportive of both agency theory and stewardship theory. In addition, when firms are categorised according to their financial performance, CEO duality attracts a positive and significant coefficient only when corporate performance is low. Copyright (c) 2007 The Author; Journal compilation (c) 2007 Blackwell Publishing Ltd.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Corporate Governance: An International Review.
Volume (Year): 15 (2007)
Issue (Month): 6 (November)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0964-8410&site=1
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- Ramdani D. & Van Witteloostuijn A., 2009. "Board Independence, CEO Duality and Firm Performance: A Quantile Regression Analysis for Indonesia, Malaysia, South Korea and Thailand," Working Papers 2009004, University of Antwerp, Faculty of Applied Economics.
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- Robert Carty & Gail Weiss, 2012. "Does CEO duality affect corporate performance? Evidence from the US banking crisis," Journal of Financial Regulation and Compliance, Emerald Group Publishing, vol. 20(1), pages 26-40, February.
- Sylvie Berthelot & Claude Francoeur & Réal Labelle, 2012. "Corporate governance mechanisms, accounting results and stock valuation in Canada," International Journal of Managerial Finance, Emerald Group Publishing, vol. 8(4), pages 332-343.
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