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Is an Outside Chair Always Better? The Role of Non-CEO Inside Chairs on Corporate Boards

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  • Shawn Mobbs

Abstract

Proponents of separating the CEO and chairman positions advocate having an outside chairperson, although having an inside chairperson can be valuable for some firms. I find inside chairs are more likely where firm-specific human capital is more important and, in these firms, inside chairs are associated with higher firm valuation and better operating performance. Furthermore, skilled inside chairs increase forced CEO turnover sensitivity to performance. The evidence suggests that certain inside chairs can be valuable when firm-specific information is important for monitoring and an outside chair may be costly.

Suggested Citation

  • Shawn Mobbs, 2015. "Is an Outside Chair Always Better? The Role of Non-CEO Inside Chairs on Corporate Boards," The Financial Review, Eastern Finance Association, vol. 50(4), pages 547-574, November.
    • Handle: RePEc:bla:finrev:v:50:y:2015:i:4:p:547-574
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    File URL: http://hdl.handle.net/10.1111/fire.12077
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    Cited by:

    1. Richard Akisimire & Ernest Abaho & Maureen Tweyongyere, 2020. "CEO Duality and Financial Performance: Testing the Moderating Role of Firm Age: Evidence from a Developing Economy," Journal of Economics and Behavioral Studies, AMH International, vol. 12(3), pages 53-64.
    2. Ciftci, Ilhan & Tatoglu, Ekrem & Wood, Geoffrey & Demirbag, Mehmet & Zaim, Selim, 2019. "Corporate governance and firm performance in emerging markets: Evidence from Turkey," International Business Review, Elsevier, vol. 28(1), pages 90-103.

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