The question of whether the CEO should also serve as chairman of the board continues to be a controversial issue in corporate governance. While "agency cost" arguments would lead one to advocate separation of the top decision-making and control functions, there are efficiency and coordination arguments for vesting the powers of the CEO and chair in the same person. And helping to keep the controversy alive, the empirical evidence on U.S. companies is inconclusive, with no clear loss of value associated with having combined CEO/chairmen. Copyright (c) 2008 Morgan Stanley.
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