IDEAS home Printed from
   My bibliography  Save this article

Study On Correlation Between Ceo Duality And Corporate Performance Of Companies Listed On The Bucharest Stock Exchange


  • Raluca Georgiana MOSCU

    () (The Bucharest University of Economic Studies, PhD Student)


In Romania it is not recommended the duality of positions, the term "recommended" not being strictly kept, so there is a 33% case of companies listed on BSE that do not comply with codes of governance on the plurality of positions and the Chairman assumes the responsibility for the General Manager (CEO) of the company. In terms of CEO - Chairman of the Board of Directors duality, the professional theory comes with two different approaches, showing that in terms of agent theory duality negatively affects the corporate performance and the stewardship theory says the opposite. Using data of 55 listed Romanian firms from the Bucharest Stock Exchange in 2010-2013 we analyse the relationship between CEO duality and performance (Return on Assets) or between CEO duality and some variables which describe some characteristics of corporate governance (concentrated ownership structure, presence of general manager as a shareholder, presence of institutional investors, size of the Board, presence of a woman in the position of Chairman, age of Chairman or presence of one tier governance system). Empirical findings indicate that CEO duality is positively related with Return on Assets (ROA) which supports stewardship theory. The variable that shows the duality is positively correlated with concentrated ownership structure, the variable that shows the general manager is also a shareholder, size of the Board and the variable that shows position of Chairman is held by a woman, age of Chairman and negatively with the variable that show presence of one tier governance system.

Suggested Citation

  • Raluca Georgiana MOSCU, 2015. "Study On Correlation Between Ceo Duality And Corporate Performance Of Companies Listed On The Bucharest Stock Exchange," Journal of Social and Economic Statistics, Bucharest University of Economic Studies, vol. 4(1), pages 47-53, JULY.
  • Handle: RePEc:aes:jsesro:v:4:y:2015:i:1:p:47-53

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-325, June.
    2. Shleifer, Andrei & Vishny, Robert W, 1997. " A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
    3. Georgeta Vintila & Stefan Cristian Gherghina, 2013. "Board of Directors Independence and Firm Value: Empirical Evidence Based on the Bucharest Stock Exchange Listed Companies," International Journal of Economics and Financial Issues, Econjournals, vol. 3(4), pages 885-900.
    4. repec:hrv:faseco:30728046 is not listed on IDEAS
    5. Renée B. Adams & Heitor Almeida & Daniel Ferreira, 2005. "Powerful CEOs and Their Impact on Corporate Performance," Review of Financial Studies, Society for Financial Studies, vol. 18(4), pages 1403-1432.
    6. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    7. Gillan, Stuart L., 2006. "Recent Developments in Corporate Governance: An Overview," Journal of Corporate Finance, Elsevier, vol. 12(3), pages 381-402, June.
    8. Jay Dahya & John J. McConnell & Nickolaos G. Travlos, 2002. "The Cadbury Committee, Corporate Performance, and Top Management Turnover," Journal of Finance, American Finance Association, vol. 57(1), pages 461-483, February.
    Full references (including those not matched with items on IDEAS)

    More about this item


    Corporate governance; CEO duality; Board of Directors; Corporate performance;

    JEL classification:

    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aes:jsesro:v:4:y:2015:i:1:p:47-53. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bogdan-Vasile Ileanu). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.