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One Man Two Hats: What's All the Commotion!


  • Jay Dahya
  • Laura Galguera Garcia
  • Jos van Bommel


We examine performance in publicly listed U.K. companies over a period that encompasses the issuance of the Cadbury Committee's "Code of Best Practice," which calls for the abolition of the combined CEO/COB position. We find that companies splitting the combined CEO/COB position to conform to the Code's requirement did not exhibit any absolute or relative improvement in performance when compared to various peer-group benchmarks. We do not necessarily scoff at mandated board structures, but the evidence suggests that this particular legislature coerced the abandonment of the combined CEO/COB position and appears to be "wide of the mark". Copyright (c) 2009, The Eastern Finance Association.

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  • Jay Dahya & Laura Galguera Garcia & Jos van Bommel, 2009. "One Man Two Hats: What's All the Commotion!," The Financial Review, Eastern Finance Association, vol. 44(2), pages 179-212, May.
  • Handle: RePEc:bla:finrev:v:44:y:2009:i:2:p:179-212

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    Cited by:

    1. Yang, Tina & Zhao, Shan, 2014. "CEO duality and firm performance: Evidence from an exogenous shock to the competitive environment," Journal of Banking & Finance, Elsevier, vol. 49(C), pages 534-552.
    2. repec:eee:spacre:v:18:y:2015:i:2:p:148-161 is not listed on IDEAS

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