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Tunisian CEO power and controlling shareholder identity: principal-principal perspective

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  • Sana Ben Cheikh
  • Nadia Loukil

Abstract

This study examine does controlling shareholder identity affects CEO power in the Tunisian context. Using a sample of 38 Tunisian listed companies for the period study 2000 to 2007, we measure CEO power by Adams et al. (2005) index and we classify controlling shareholders by identity: state, family and foreign investors. This study brings new and interesting findings. Most importantly, it find that CEO power level depend on controlling shareholding identity. Indeed, we demonstrate that family controlled firms, like firms with dispersed ownership, exhibit a high managerial power. However, we show that in state and foreign controlled firms delimited CEO entrenchment and mitigate agency problems between shareholders and managers.

Suggested Citation

  • Sana Ben Cheikh & Nadia Loukil, 2012. "Tunisian CEO power and controlling shareholder identity: principal-principal perspective," International Journal of Corporate Governance, Inderscience Enterprises Ltd, vol. 3(2/3/4), pages 163-181.
    • Handle: RePEc:ids:ijcgov:v:3:y:2012:i:2/3/4:p:163-181
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