KTH/CESIS Working Paper Series in Economics and Institutions of Innovation
CEO Duality and Firm Performance Revisited
(), Nada O. Basir
() and Hans Lööf
Abstract: This paper replicates and extends the empirical work of
Boyd’s 1995 article: CEO Duality and Firm Performance: A Contingency Model.
We retest Boyd’s hypotheses using a database of over 11,000 Swedish firms
from the year 2005 to 2009. Similar to Boyd, we find that CEO duality is
positively correlated to firm performance and the effect varies across
environmental dimensions of munificence, dynamism and complexity. Using
quantile regression, we also show that the positive impact of CEO duality
increases by firm performance. Our findings hold after we control for
potential endogeneity concerns.
Keywords: CEO duality; boards of directors; agency theory; stewardship theory; replication; (follow links to similar papers)
JEL-Codes: G30; G34; L25; (follow links to similar papers)
36 pages, March 13, 2015
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