Scandinavian Working Papers in Economics

Working Paper Series in Economics and Institutions of Innovation,
Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies

No 400: CEO Duality and Firm Performance Revisited

Ali Mohammadi (), Nada O. Basir () and Hans Lööf ()
Additional contact information
Ali Mohammadi: CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology, Postal: CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology, SE-100 44 Stockholm, Sweden
Nada O. Basir: Faculty of Business and IT, University of Ontario Institute of Technology, Postal: 2000 Simcoe Street North, , Oshawa, Ontario, , Canada, L1H 7K4.
Hans Lööf: CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology, Postal: CESIS - Centre of Excellence for Science and Innovation Studies, Royal Institute of Technology, SE-100 44 Stockholm, Sweden

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

JEL-codes: G30; G34; L25

36 pages, March 13, 2015

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