CEO Duality and Firm Performance–The Role of External Competition and Internal Governance

淡江大學機構典藏 > 商管學院 > 風險管理與保險學系 > 會議論文 > Item 987654321/103925

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题名:	CEO Duality and Firm Performance–The Role of External Competition and Internal Governance
作者:	Tang, Hui-wen
关键词:	Board characteristic;CEO duality;Firm performance;Ownership structure;Product market competition
日期:	2015-07-03
上传时间:	2015-10-20 21:49:19 (UTC+8)
摘要:	Because the choice of leadership structure is nonrandom decision, this study employs a two-step procedure proposed by Heckman (1979) to investigate the role of external competition, board characteristics, and ownership structure on the choice of leadership structure, and to examine the relationship between dual-leadership structure and firm performance. The results show that the choice of leadership structure is endogenous. In a rapid growth environment and under high product-market competition, firms tend to adopt a dual-leadership structure because this structure can enhance competitiveness and enable firms to adapt to environmental dynamism. In addition, firms with a large board, high director ownership, high managerial ownership, or high institutional shareholdings are less likely to adopt a dual-leadership structure in order to avoid assigning too much power to the CEO. The results also show that the relationship between dual-leadership structure and firm performance is insignificant; thus, the relationship is not necessarily a positive or negative. Instead, the choice of leadership structure enables responsiveness to the external environment, internal governance mechanisms, and firm characteristics.
显示于类别:	[風險管理與保險學系] 會議論文

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