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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/112386


    Title: CEO duality, corporate governance, and firm performance – The role of external environment
    Other Titles: CEO雙重性、公司治理與公司績效 - 外部環境的角色
    Authors: Hui-wen Tang
    Keywords: CEO duality;competitive environment;corporate governance;firm performance;market competition;2SLS
    Date: 2017-08-01
    Issue Date: 2017-12-13 02:10:23 (UTC+8)
    Publisher: 國立中山大學
    Abstract: This study employs a two-stage least squares (2SLS) regression to investigate the influence of external competition and corporate governance on leadership structure chosen, and further examine the moderating effect of external competition on the relationship between leadership structure and firm performance. This study shows that the choice of leadership structure is endogenously determined. In a rapid growth environment or a great market competition, a firm inclines adopting a dual-leadership structure to adjust to changing environments and enhancing competitiveness. A firm with a large board, high director ownership, high managerial ownership, or high institutional shareholdings favors a non-dual leadership structure to avoid CEO power concentration. Controlling the endogeneity of leadership structure, CEO duality is significantly and negatively related to return on assets and insignificantly related to Tobin’s q. Notably, dual-leadership structure enhances future firm value in a rapid growth/dynamic environment or a great competitive market.
    Relation: 25 (4), 965-1006.
    Appears in Collections:[保險學系暨研究所] 期刊論文

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