دانلود رایگان مقاله لاتین وگانگی مدیر عامل عملکرد شرکت از سایت الزویر
عنوان فارسی مقاله:
رابطه پویا بین دوگانگی مدیر عامل و عملکرد شرکت: نقش مستقل استقلال هیئت مدیره
عنوان انگلیسی مقاله:
The dynamic relationship between CEO duality and firm performance: The moderating role of board independence
سال انتشار : 2016
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بخشی از مقاله انگلیسی:
2. Theory and hypotheses
Two main competing theories dominate the discussion of the relationship between CEO duality and firm performance. As the primary theoretical framework that emphasizes the monitoring role of boards, agency theory argues that boards should be independent from management to limit managerial entrenchment and opportunism (Jensen & Meckling, 1976). By breaching this independence, a dual board leadership structure is likely to have a negative impact on performance since it attenuates the board's potential to monitor management effectively (Jensen, 1993). In contrast, a number of organizational and management theorists argue that CEO duality can enhance firm performance. Stewardship theory (Barney, 1990; Donaldson & Davis, 1991) argues that shareholder interests take priority with a joint leadership structure. In contrast to the implicit assumption of agency theory that CEOs are inherently opportunistic, stewardship theory contends that non-financial factors such as intrinsic satisfaction from achievement, recognition, respect and reputation will motivate CEOs to enhance firm value by using the unity of command to manage the firm's resources as good stewards. This view of managerial motivation is also consistent with an extension of resource dependence theory. Pfeffer and Salancik (1978) emphasize that the increased discretion afforded by dual leadership enhances the CEO's ability to more quickly react and respond in a dynamic business environment, and to secure resources critical to the firm's success. Taken together, the stewardship and resource dependence theories predict a positive relationship between CEO duality and firm performance. Some theoretical studies that have modeled the determinants of board structure suggest that some board characteristics are dynamic. For example, Hermalin and Weisbach (1998) argue that a CEO's bargaining power derives from superior ability, suggesting that past performance, as a proxy of ability, can determine the elements of board structure implying clearly that there is a dynamic element in the determination of leadership structure. Wintoki et al. (2012) further argue and document that the dynamic element emanates from two sources: past performance and other firm characteristics that affect firm performance. Moreover, empirical papers such as Brickley et al. (1997) support the notion that CEO duality is often the reward for good corporate performance. Also, consistent with the bargaining hypothesis of Hermalin and Weisbach, various studies (e.g., Adams et al., 2005) document the positive association between duality and bargaining power. In particular, the turnover study by Harrison et al. (1988) shows that strong firm performance leads to greater CEO power resulting in duality while poor performance results in two individuals holding both titles.
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کلمات کلیدی:
CEO DUALITY AND FIRM PERFORMANCE: EVIDENCE FROM A ... www.virtusinterpress.org › ... › Volume 8 › 2010 Issue 1 (continued 1) Abstract This study examines if the CEO duality influences firm performance in Bangladesh. It also examines the interaction of industries in influencing the ... CEO duality and firm performance: A ... - Wiley Online Library onlinelibrary.wiley.com/doi/10.1002/smj.4250160404/pdf by BK Boyd - 1995 - Cited by 981 - Related articles 16, 301-312 (1 995). CEO DUALITY AND FIRM PERFORMANCE: A. CONTINGENCY MODEL. BRIAN K. BOYD. College of Business and Public Administration, ... CEO duality and firm performance: A contingency model - Boyd - 1995 ... onlinelibrary.wiley.com/doi/10.1002/smj.4250160404/abstract by BK Boyd - 1995 - Cited by 983 - Related articles Abstract. Several studies have addressed the CEO duality-performance relationship, with inconsistent results. This paper proposes that these inconsistencies ... CEO duality and firm performance: evidence from Hong Kong ... www.emeraldinsight.com/doi/abs/10.1108/14720700810879187 by T Yan Lam - 2008 - Cited by 143 - Related articles This paper seeks to examine the relationship between chief executive officer (CEO) duality and firm performance and the moderating effects of the family control ... [PDF]Does CEO Duality Really Affect Corporate Performance? www.hrmars.com/admin/pics/1522.pdf by RG MOSCU - Cited by 4 - Related articles Does CEO duality – the practice of one person serving both as a firm's CEOand ... Keywords: CEO duality, agency theory, stewardship theory, firm performance. CEO duality and firm performance: an empirical study of EU listed firms essay.utwente.nl/65375/ by H Chen - 2014 - Cited by 2 - Related articles The main criterion regarding the argument for or against CEO duality is the effect CEO duality has on firm performance. Against the idea of CEO duality, the ... Searches related to CEO duality and firm performance ceo duality and firm performance pdf ceo duality examples ceo duality definition ceo duality and corporate governance ceo duality pdf ceo duality advantages and disadvantages ceo duality pros and cons ceo duality investopedia
