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This study examines the nature and significance of the moderating effects of ownership and board leadership structure on the relationship between outside directors and firm performance. Using a sample of 42 non-financial Tunisian firms over the period 2004-2010, the results confirm the agency view of the positive relationship between board independence and performance. Similarly, in accordance with agency theory predictions, the results show that family ownership and CEO duality moderate negatively the outside directors–firm performance relationship. However, contrary to the predictions, institutional ownership moderates negatively that relationship. This can be explained by the substitution effect between corporate governance mechanisms. On the other hand, the largest shareholder ownership seems as a homologizer variable that influences the strength of the outside directors-firm performance relationship .

Outside Directors and Firm Performance: The Moderating Effects of Ownership and Board Leadership Structure