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CEO duality and firm performance: A contingency model
Author(s) -
Boyd Brian K.
Publication year - 1995
Publication title -
strategic management journal
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 11.035
H-Index - 286
eISSN - 1097-0266
pISSN - 0143-2095
DOI - 10.1002/smj.4250160404
Subject(s) - stewardship theory , duality (order theory) , contingency , agency (philosophy) , stewardship (theology) , contingency theory , industrial organization , principal–agent problem , business , microeconomics , economics , econometrics , computer science , mathematics , knowledge management , management , sociology , pure mathematics , epistemology , political science , corporate governance , social science , philosophy , politics , law
Several studies have addressed the CEO duality‐performance relationship, with inconsistent results. This paper proposes that these inconsistencies can be resolved by integrating agency and stewardship perspectives on duality. Using data from 192 firms in 12 industries, both the direction and magnitude of the duality‐performance relationship was found to vary systematically across Dess and Beard's (1984) environmental dimensions. These results provide partial support for both agency and stewardship perspectives.