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Does the one man show pay? Theory and evidence on the dual CEO revisited
Author(s) -
Dahya Jay,
Travlos Nickolaos
Publication year - 2000
Publication title -
european financial management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.311
H-Index - 64
eISSN - 1468-036X
pISSN - 1354-7798
DOI - 10.1111/1468-036x.00113
Subject(s) - extant taxon , dual (grammatical number) , accounting , shareholder , context (archaeology) , empirical evidence , empirical research , positive economics , business , economics , corporate governance , management , epistemology , history , biology , art , philosophy , literature , archaeology , evolutionary biology
Contrary to the view expressed in several countries and the corresponding pressure exerted by shareholder activists and regulators to separate the titles of CEO and Board Chairman, this study proposes that there is an optimal board composition for each firm, which varies across firms and over time. A review of the extant empirical evidence reveals that most prior studies bypass this notion which raises serious implications for related empirical studies. In addition, this study documents striking differences in leadership structures between the US and the UK and calls for further research in an international context.