CEO duality and firm performance: A contingency model
Article first published online: 9 NOV 2006
Copyright © 1995 John Wiley & Sons, Ltd.
Strategic Management Journal
Volume 16, Issue 4, pages 301–312, 1995
How to Cite
Boyd, B. K. (1995), CEO duality and firm performance: A contingency model. Strat. Mgmt. J., 16: 301–312. doi: 10.1002/smj.4250160404
- Issue published online: 9 NOV 2006
- Article first published online: 9 NOV 2006
- Manuscript Revised: 31 MAY 1994
- Manuscript Received: 1 FEB 1993
- boards of directors;
- chief executive officers;
- agency theory;
- strategy implementation
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.