Strategic Management Journal (1995)

Author: Boyd, B.K.

Date: 1995

Title: CEO duality and firm performance

Abstract: Several studies have addressed the CEO duality--performance relationship, with inconsistent results.  This paper proposes that those 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.

Keywords:

boards of directors

chief executive officers

agency theory

strategy implementation

contingency models