CEO and board chair roles: To split or not to split?
Abstract
We examine the performance and compensation implications of firms' decisions to combine the roles of CEO and board chairman (duality). We document that firms that split the CEO and chairman positions due to investor pressure have significantly lower announcement returns and subsequent performance, and lower contributions of investments to shareholder wealth. Further, these performance outcomes are more negative for firms with higher predicted...
Paper Details
Title
CEO and board chair roles: To split or not to split?
Published Date
Dec 1, 2011
Journal
Volume
17
Issue
5
Pages
1595 - 1618
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