CEO duality and firm performance: A contingency model

1 January 1995

journal article
research article
Published by Wiley in Strategic Management Journal

Vol. 16 (4) , 301-312
https://doi.org/10.1002/smj.4250160404

Abstract

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.

Keywords

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