Articlehybrid2011

Does CEO duality is really matter? Evidence from an emerging market

Nirosha Hewa Wellalage · Stuart Murrin Locke

25 citations0/0 files storedCorporate Ownership and Control

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Corporate Finance and Governance Family Business Performance and Succession Corporate Governance and Financial Management

Abstract

The relationship between board leadership, firm financial performance and agency costs is examined on behalf of a sample of multinational company subsidiaries (MNCs) and local public companies (LPCs) in Sri Lanka. Five years of data for 86 MNC subsidiaries and 113 LPCs, are collected and observations are analysed using a dynamic panel GMM estimation. This study provides empirical support for stewardship theory and contingency theory when firms are multinational subsidiaries. Moreover, findings support agency theory when firms are local public companies. Finally, this study indicates that there is no optimal board leadership structure. Hence, when companies commence their exploration of corporate governance practices, firms need to recognize that firm characteristics and contingency perspective boost the impact of board leadership structure on corporate financial performance.

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1991Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations 1998Initial conditions and moment restrictions in dynamic panel data models 1983Separation of Ownership and Control 1993The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems 1996Higher market valuation of companies with a small board of directors 1990Additional evidence on equity ownership and corporate value 1988Estimating Vector Autoregressions with Panel Data 1991Stewardship Theory or Agency Theory: CEO Governance and Shareholder Returns

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