CEO duality, information costs, and firm performance

被引：38

作者：

Hsu, Shufang ^{[1
]}

Lin, Shih-Wei ^{[2
]}

Chen, Wei-Peng ^{[2
]}

Huang, Jhao-Wei ^{[3
]}

机构：

[1] Natl Kaohsiung Univ Sci & Technol, Dept Informat Management, Kaohsiung, Taiwan

[2] Natl Taipei Univ Technol, Dept Informat & Finance Management, 1,Sect 3,Zhongxiao E Rd, Taipei 10608, Taiwan

[3] Far Estern New Century Corp, Taipei, Taiwan

来源：

NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE | 2021年 / 55卷

关键词：

CEO duality; Firm performance; Information costs; Analyst forecast; ORGANIZATIONAL PERFORMANCE; OPERATING PERFORMANCE; CORPORATE GOVERNANCE; OWNERSHIP; BOARD; ASYMMETRY; MANAGEMENT; DISCLOSURE; VALUATION; MERGERS;

D O I：

10.1016/j.najef.2019.101011

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the effects of CEO duality on firm performance and the moderating effect of information costs on the relationship between CEO duality and firm performance in Taiwan. By analyzing listed companies during the period from 2000 to 2012, our empirical results show that a lack of evidence for the links between leadership style and firm performance; however, this relationship is associated with information costs estimated by analysts' earnings forecasts. Specifically, we find that CEO duality has statistically significant negative impacts on firm performance when information costs are high. This result provides evidence for the coexistence of the agency hypothesis and stewardship hypothesis as determined by the extent of the information costs, and it tends to underscore the importance of corporate governance on the relationship between CEO duality and firm performance.

引用

页数：18

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