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| Author: | Fosberg, R. H. Nelson, M. R. |
| Title: | Leadership structure and firm performance |
| Journal: | International Review of Financial Analysis
1999 : VOL. 8:1, p. 83-96 |
| Index terms: | Corporate governance Managers Leadership Planning Organizational behaviour Performance appraisal USA |
| Freeterms: | Agency theory Boards of directors |
| Language: | eng |
| Abstract: | Two theories, i.e. the agency problem theory and the normal succession theory have been offered to explain why some firms have different people hold the chairman of the board and CEO positions. The theories were tested on a sample of firms which adopt dual leadership structures and it is found that both theories have merit. Results indicated that the shift to a dual leadership structure did reduce agency costs for these firms. Firms most likely to use a dual leadership structure as a part of the normal success process showed no improvement in performance after the leadership structure change. |
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