haku: @author Iyengar, R.J. / yhteensä: 1
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| Tekijä: | Iyengar, R.J. Zampelli, E.M. |
| Otsikko: | Self-selection, endogeneity, and the relationship between CEO duality and firm performance |
| Lehti: | Strategic Management Journal
2009 : OCT, VOL: 30:10, p. 1092-1112 |
| Asiasana: | chief executive officers board of directors corporate governance company performance duality methodology theories models |
| Kieli: | eng |
| Tiivistelmä: | This study deals explicitly with the methodological implications of the endogenous theory of governance as applied to firm performance. In case firms choose their governance structures as part of a constrained performance maximization process, application of an appropriate empirical methodology should uncover statistical evidence of such behaviour. Using endogenous switching regression model framework, this paper determines whether such predicted optimizing behaviour can be verified by the data. Overall, four performance measures are tested for the entire sample of firm-year observations and for the largest three industries in terms of sample sizes, as well. The key finding, which is robust in all cases, is that there is no evidence to support a contention that chief executive officers (CEO) duality is a structure intentionally selected for optimizing performance. |
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