CEO DUALITY AND FIRM PERFORMANCE IN BRAZIL: EVIDENCE FROM 2008
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| Format: | Artículo científico |
| Sprache: | en |
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Universidade Federal Fluminense
2011
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| author | Marcio Alves Amaral-Baptista |
| author_facet | Marcio Alves Amaral-Baptista |
| contents | CEO DUALITY AND FIRM PERFORMANCE IN BRAZIL: EVIDENCE FROM 2008 Marcio Alves Amaral-Baptista Marcelo Cabús Klotzle Maria Angela Campelo de Melo Administración y Contabilidad Brazil CEO duality firm performance board of directors corporate governance This research investigates the relationship between CEO duality and the performance of Brazilian firms in 2008. CEO duality exists where the roles of CEO and Chairman of the Board are held by the same person. While CEO duality has been the dominant board leadership structure of US corporations, Brazilian firms typically separate the roles of CEO and chairperson. During 2008, some Brazilian firms such as Sadia S/A (a multinational food processing company) adopted a dual leadership structure in an attempt to respond to the global systemic crisis. Using agency and stewardship theory perspectives, we tested our hypotheses with data of Brazilian listed companies. The empirical results indicate that companies where the CEO and chairperson are the same person have significantly higher performance (ROE). We also found a positive association between CEO duality and all other firm performance measures (ROA, ROC, MTBV), although the results were not statistically significant for these. 2011 artículo científico 1982-2596 https://www.redalyc.org/articulo.oa?id=441742841002 en http://www.redalyc.org/revista.oa?id=4417 Revista Pensamento Contemporâneo em Administração application/pdf Universidade Federal Fluminense Revista Pensamento Contemporâneo em Administração (Brasil) Num.1 Vol.5 |
| format | Artículo científico |
| id | redalyc_441742841002 |
| institution | Redalyc |
| language | en |
| publishDate | 2011 |
| publisher | Universidade Federal Fluminense |
| spellingShingle | CEO DUALITY AND FIRM PERFORMANCE IN BRAZIL: EVIDENCE FROM 2008 Marcio Alves Amaral-Baptista Administración y Contabilidad Brazil CEO duality firm performance board of directors corporate governance CEO DUALITY AND FIRM PERFORMANCE IN BRAZIL: EVIDENCE FROM 2008 Marcio Alves Amaral-Baptista Marcelo Cabús Klotzle Maria Angela Campelo de Melo Administración y Contabilidad Brazil CEO duality firm performance board of directors corporate governance This research investigates the relationship between CEO duality and the performance of Brazilian firms in 2008. CEO duality exists where the roles of CEO and Chairman of the Board are held by the same person. While CEO duality has been the dominant board leadership structure of US corporations, Brazilian firms typically separate the roles of CEO and chairperson. During 2008, some Brazilian firms such as Sadia S/A (a multinational food processing company) adopted a dual leadership structure in an attempt to respond to the global systemic crisis. Using agency and stewardship theory perspectives, we tested our hypotheses with data of Brazilian listed companies. The empirical results indicate that companies where the CEO and chairperson are the same person have significantly higher performance (ROE). We also found a positive association between CEO duality and all other firm performance measures (ROA, ROC, MTBV), although the results were not statistically significant for these. 2011 artículo científico 1982-2596 https://www.redalyc.org/articulo.oa?id=441742841002 en http://www.redalyc.org/revista.oa?id=4417 Revista Pensamento Contemporâneo em Administração application/pdf Universidade Federal Fluminense Revista Pensamento Contemporâneo em Administração (Brasil) Num.1 Vol.5 |
| title | CEO DUALITY AND FIRM PERFORMANCE IN BRAZIL: EVIDENCE FROM 2008 |
| topic | Administración y Contabilidad Brazil CEO duality firm performance board of directors corporate governance |
| url | https://www.redalyc.org/articulo.oa?id=441742841002 |