教師資料查詢 | 類別: 期刊論文 | 教師: 湯惠雯 Hui-wen Tang (瀏覽個人網頁)

標題:CEO duality, corporate governance, and firm performance – The role of external environment
學年106
學期1
出版(發表)日期2017/08/01
作品名稱CEO duality, corporate governance, and firm performance – The role of external environment
作品名稱(其他語言)CEO雙重性公司治理與公司績效外部環境的角色
著者Hui-wen Tang
單位
出版者
著錄名稱、卷期、頁數xx, (Accepted)
摘要This study employs a two-stage least squares (2SLS) regression to investigate the influence of external competition and corporate governance on leadership structure chosen, and further examine the moderating effect of external competition on the relationship between leadership structure and firm performance. This study shows that the choice of leadership structure is endogenously determined. In a rapid growth environment or a great market competition, a firm inclines adopting a dual-leadership structure to adjust to changing environments and enhancing competitiveness. A firm with a large board, high director ownership, high managerial ownership, or high institutional shareholdings favors a non-dual leadership structure to avoid CEO power concentration. Controlling the endogeneity of leadership structure, CEO duality is significantly and negatively related to return on assets and insignificantly related to Tobin’s q. Notably, dual-leadership structure enhances future firm value in a rapid growth/dynamic environment or a great competitive market.
關鍵字CEO duality; competitive environment; corporate governance; firm performance; market competition; 2SLS
語言英文(美國)
ISSN1023-2842
期刊性質國內
收錄於TSSCI;
產學合作
通訊作者Hui-wen Tang
審稿制度
國別中華民國
公開徵稿
出版型式,電子版,紙本
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