CEO duality and firm performance: An empirical study on listed companies from an emerging market

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Abstract

The primary purpose of the study is to investigate the impact of CEO duality on firm performance. The study is based on secondary data collected from the published annual reports of respective companies and the Capitaline corporate database. The sample consists of 174 listed non-financial companies for eight years from 2011–12 to 2018–19. This study uses an appropriate panel data regression analysis to examine the impact of CEO duality on firm performance. Based on the panel data regression model, the study found mixed results, i.e., the impact of CEO duality on market capitalization is negative significant; however, the impact becomes positive when the firm performance is measured by return on assets. These outcomes of the present study are consistent with previous studies.

Keywords: CEO Duality, Market Capitalization, Return on Assets, Panel Data Regression Model, Listed Non-Financial Companies

Authors’ individual contribution: Conceptualization — N.L., P.D., and P.D.; Methodology — P.D. and P.D.; Formal Analysis — S.D., P.D., and P.D.; Investigation — S.B.K. and K.K.; Writing — Original Draft — N.L. and S.D.; Writing — Review & Editing — S.D., P.D., P.D., and N.L.; Visualization — K.K. and S.B.K.; Supervision — P.D. and P.D.

Declaration of conflicting interests: The Authors declare that there is no conflict of interest.

JEL Classification: G33, G34, C12

Received: 19.05.2021
Accepted: 22.12.2021
Published online: 24.12.2021

How to cite this paper: Debnath, P., Das, P., Laskar, N., Khan, S. B., Dhand, S., & Kaushal, K. (2021). CEO duality and firm performance: An empirical study on listed companies from an emerging market [Special issue]. Corporate Governance and Organizational Behavior Review, 5(2), 194–202. https://doi.org/10.22495/cgobrv5i2sip7