Abstract
This study examines the relationship between firm performance and corporate governance structure, mainly leadership structure. The leadership structure is strongly related to CEO duality. There are several aspects and dimensions of this relation, which may influence the corporate performance but this study focuses on the extreme situation where this relation reaches its ends, namely the corporation collapse. This paper has considered the factors that can cause corporate failure and its governance inability to attain their objectives. Data were collected from 385 bankrupt and 14.000 non-bankrupt unlisted Greek firms for a period of ten years in order for a model to be drawn, indicating the possibility of those firms incorporated under duality to bankrupt.
Highlights
Since the second half of the 20th century, a long debate on Chief Executive Officer (CEO) and Chairman Duality and its impact on firm performance has been taking place [1] [2]
We apply a treatment effects procedure to estimate the average treatment effect of CEO duality on the binary outcome bankr while adjusting for the covariates represented by the financial ratios we have described in previous section
The argument is that separating the titles of CEO and chairman, the corporate performance will improve
Summary
Since the second half of the 20th century, a long debate on CEO and Chairman Duality (referred to as CEO duality) and its impact on firm performance has been taking place [1] [2]. This field of study has grown significantly and today contains a great proliferation of theories, approaches and researches in various countries and corporations [3]. The corporate performance led to renewed campaigns for governance reforms. The recent literature attempts to define the nature and extends of the dilemmas faced by corporations concerning the structure of corporate governance.
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