Abstract
Using a unique dataset, with matched tax returns and corporate governance features at the firm level, we estimate the impact of consolidating or splitting the chief executive officer (CEO) and chairman of the board (COB) positions on corporate tax avoidance. Contrary to the empirical findings provided by concurrent finance research, policy-makers’ beliefs, and anecdotal evidence from around the world, we argue that CEO duality has a negative effect on corporate tax avoidance, at least as far as the Greek business environment is concerned. Our findings are consistent with what mainstream agency theory and psychology suggest about the role and impact of groups in risk-taking activities and decision-making processes in general.
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