Abstract
The ‘one person, two jobs’ role (known as CEO duality) has been debated for decades. In this study, we address how the overall leadership structure of new firms relates to their performance. We investigate direct effects as well as conditional effects. Our main finding is that CEO duality is beneficial in the earliest growth stage and that the number of board members is important. Contextualizing the leadership structure, we find that CEO duality is beneficial with smaller boards, and vice versa with larger boards. Implications for theory and practice are discussed.
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