Whether CEO Duality Affect Firm Performance Under Information Cost
|關鍵字:||CEO雙重性;公司績效;資訊成本;分析師預測;CEO Duality;Firm Performance;Information Cost;Analyst Forecast|
Over past decade, lots of researchers discussed and researched the relationship between CEO duality and firm performance. However, there is no consensus for the conclusion derived from theory and empirical researches. Moreover, most of empirical researches pointed out CEO duality had no significant effect on firm performance, and this result conflicted with our general cognition. In generally speaking, people would consider CEO duality as a negative effect on the firm performance. After reviewing some related theories, it seemed that information cost could impact the relationship between CEO duality and firm performance, so this study expect information cost could eliminate the gap of conclusion between prior researches and general cognition. This study used Taiwan general listed company as subject, period from 2000 to 2012, and data downloaded from the database of Taiwan Economic Journal (TEJ). To estimate and analyze the panel data, random-effects model has been adopted in this study. According to the empirical results in this research, it shows CEO duality has no significant effect on firm performance, same as most of prior work; CEO duality has negative effect on firm performance when considering information cost of firm. The result tends to accept the viewpoint of agency theory that CEO duality could decline firm performance.
|Appears in Collections:||Thesis|