A systematic review of CEO duality and firm performance in different organizational contexts

Baliyarsingh, Utkal Kumar (2021) A systematic review of CEO duality and firm performance in different organizational contexts. Masters thesis, Memorial University of Newfoundland.

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Abstract

CEO duality is a situation that emerges when the Chief Executive Officer (CEO) also serves as the Chair of the Board of Directors. In absence of CEO duality, the board is considered independent. CEO duality as an issue is of utmost importance in the field of corporate governance and corporate strategy. From its scholarly inception in the early 1990s this phenomenon has become more complex with contradicting and mixed results, which is evident from the extant literature. The inconclusive nature of the debate prompts researchers to look beyond a direct link between CEO duality and Firm performance. To understand the nature of this phenomenon, a systematic literature review was conducted uncovering 62 research articles over a period of almost two decades. First of all, the review suggests that given its broad and multidisciplinary relevance, the current form of literature on CEO duality needs more organization. Second, the study identifies key research areas in which CEO duality was studied. Findings show that, although, CEO duality does not, on its own, improve or reduce firm performance, the performance implications of CEO duality could be dependent on various other firm specific parameters, which corporate boards need to acknowledge. Finally, this study discusses identified themes and highlights the need for a multi-level analysis followed by future research directions, management implications, and a limitation section.

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