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Firms’ Rationales for CEO Duality: Evidence from a Mandatory Disclosure Regulation

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dc.contributor.authorGoergen, Marc
dc.contributor.authorLimbach, Peter
dc.contributor.authorScholz Daneshgari, Meik
dc.contributor.rorhttps://ror.org/02jjdwm75
dc.date.accessioned2025-03-18T15:33:39Z
dc.date.available2025-03-18T15:33:39Z
dc.date.issued2020-12
dc.description.abstractExploiting the 2009 amendments to Regulation S-K, we provide unique evidence on the first-time disclosure of the reasons firms state for combining or separating the roles of CEO and chairman. The stated reasons support both agency theory and organization theory. They are more numerous, comprise more words, and have a more positive tone for firms with duality. Examining the announcement returns to firms’ disclosures, we find that investors evaluate the most frequently cited reasons for CEO duality by considering the firm’s characteristics. Our evidence enhances the understanding of firms’ endogenous decision to opt for CEO duality and its value consequences.
dc.description.peerreviewedyes
dc.description.statusPublished
dc.formatapplication/pdf
dc.identifier.citationGoergen, M., Limbach, P., & Scholz-Daneshgari, M. (2020). Firms' rationales for CEO duality: Evidence from a mandatory disclosure regulation. Journal of Corporate Finance, 65, 101770. https://doi.org/10.1016/j.jcorpfin.2020.101770 .
dc.identifier.urihttps://hdl.handle.net/20.500.14417/3654
dc.language.isoen
dc.relation.departmentFinance
dc.relation.entityIE University
dc.relation.schoolIE Business School
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International
dc.rights.accessRightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/deed.en
dc.subject.keywordBoard leadership
dc.subject.keywordCEO duality
dc.subject.keywordCorporate governance
dc.subject.keywordRegulation S-K
dc.subject.keywordStock returns
dc.subject.keywordTextual analysis
dc.titleFirms’ Rationales for CEO Duality: Evidence from a Mandatory Disclosure Regulation
dc.typeinfo:eu-repo/semantics/workingPaper
dc.version.typeinfo:eu-repo/semantics/publishedVersion
dspace.entity.typePublication
relation.isAuthorOfPublication55eb0faa-13da-4a35-a432-f529b62f4d8b
relation.isAuthorOfPublication.latestForDiscovery55eb0faa-13da-4a35-a432-f529b62f4d8b
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