CEO duality and firm performance: A contingency model

Research output: Contribution to journalArticlepeer-review

721 Scopus citations


Several studies have addressed the CEO duality‐performance relationship, with inconsistent results. This paper proposes that these inconsistencies can be resolved by integrating agency and stewardship perspectives on duality. Using data from 192 firms in 12 industries, both the direction and magnitude of the duality‐performance relationship was found to vary systematically across Dess and Beard's (1984) environmental dimensions. These results provide partial support for both agency and stewardship perspectives.

Original languageEnglish (US)
Pages (from-to)301-312
Number of pages12
JournalStrategic Management Journal
Issue number4
StatePublished - 1995
Externally publishedYes


  • agency theory
  • boards of directors
  • chief executive officers
  • strategy implementation

ASJC Scopus subject areas

  • Business and International Management
  • Strategy and Management


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