Dey, Aiyesha; Engel, Ellen; Liu, Xiaohui - In: Journal of Corporate Finance 17 (2011) 5, pp. 1595-1618
We examine the performance and compensation implications of firms' decisions to combine the roles of CEO and board … significantly lower announcement returns and subsequent performance, and lower contributions of investments to shareholder wealth …. Further, these performance outcomes are more negative for firms with higher predicted probabilities of duality based on a …