CEO as board chair in listed family firms: A test of the performance effects during an economic crisis

IF 3.4 3区管理学 Q2 MANAGEMENT

European Management Review Pub Date : 2023-10-09 DOI:10.1111/emre.12613

Domenico Rocco Cambrea, Yuliya Ponomareva, Fabio Quarato, Paolo Tenuta

引用次数: 0

Abstract

Abstract Family firms often opt for a combined CEO and board chair positions, yet the implications of such leadership structure on firm performance remain a subject of scholarly debate. We introduce the socioemotional wealth (SEW) perspective as a unifying framework that bridges the divergent views of stewardship and agency theories. We argue that the effects of CEO duality on performance are contingent upon the balance between extended and restricted SEW priorities. Drawing on a sample of listed companies on the Milan Stock Exchange between 2003 and 2015, our empirical analysis reveals that listed family firms derive greater benefits from CEO duality compared to their non‐family counterparts. Moreover, our findings demonstrate that such leadership structure renders the highest performance benefits in listed family firms when the CEO–chair is not a family member, particularly during periods of economic crisis.

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上市家族企业CEO担任董事会主席:经济危机期间绩效影响的检验

家族企业通常会选择CEO和董事会主席的双重职位，然而这种领导结构对公司绩效的影响仍然是学术争论的主题。我们引入社会情感财富(SEW)的观点作为一个统一的框架，桥梁管理和代理理论的不同观点。我们认为CEO二元性对绩效的影响取决于扩展和限制SEW优先级之间的平衡。以2003年至2015年米兰证券交易所上市公司为样本，我们的实证分析表明，与非家族企业相比，上市家族企业从CEO二元制中获得了更大的收益。此外，我们的研究结果表明，在上市家族企业中，当首席执行官兼董事长不是家族成员时，这种领导结构带来的绩效效益最高，尤其是在经济危机期间。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Management Review MANAGEMENT-

CiteScore

7.20

自引率

13.50%

发文量

期刊介绍： The European Management Review is an international journal dedicated to advancing the understanding of management in private and public sector organizations through empirical investigation and theoretical analysis. The European Management Review provides an international forum for dialogue between researchers, thereby improving the understanding of the nature of management in different settings and promoting the transfer of research results to management practice. Although one of the European Management Review"s aims is to foster the general advancement of management scholarship among European scholars and/or those academics interested in European management issues.