EVALUATION OF DIFFERENCES IN PERFORMANCE BETWEEN SHAREHOLDER-CEO-LED AND PROFESSIONAL-CEO-LED LARGE COMPANIES IN LITHUANIA

Q2 Business, Management and Accounting

Business: Theory and Practice Pub Date : 2023-03-07 DOI:10.3846/btp.2023.17596

Donatas Voveris

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Abstract

There is an ongoing debate on what exactly are the differences between founder/shareholder-CEOs and professional-CEOs, and how those differences impact the performance of companies both from a managerial and financial standpoint. Though this issue attracted a lot of attention from scholars during the last 30 years, and the consensus has formed that there are indeed differences in motivational factors, managerial capabilities as well as risk-taking decisions between founder/shareholder-CEOs and professional-CEOs, the research on how this impacts firm performance provides inconsistent results. This paper aims to add to existing research in the field by evaluating whether there are significant differences in revenue growth rates and profitability between founder/shareholder-CEO-led and professional-CEO-led companies. Based on the revenue and profit data for the 5-year period of 2016 to 2020 of a sample of 205 of the largest companies in Lithuania, no significant differences in performance were identified. In this sense, this study confirms the generalization that the influence of a CEO diminishes as ventures grow and mature.

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立陶宛大公司股东CEO与专业CEO绩效差异评价

关于创始人/股东首席执行官和专业首席执行官之间的差异究竟是什么，以及从管理和财务角度来看，这些差异如何影响公司的业绩，目前仍存在争议。尽管在过去的30年里，这个问题引起了学者们的大量关注，并且已经形成了共识，即创始人/股东CEO和专业CEO在动机因素、管理能力以及冒险决策方面确实存在差异，但关于这如何影响公司绩效的研究却提供了不一致的结果。本文旨在通过评估创始人/股东CEO领导的公司和专业CEO领导的企业在收入增长率和盈利能力方面是否存在显著差异，来补充该领域现有的研究。根据立陶宛205家最大公司2016年至2020年5年期间的收入和利润数据，没有发现业绩的显著差异。从这个意义上说，这项研究证实了一个普遍的观点，即CEO的影响力随着企业的发展和成熟而减弱。

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

Business: Theory and Practice Business, Management and Accounting-Strategy and Management

CiteScore

5.00

自引率

0.00%

发文量

审稿时长

8 weeks

期刊介绍： The journal "Business: Theory and Practice" is published from 2000. 1 vol (4 issues) per year are published. Articles in Lithuanian, English, German, Russian. The Journal has been included into database "ICONDA" and "Business Source Complete".