Is One Head Better Than Two? Dual Leadership and Firm Performance During the COVID‐19 Crisis
Md Reiazul Haque,
Md Lutfur Rahman,
Mohammed Abdullah Al Mamun
Abstract:We provide novel evidence on the value of combined CEO and board chair positions (CEO duality) for firms during the COVID‐19 pandemic in 2020. Based on 4,840 firm‐quarter observations from 1,210 unique firms in the US, we show that CEO duality firms outperformed non‐duality firms by a 0.58% margin in quarterly return on assets in 2020, which is equivalent to an incremental annual net profit of US$164 million. A difference‐in‐difference estimation confirms that the benefit of CEO duality is observed only in the… Show more
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