“…There are two conflicting theories on CEO duality. While agency theory advocates that the powers should be separated so that it can allow the board to control the CEO, stewardship theory views the CEO as a steward and a responsible executive who is ready to serve the interest of the owners of capital (Adams & Jiang, 2020;Kim, Al-Shammari, Kim, & Lee, 2009;Saleh et al, 2020) The efficiency of the board depends on the powers that the CEO has over the board. While it is expected that the board should vet the powers of the CEO, this may not be the case, especially where he holds the two roles (Tang, 2017).…”