메뉴 건너뛰기




Volumn 20, Issue 2, 2007, Pages 111-126

Should the CEO also be chair of the board? An empirical examination of family-controlled public firms

Author keywords

[No Author keywords available]

Indexed keywords


EID: 34447123463     PISSN: 08944865     EISSN: 17416248     Source Type: Journal    
DOI: 10.1111/j.1741-6248.2007.00090.x     Document Type: Article
Times cited : (152)

References (62)
  • 2
    • 0142219280 scopus 로고    scopus 로고
    • Founding-family ownership and firm performance: Evidence from the S&P 500
    • Anderson, R. C., & Reeb, D. M. (2003a). Founding-family ownership and firm performance: Evidence from the S&P 500. Journal of Finance, 58, 1301-1329.
    • (2003) Journal of Finance , vol.58 , pp. 1301-1329
    • Anderson, R.C.1    Reeb, D.M.2
  • 3
    • 1342311433 scopus 로고    scopus 로고
    • Founding-family ownership, corporate diversification and firm leverage
    • Anderson, R. C., & Reeb, D. M. (2003b). Founding-family ownership, corporate diversification and firm leverage. Journal of Law and Economics, XLVI, 653-684.
    • (2003) Journal of Law and Economics , vol.64 , pp. 653-684
    • Anderson, R.C.1    Reeb, D.M.2
  • 4
    • 12744275057 scopus 로고    scopus 로고
    • Board composition: Balancing family influence in S&P 500 firms
    • Anderson, R. C., & Reeb, D. M. (2004). Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly, 49, 209-237.
    • (2004) Administrative Science Quarterly , vol.49 , pp. 209-237
    • Anderson, R.C.1    Reeb, D.M.2
  • 5
    • 0011558287 scopus 로고
    • Some limits of rational man organizational theory
    • Argyris, C. (1973). Some limits of rational man organizational theory. Public Administration Review, 33, 253-267.
    • (1973) Public Administration Review , vol.33 , pp. 253-267
    • Argyris, C.1
  • 7
    • 0031097135 scopus 로고    scopus 로고
    • Detecting long-run abnormal stock returns: The empirical power and specification of test statistics
    • Barber, B., & Lyon, J. (1997). Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics, 43, 341-372.
    • (1997) Journal of Financial Economics , vol.43 , pp. 341-372
    • Barber, B.1    Lyon, J.2
  • 8
    • 0000087177 scopus 로고    scopus 로고
    • Stock pyramids, cross-ownership, and dual class equity: The creation of agency costs of separating control from cash flow rights
    • In R. Morck (Ed.) Chicago, IL: Univ. of Chicago Press
    • Bebchuk, L. A., Kraakman, R., & Triantis, G. (2000). Stock pyramids, cross-ownership, and dual class equity: The creation of agency costs of separating control from cash flow rights. In R. Morck (Ed.), Concentrated corporate ownership. Chicago, IL: Univ. of Chicago Press.
    • (2000) Concentrated Corporate Ownership
    • Bebchuk, L.A.1    Kraakman, R.2    Triantis, G.3
  • 9
    • 84989143765 scopus 로고
    • CEO duality and firm performance: A contingency model
    • Boyd, B. (1995). CEO duality and firm performance: A contingency model. Strategic Management Journal, 16, 301-312.
    • (1995) Strategic Management Journal , vol.16 , pp. 301-312
    • Boyd, B.1
  • 10
    • 0035633723 scopus 로고    scopus 로고
    • So close and yet so far: Promotion versus exit for CEO heirs apparent
    • Cannella, A., & Shen, W. (2001). So close and yet so far: Promotion versus exit for CEO heirs apparent. Academy of Management Journal, 44, 252-271.
    • (2001) Academy of Management Journal , vol.44 , pp. 252-271
    • Cannella, A.1    Shen, W.2
  • 13
    • 0032220381 scopus 로고    scopus 로고
    • Board control, remuneration committees, and top management compensation
    • Conyon, M., & Peck, S. (1998). Board control, remuneration committees, and top management compensation. Academy of Management Journal, 41, 146-158.
    • (1998) Academy of Management Journal , vol.41 , pp. 146-158
    • Conyon, M.1    Peck, S.2
  • 14
    • 27844586778 scopus 로고    scopus 로고
    • Self-serving or self-actualizing? Models of man and agency costs in different types of family firms: A commentary on "Comparing the agency costs of family and non-family firms: Conceptual issues and exploratory evidence"
    • Corbetta, G., & Salvato, C. (2004). Self-serving or self-actualizing? Models of man and agency costs in different types of family firms: A commentary on "Comparing the agency costs of family and non-family firms: Conceptual issues and exploratory evidence". Entrepreneurship Theory & Practice, 28, 355-362.
    • (2004) Entrepreneurship Theory & Practice , vol.28 , pp. 355-362
    • Corbetta, G.1    Salvato, C.2
  • 15
    • 34447116787 scopus 로고    scopus 로고
    • Corporate Library. Available at
    • Corporate Library. (2004). Split CEO-chairman roles. Available at (http://www.thecorporatelibrary.com).
    • (2004) Split CEO-Chairman Roles
  • 18
    • 46549097703 scopus 로고
    • Managerial ownership of voting rights: A study of public corporations with dual classes of common stock
    • DeAngelo, H., & DeAngelo, L. (1985). Managerial ownership of voting rights: A study of public corporations with dual classes of common stock. Journal of Financial Economics, 14, 33-69.
    • (1985) Journal of Financial Economics , vol.14 , pp. 33-69
    • DeAngelo, H.1    DeAngelo, L.2
  • 19
    • 0034178958 scopus 로고    scopus 로고
    • Controlling stockholders and the disciplinary role of corporate payout policy: A study of the Times Mirror Company
    • DeAngelo, H., & DeAngelo, L. (2000). Controlling stockholders and the disciplinary role of corporate payout policy: A study of the Times Mirror Company. Journal of Financial Economics, 56, 153-207.
    • (2000) Journal of Financial Economics , vol.56 , pp. 153-207
    • DeAngelo, H.1    DeAngelo, L.2
  • 20
    • 84935941592 scopus 로고
    • The structure of corporate ownership: Causes and consequences
    • Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93, 1155-1177.
    • (1985) Journal of Political Economy , vol.93 , pp. 1155-1177
    • Demsetz, H.1    Lehn, K.2
  • 21
    • 33751580314 scopus 로고    scopus 로고
    • CEO duality, board monitoring, and acquisition performance: A test of competing theories
    • Desai, A., Kroll, M., & Wright, P. (2003). CEO duality, board monitoring, and acquisition performance: A test of competing theories. Journal of Business Strategies, 20, 137-156.
    • (2003) Journal of Business Strategies , vol.20 , pp. 137-156
    • Desai, A.1    Kroll, M.2    Wright, P.3
  • 22
    • 84964127697 scopus 로고
    • Stewardship theory or agency theory: CEO governance and shareholder returns
    • Donaldson, L., & Davis, J. H. (1991). Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of Management, 16, 49-64.
    • (1991) Australian Journal of Management , vol.16 , pp. 49-64
    • Donaldson, L.1    Davis, J.H.2
  • 25
    • 34447133952 scopus 로고    scopus 로고
    • Family Business Magazine. Available at
    • Family Business Magazine. (2003). 150 largest U.S. family firms in 2003. Available at (http://www.familybuisnessmagazine.com).
    • (2003) 150 Largest U.S. Family Firms in 2003
  • 27
    • 0007122285 scopus 로고
    • CEO duality as a double-edged sword: How boards of directors balance entrenchment avoidance and unity of command
    • Finkelstein, S., & D'Aveni, R. (1994). CEO duality as a double-edged sword: How boards of directors balance entrenchment avoidance and unity of command. Academy of Management Journal, 37, 1079-1108.
    • (1994) Academy of Management Journal , vol.37 , pp. 1079-1108
    • Finkelstein, S.1    D'Aveni, R.2
  • 30
    • 34547435607 scopus 로고    scopus 로고
    • Ownership structure and firm performance: Some empirical evidence from Spain
    • Gorriz, C. G., & Fumas, V. S. (1996). Ownership structure and firm performance: Some empirical evidence from Spain. Managerial and Decision Economics, 17, 575-586.
    • (1996) Managerial and Decision Economics , vol.17 , pp. 575-586
    • Gorriz, C.G.1    Fumas, V.S.2
  • 31
    • 84996235088 scopus 로고    scopus 로고
    • Governance and flexibility in family-owned SMEs
    • Gubitta, P., & Gianecchini, M. (2002). Governance and flexibility in family-owned SMEs. Family Business Review, 15, 277-297.
    • (2002) Family Business Review , vol.15 , pp. 277-297
    • Gubitta, P.1    Gianecchini, M.2
  • 32
    • 0032325555 scopus 로고    scopus 로고
    • The effect of ownership structure on firm performance: Additional evidence
    • Han, C. K., & Suk, D. Y. (1998). The effect of ownership structure on firm performance: Additional evidence. Review of Economics, 7, 143-155.
    • (1998) Review of Economics , vol.7 , pp. 143-155
    • Han, C.K.1    Suk, D.Y.2
  • 33
    • 0006932735 scopus 로고    scopus 로고
    • What can the family contribute to business? Examining contractual relationships
    • James, H. S. (1999). What can the family contribute to business? Examining contractual relationships. Family Business Review, 12, 61-71.
    • (1999) Family Business Review , vol.12 , pp. 61-71
    • James, H.S.1
  • 34
    • 33745222047 scopus 로고    scopus 로고
    • Long-run IPO performance analysis of German and Spanish family-owned businesses
    • Jaskiewicz, P., Gonzalez, V., Menendez, S., & Schiereck, D. (2005). Long-run IPO performance analysis of German and Spanish family-owned businesses. Family Business Review, 18, 179-202.
    • (2005) Family Business Review , vol.18 , pp. 179-202
    • Jaskiewicz, P.1    Gonzalez, V.2    Menendez, S.3    Schiereck, D.4
  • 36
    • 84993848601 scopus 로고
    • The modern industrial revolution, exit, and the failure of internal control systems
    • Jensen, M. (1993). The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 48, 831-880.
    • (1993) Journal of Finance , vol.48 , pp. 831-880
    • Jensen, M.1
  • 37
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen, M., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, 303-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 303-360
    • Jensen, M.1    Meckling, W.H.2
  • 38
    • 0010169020 scopus 로고
    • Stockholder, manager and creditor interests: Applications of agency theory
    • In E. I. Altman & M. G. Subrahmanyam (Eds.) Homewood, IL: Irwin
    • Jensen, M., & Smith, C. (1985). Stockholder, manager and creditor interests: Applications of agency theory. In E. I. Altman & M. G. Subrahmanyam (Eds.), Recent advances in corporate finance (pp. 95-131). Homewood, IL: Irwin.
    • (1985) Recent Advances in Corporate Finance , pp. 95-131
    • Jensen, M.1    Smith, C.2
  • 40
    • 0002893381 scopus 로고
    • The dynamics of family controlled firms: The good and the bad news
    • Kets de Vries, M. F. R. (1993). The dynamics of family controlled firms: The good and the bad news. Organizational Dynamics, 21, 59-72.
    • (1993) Organizational Dynamics , vol.21 , pp. 59-72
    • Kets de Vries, M.F.R.1
  • 43
    • 20744432326 scopus 로고    scopus 로고
    • The effects of parental altruism on the governance of family-managed firms
    • Lubatkin, M., Schulze, W., Ling, Y., & Dino, R. (2005). The effects of parental altruism on the governance of family-managed firms. Journal of Organizational Behavior, 26, 313-330.
    • (2005) Journal of Organizational Behavior , vol.26 , pp. 313-330
    • Lubatkin, M.1    Schulze, W.2    Ling, Y.3    Dino, R.4
  • 45
    • 0001207775 scopus 로고
    • Additional evidence on equity ownership and corporate value
    • McConnell, J., & Servaes, H. (1990). Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 7, 143-155.
    • (1990) Journal of Financial Economics , vol.7 , pp. 143-155
    • McConnell, J.1    Servaes, H.2
  • 46
    • 0000253595 scopus 로고    scopus 로고
    • Corporate social responsibility and financial performance: Correlation or misspecification?
    • McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: Correlation or misspecification? Strategic Management Journal, 21, 603-610.
    • (2000) Strategic Management Journal , vol.21 , pp. 603-610
    • McWilliams, A.1    Siegel, D.2
  • 49
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293-315.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.W.3
  • 50
    • 84996264061 scopus 로고    scopus 로고
    • Relational and contractual governance in family firms: Effects on strategic decision making
    • Mustakallio, M., Autio, E., & Zahra, S. (2002). Relational and contractual governance in family firms: Effects on strategic decision making. Family Business Review, 15, 205-222.
    • (2002) Family Business Review , vol.15 , pp. 205-222
    • Mustakallio, M.1    Autio, E.2    Zahra, S.3
  • 51
    • 84989104593 scopus 로고
    • The influence of ownership on performance: An empirical study
    • Oswald, S. L., & Jahera, J. S. (1991). The influence of ownership on performance: An empirical study. Strategic Management Journal, 12, 321-326.
    • (1991) Strategic Management Journal , vol.12 , pp. 321-326
    • Oswald, S.L.1    Jahera, J.S.2
  • 52
    • 0001757334 scopus 로고
    • A transaction cost approach to families and households
    • Pollak, R. A. (1985). A transaction cost approach to families and households. Journal of Economic Literature, 23, 581-608.
    • (1985) Journal of Economic Literature , vol.23 , pp. 581-608
    • Pollak, R.A.1
  • 53
    • 84989072165 scopus 로고
    • CEO duality and organizational performance: A longitudinal analysis
    • Rechner, P. L., & Dalton, D. R. (1991). CEO duality and organizational performance: A longitudinal analysis. Strategic Management Journal, 12, 155-161.
    • (1991) Strategic Management Journal , vol.12 , pp. 155-161
    • Rechner, P.L.1    Dalton, D.R.2
  • 54
  • 55
    • 0001026456 scopus 로고    scopus 로고
    • A survey of corporate governance
    • Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. Journal of Finance, 52, 759-783.
    • (1997) Journal of Finance , vol.52 , pp. 759-783
    • Shleifer, A.1    Vishny, R.W.2
  • 56
    • 2842540904 scopus 로고
    • Board efficiency and effectiveness
    • In E. Mattar & M. Ball (Eds.) (12.1-12.10). New York: McGraw-Hill
    • Stoeberl, P. A., & Sherony, B. C. (1985). Board efficiency and effectiveness. In E. Mattar & M. Ball (Eds.), Handbook for corporate directors (12.1-12.10). New York: McGraw-Hill.
    • (1985) Handbook for Corporate Directors
    • Stoeberl, P.A.1    Sherony, B.C.2
  • 57
    • 45549112378 scopus 로고
    • On takeover resistance, managerial discretion, and shareholder wealth
    • Stulz, R. M. (1988). On takeover resistance, managerial discretion, and shareholder wealth. Journal of Financial Economics, 20, 25-54.
    • (1988) Journal of Financial Economics , vol.20 , pp. 25-54
    • Stulz, R.M.1
  • 58
    • 0000030687 scopus 로고
    • The concept of fit in strategy research: Toward verbal and statistical correspondence
    • Venkatraman, N. (1989). The concept of fit in strategy research: Toward verbal and statistical correspondence. Academy of Management Review, 14, 423-444.
    • (1989) Academy of Management Review , vol.14 , pp. 423-444
    • Venkatraman, N.1
  • 59
    • 33646477423 scopus 로고    scopus 로고
    • How do family ownership, control, and management affect firm value?
    • Villalonga, B., & Amit, R. (2006). How do family ownership, control, and management affect firm value? Journal of Financial Economics, 80, 385-417.
    • (2006) Journal of Financial Economics , vol.80 , pp. 385-417
    • Villalonga, B.1    Amit, R.2
  • 61
    • 0001274354 scopus 로고
    • A model of corporate performance as a function of environmental, organizational, and leadership influences
    • Weiner, N., & Mahoney, T. A. (1981). A model of corporate performance as a function of environmental, organizational, and leadership influences. Academy of Management Journal, 24, 453-470.
    • (1981) Academy of Management Journal , vol.24 , pp. 453-470
    • Weiner, N.1    Mahoney, T.A.2
  • 62
    • 0001139435 scopus 로고
    • Tobin's q and the importance of focus in firm performance
    • Wernerfelt, B., & Montgomery, C. A. (1988). Tobin's q and the importance of focus in firm performance. American Economic Review, 78, 246-250.
    • (1988) American Economic Review , vol.78 , pp. 246-250
    • Wernerfelt, B.1    Montgomery, C.A.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.