The Impact of CEO Duality on Financial Performance: Assessing the role of Board Size

چکیده مقاله

This research investigated the impact of CEO duality on financial performance focusing on the role of board size. The research hypotheses examined using multivariate regression model based on panel data and the tests for equality of means between series. The research samples include 220 firms listed in Tehran Securities & Exchange over the period 2011 - 2015. The evidences showed that the mean value of financial performance is less in firms which have CEO duality rather than firms which have separation of duty; but there is not any significant difference between them. However, there is a significant and negative relationship between CEO duality and financial performance. Also results indicated that board size have no impact on the relationship between CEO duality and financial performance. Other results indicated that financial performance is a function of capital expenditure and leverage inversely; but it is a function of size and growth directly. However, there is no evidence about the impact of age on financial performance.

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