{"title":"Does Co-CEO Adoption Lead to Better Stock Performance? An Empirical Analysis Focusing on High-growth Firms","authors":"Jae Eun Shin, Gun Lee","doi":"10.1111/ajfs.12391","DOIUrl":null,"url":null,"abstract":"<p>While there is an increasing debate about whether having multiple CEOs is beneficial to firms, few empirical studies have examined stock returns' consequences after adopting the co-CEO structure. Set in the Korean context, where the co-CEO structure is a common corporate practice, we find that co-CEO adoption has subsequently led to better stock performance than adherence to a sole-CEO structure. Moreover, given the diverse circumstances in which firms operate, co-CEO structure adoption does not guarantee success. We find evidence that the co-CEO structure's superior performance over the sole-CEO structure is concentrated in high-growth subsamples.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 4","pages":"569-593"},"PeriodicalIF":1.8000,"publicationDate":"2022-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Asia-Pacific Journal of Financial Studies","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/ajfs.12391","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
While there is an increasing debate about whether having multiple CEOs is beneficial to firms, few empirical studies have examined stock returns' consequences after adopting the co-CEO structure. Set in the Korean context, where the co-CEO structure is a common corporate practice, we find that co-CEO adoption has subsequently led to better stock performance than adherence to a sole-CEO structure. Moreover, given the diverse circumstances in which firms operate, co-CEO structure adoption does not guarantee success. We find evidence that the co-CEO structure's superior performance over the sole-CEO structure is concentrated in high-growth subsamples.
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