摘要
We test whether differences in the background characteristics of firms’chairperson and CEO can reduce management agency costs.We find that when the chairperson is older,has a higher level of education,and has more overseas experience than the CEO,the management agency costs will be lower.A series of robustness tests do not change our conclusions.In further analysis,we find that the negative relationship between the two is more significant for SOEs or firms experiencing fierce market competition.Finally,we also find that the chairman-CEO’s vertical dyad background characteristics differences can help to improve firm performance.Our study provides theoretical and practical implications for companies on how to best configure their top management team.
基金
supported by National Natural Science Foundation of China[Grant No 72072060,71602059]
Soft Science Research Project of Guangdong Province,China[grant numbers2020A1010020004]
“13th Five-year Plan”for the Development of Philosophy and Social Sciences of Guangzhou,Joint construction projects in 2020,China[grant numbers 2020GZGJ11]
Fundamental Research Funds for the Central Universities of the South China University of Technology,China[grant numbers XYMS202104]
