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One Man Two Hats: What's All the Commotion!Jay DahyaCity University of New York, CUNY Baruch College, Zicklin School of Business Laura Galguera Garciaaffiliation not provided to SSRN Jos Van BommelUniversite du Luxembourg - Luxembourg School of Finance Financial Review, Vol. 44, Issue 2, pp. 179-212, May 2009 Abstract: We examine performance in publicly listed U.K. companies over a period that encompasses the issuance of the Cadbury Committee's Code of Best Practice, which calls for the abolition of the combined CEO/COB position. We find that companies splitting the combined CEO/COB position to conform to the Code's requirement did not exhibit any absolute or relative improvement in performance when compared to various peer-group benchmarks. We do not necessarily scoff at mandated board structures, but the evidence suggests that this particular legislature coerced the abandonment of the combined CEO/COB position and appears to be wide of the mark.
Number of Pages in PDF File: 34 Accepted Paper SeriesDate posted: June 16, 2009Suggested CitationContact Information
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