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Powerful CEOs and Their Impact on Corporate PerformanceRenee B. AdamsUniversity of New South Wales; Financial Research Network (FIRN); European Corporate Governance Institute (ECGI) Heitor AlmeidaUniversity of Illinois at Urbana-Champaign; National Bureau of Economic Research (NBER) Daniel FerreiraLondon School of Economics & Political Science (LSE) - Department of Finance; European Corporate Governance Institute (ECGI); Centre for Economic Policy Research (CEPR) 2005 The Review of Financial Studies, Vol. 18, Issue 4, pp. 1403-1432, 2005 Abstract: Executives can only impact firm outcomes if they have influence over crucial decisions. On the basis of this idea, we develop and test the hypothesis that firms whose CEOs have more decision-making power should experience more variability in performance. Focusing primarily on the power the CEO has over the board and other top executives as a consequence of his formal position and titles, status as a founder, and status as the board`s sole insider, we find that stock returns are more variable for firms run by powerful CEOs. Our findings suggest that the interaction between executive characteristics and organizational variables has important consequences for firm performance.
Keywords: brain metastases, HRQoL, stereotactic radiosurgery Accepted Paper SeriesDate posted: February 29, 2008Suggested CitationContact Information
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