A Multi-Theory Perspective of Board Leadership Structure: What Does the Egyptian Corporate Governance Context Tell Us?

20 Pages Posted: 22 Feb 2010

See all articles by Khaled K. Elsayed

Khaled K. Elsayed

Ain Shams University - Faculty of Commerce - Business Administration Department

Abstract

Much of the existing research in corporate governance has been directed at examining the consequences of board leadership structure on various organizational issues, with little to say about the determinants of this structure. By exploring either agency theory or stewardship theory, researchers provide contested conclusions regarding board leadership structure. The underlying premise of both theories is that ‘one universal structure fits all’. However, the main argument of this paper is that the appropriate board leadership structure varies with some contextual variables and certain actors in a given environment. Econometric analysis demonstrates that board leadership structure varies with firm size, age and ownership structure. The implication of this result is that the assertion of both agency theory (CEO non-duality structure) and stewardship theory (CEO duality structure) may be valid under certain conditions. Thus, existing theories might need to be treated as complementary viewpoints, each of which draws upon a part of the whole picture, because depending on just one single perspective is more likely to result in misleading conclusions about the structure as a whole.

Suggested Citation

Elsayed, Khaled K., A Multi-Theory Perspective of Board Leadership Structure: What Does the Egyptian Corporate Governance Context Tell Us?. British Journal of Management, Vol. 21, Issue 1, pp. 80-99, March 2010, Available at SSRN: https://ssrn.com/abstract=1555262 or http://dx.doi.org/10.1111/j.1467-8551.2009.00632.x

Khaled K. Elsayed (Contact Author)

Ain Shams University - Faculty of Commerce - Business Administration Department ( email )

Abbassia 11566, Cairo
Egypt

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