The diversification-performance relationship in Spanish firms : does the CEO´S behaviour style matter?

Please use this identifier to cite or link to this item: https://www.um.edu.mt/library/oar/handle/123456789/31834

Title:	The diversification-performance relationship in Spanish firms : does the CEO´S behaviour style matter?
Authors:	Martinez-Campillo, Almudena Fernandez-Gago, Roberto
Keywords:	Diversification in industry Business entities -- Spain Business entities -- Management Corporate governance
Issue Date:	2008
Publisher:	University of Piraeus. International Strategic Management Association
Citation:	Martinez-Campillo, A., & Fernandez-Gago, R. (2008). The diversification-performance relationship in Spanish firms : does the CEO´S behaviour style matter?. European Research Studies Journal, 11(1-2), 57-70.
Abstract:	The agency-stewardship theoretical framework posits that CEOs may choose to act as agents or as stewards. CEOs as agents are economically rational individuals driven by self-interest, whereas CEOs as stewards are self-actualizing individuals that behave pro-organizationally. Our study extends this framework to analyze whether the CEO´s behavior style affects the diversification-performance relationship. After applying Heckman´s method on a sample of Spanish firms, our results verify that diversification affects positively on firm performance and such effect is significantly strong when this strategy is managed and implemented by a CEO inclined to behave as steward.
URI:	https://www.um.edu.mt/library/oar//handle/123456789/31834
ISSN:	11082976
Appears in Collections:	European Research Studies Journal, Volume 11, Issue 1-2

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