JOURNAL OF MANAGEMENT POLICY AND PRACTICE
Two Heads May Be More Responsible Than One: Co-CEOs and Corporate
Author(s): Dinesh B. Hasija, Alan E. Ellstrand, Dan L. Worrell, Heather Dixon-Fowler
Citation: Dinesh B. Hasija, Alan E. Ellstrand, Dan L. Worrell, Heather Dixon-Fowler, (2017)"Two Heads May Be More Responsible Than One: Co-CEOs and Corporate Social Performance," Journal of Management Policy and Practice, Vol. 18, Iss. 2, pp. 9-21
Article Type: Research paper
Publisher: North American Business Press
Extant research on the co-CEO structure is very limited. We extend this area of inquiry by examining the influence of the co-CEOs on corporate social responsibility (CSR) and irresponsibility (CSI). Drawing from dual leadership theory, we hypothesize that firms led by co-CEOs demonstrate higher levels of CSR and lower levels of CSI. Based on a propensity score-matching sample of co-CEOs and solo CEOs for U.S. firms from 1996 to 2014 and KLD ratings, we found strong support for our hypotheses. Our findings suggest that firms interested in enhanced corporate social performance (CSP) might consider the benefits of a co-CEO structure.