The Impact of CEO Duality on Firm Performance: Evidence From Turkey
Mesut DOGAN, Bilge Leyli ELITAS, Veysel AGCA, Serdar ÖGEL

Abstract
Even though it is originated in USA, accounting, auditing and corporate governance scandals (Enron, Worldcom, Parmalat etc.) experienced in 2000s have impacted many countries. One of the crucial reasons of these scandals is fallacious and sided attitudes of managers at decision making, along with the confusing of the concepts of independent auditing and internal auditing. What has been experienced in recent years has made the structure of board of directors much more important and it has increased the quantity of studies on this issue. Therefore, in the purpose of this study is to examine the impact of CEO duality on the firm performance for a sample of 204 listed firms on Istanbul Stock Exchange (ISE) between the years 2009-2010 in Turkey. In this study ROA, ROE and Tobin’s q used as a financial performance measures and CEO, AGE, SBD and FFR used for the independent variables. Multiple regression analysis and t-test are used for the empirical investigations. The results show that CEO duality has a negative impact on the firm performance, consistent with the agency theory.

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