Get your ERSJ subscription today!
Workshop in Prague
The Diversification-Performance relationship in Spanish Firms: PDF Print E-mail

Does The CEO´S Behaviour Style matter?

Authors: Almudena Martínez-Campillo, Roberto Fernández-Gago


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.

Diversification strategy, firm performance, CEOs behavior style, agent, steward

Publication Ethics and Publication Malpractice  |Terms and Conditions |
Privacy Policy Statement |
Copyright ©2012 | Developed by SKIAS engineering