CEO Duality and Firm Performance in Nigerian Manufacturing: A Stewardship-Contingency Perspective
Author
Olukoya Sakirat Adetutu, Professor Longe Kayode
Abstract
This study examines how CEO duality—the practice of one person serving as both chief executive and board chair—affects firm performance among Nigerian listed manufacturing companies. Rather than treating duality as universally good or bad, we draw on stewardship-contingency theory to argue that its effects depend on context: who owns the firm, how large it is, whether it exports, and the quality of the institutional environment in which it operates.
Using panel data from 47 manufacturing firms listed on the Nigerian Stock Exchange between 2015 and 2022, we find that CEO duality is positively associated with accounting-based performance measures. This positive effect is stronger when ownership is concentrated and when institutional quality is weak, but weaker in larger firms and among export-intensive enterprises. These findings challenge the blanket prescription—common in Anglo-American governance codes—that CEO and chair roles should always be separated. For Nigerian manufacturing firms, unified leadership often makes practical sense.
Keywords
CEO duality, stewardship theory, contingency theory, corporate governance, Nigerian manufacturing
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