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1、JFinancServResDOI10.1007/s10693-011-0109-8CapitalStructure,CEODominance,andCorporatePerformancePornsitJiraporn&PandejChintrakarn&YixinLiuReceived:19November2010/Revised:4April2011/Accepted:12April2011#SpringerScience+BusinessMedia,LLC2011AbstractWeuseagencytheorytoinvestigatetheinfluenceofCEOdomin
2、anceonvariationincapitalstructure.Duetoagencyconflicts,managersmaynotalwaysadoptleveragechoicesthatmaximizeshareholders’value.Consistentwiththepredictionofagencytheory,theevidencerevealsthat,whentheCEOplaysamoredominantroleamongtopexecutives,thefirmadoptssignificantlylowerleverage,probablytoevadet
3、hedisciplinarymechanismsassociatedwithdebtfinancing.OurresultsareimportantastheydemonstratethatCEOpowermatterstocriticalcorporateoutcomessuchascapitalstructuredecisions.Inaddition,wefindthattheimpactofchangesincapitalstructureonfirmperformanceismorenegativeforfirmswithmorepowerfulCEOs.Overall,ther
4、esultsareinagreementwithpriorliterature,suggestingthatstrongCEOdominanceappearstoexacerbateagencycostsandisthusdetrimentaltofirmvalue.KeywordsCapitalstructure.Agencycosts.Leverage.CEOdominance.CEOpowerJELClassificationG32.G341IntroductionMostexistingresearchemploysfirm-,industry-,andmarket-levelch
5、aracteristicstoaccountforcorporatebehaviorandperformance.RarelyinvestigatedistheroleofindividualP.JirapornSchoolofGraduateProfessionalStudies,PennsylvaniaStateUniversity,Malvern19355PA,USAP.JirapornThammasatUniversity,Bangkok,ThailandP.JirapornNationalInstituteofDevelopmentAdministration(NIDA),Ban
6、gkok,ThailandP.Chintrakarn(*)BusinessAdministrationDivision,MahidolUniversityInternationalCollege(MUIC),SalayaNakornPathom,Thailande-mail:icpandej@mahidol.ac.thY.LiuUniversityofNewHampshire,Durham03824NH,USAJFinancServResexecutivesininfluencingcorporateoutcomes.Inspiteofthis,theprevalentviewintheb
7、usinesspressandamongmanagersthemselvesisthatCEOsandothertopexecutivesrepresentkeyfactorsindeterminingcorporatepractices(BertrandandSchoar,2003).TheprimarycontributionofthisstudyistoexaminetheimpactofanimportantCE
