Board leadership structure for Chinese public listed companies

Mei Yu*, John K. Ashton

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review


It is widely accepted that board leadership structure and whether the chairperson and CEO roles should be undertaken jointly or separately affects the performance of a firm. Despite this consensus, empirical evidence presents major uncertainties as to the direction and degree of this influence. This study contributes to this debate by examining the relationship between board leadership structure and firm performance and the expense ratio, using propensity-score matching methods for Chinese PLCs from 2003-2010. It is reported that whilst CEO duality is not related to companies' profitability ratios, it is linked to a higher expense ratio compared to matched companies with a separate board leadership structure. This indicates that a separate board leadership structure is an effective corporate governance arrangement to reduce agency costs for Chinese PLCs.

Original languageEnglish
Pages (from-to)236-248
Number of pages13
Publication statusPublished - 1 Jul 2015

Bibliographical note

Publisher Copyright:
© 2015 Elsevier Inc.


  • Agency costs
  • Board leadership structure
  • China
  • Firm performance
  • Propensity score matching

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