Chief Executive Officer Duality, Nationality and Firms’ Growth Opportunities

Henry Osahon Osazevbaru

Department of Business Administration, Faculty of Management Sciences, Delta State University, Abraka, Delta State, Nigeria.


Keywords: Agency cost, Board chair, Corporate governance, Firm age, Firm’s performance, National culture, Stewardship theory, Unit root.


Corporate governance mechanisms highlight the invaluable role of the Chief Executive Officer (CEO) in the affairs of an organization. The nexus between CEO characteristics and firm performance is not mute in the literature and mixed findings have also been presented. This study deviates from previous studies by focusing on the impact of CEO attributes on growth opportunities of the firm. Accordingly, this paper analysed duality and nationality of CEO on firms’ growth opportunities against the backdrop of national culture and societal values. To this end, secondary data of 76 non-financial firms listed on the Nigerian Exchange Group from 2010- 2019 were analyzed. Various diagnostic tests for panel data unit root were conducted. The result of the robust panel data analysis revealed that both CEO duality and nationality have negative but insignificant relationship with firms’ growth opportunities. Clearly, the CEO attributes examined do not wield significant influence in diminishing growth opportunities.


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