Tunisian CEO power and controlling shareholder identity: principal-principal perspective

Sana Ben Cheikh and Nadia Loukil

International Journal of Corporate Governance, 2012, vol. 3, issue 2/3/4, 163-181

Abstract: This study examine does controlling shareholder identity affects CEO power in the Tunisian context. Using a sample of 38 Tunisian listed companies for the period study 2000 to 2007, we measure CEO power by Adams et al. (2005) index and we classify controlling shareholders by identity: state, family and foreign investors. This study brings new and interesting findings. Most importantly, it find that CEO power level depend on controlling shareholding identity. Indeed, we demonstrate that family controlled firms, like firms with dispersed ownership, exhibit a high managerial power. However, we show that in state and foreign controlled firms delimited CEO entrenchment and mitigate agency problems between shareholders and managers.

Keywords: CEO power; controlling shareholders; Tunisian listed companies; corporate governance; shareholder identity; Tunisia; state controlled firms; family shareholders; foreign investors; agency problem. (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijcgov:v:3:y:2012:i:2/3/4:p:163-181

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