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The authors investigate the valuation effects of leadership structure in Switzerland where, in contrast to the U.S., a separation of the CEO and chairman functions is common. Consistent with the majority of prior research focusing on the U.S., they find no evidence of a systematic and significant difference in valuation between firms with combined and firms with separated functions. They also investigate whether the leadership structure is related to firm-level corporate governance characteristics. They find a curvilinear relation between leadership structure and managerial shareholdings that is similar to what they observe between firm value and managerial shareholdings.
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