... is found consistently over different stages of business life cycle. Interestingly, highly educated CEOs are associated with lower levels of firm risk-taking during the decline stage. Research limitations/implications The findings support stewardship theory and underscore the importance of appointing...

... conditions. Corporate governance Agency theory Resource dependence theory Stewardship theory Block holding Block holder identity Managerial ownership Agency costs Firm performance Firm value Financial crisis Endogeneity G34 G30 G01 The term “corporate governance” always attracts...

...‐tier structure, companies should consider five elements in order to ensure a successful outcome. These elements are: CEO duality Corporate governance Boards of directors CEO turnover Agency theory Stewardship theory Economic uproars within the USA have forced companies to alter...