CEO Characteristics Influence on CEO Duality: Evidence from the Philippines

Abstract

This study investigates the influence of chief executive officers’ (CEO) demographic
characteristics on the likelihood of CEO duality on boards of Philippine publicly listed
corporations (PLCs). It draws on the competing perspectives of agency and stewardship, as
well as human capital and upper echelon theories. It uses logistic regression on a sample of 252
active PLCs as of the end of 2021. Results indicate 30% of Philippine PLCs continue to practice
CEO duality, despite the recommendation of the 2016 Code of Good Governance for Philippine
PLCs to separate the roles of CEO and chairman of the board (COB). It also demonstrates that
the likelihood of CEO duality is influenced by gender, tenure, and age; that is, an older, longer
tenured man has more chances to hold both the position of CEO and COB. This supports the
idea that CEO duality choice is associated with experience-based human capital.