In this study, we examine the relationship between past firm performance and the likelihood of co-CEO adoption. Using Korean data for the period 2003 to 2018, we find that poorly performing firms are more likely to appoint multiple CEOs and adopt shared leadership. This provides evidence that owners add CEOs to the firm in order to penalize the poor performance of the incumbent sole CEO. In addition, a comparison of firms that replace an existing sole CEO with another versus those that newly adopt a co-CEO structure shows that firms exhibiting extremely bad performance are more likely to choose the former option. Furthermore, we divide the sample by type of co-CEO structure and find that poor performance by a sole CEO is more likely to be a cause of the type that indicates a dilution of authority for the existing sole CEO.

中文翻译：

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公司业绩和采用联席 CEO 结构：来自韩国的证据

在这项研究中，我们研究了过去的公司业绩与联合 CEO 的采用可能性之间的关系。使用 2003 年至 2018 年期间的韩国数据，我们发现业绩不佳的公司更有可能任命多名 CEO 并采用共享领导。这提供了证据表明，所有者向公司增加了 CEO，以惩罚现任唯一 CEO 的糟糕表现。此外，将现有唯一 CEO 替换为另一位 CEO 的公司与新采用联席 CEO 结构的公司的比较表明，表现极差的公司更有可能选择前者。此外，我们按联席 CEO 结构类型划分样本，发现唯一 CEO 表现不佳更可能是导致现有唯一 CEO 权力被稀释的原因。