ABSTRACT
A great deal of literature on business and economics refers to leadership based on a single leader, normally refer to as a chief executive officer (CEO). The impact of having a co-leadership structure analyzes a limited number of investigations. To the best knowledge of the author only Arena et al had the research why companies have co-CEOs and their impact on firm performance. Arena conclude that this type of company has higher Market to Book ratios and Return on Assets (ROA) than in solitary CEO companies. Companies with co-CEOs have a higher return to shareholders than companies with solitary CEOs, but only in the long-term period and this seems to be one of the most important reasons the shareholders of these companies agrees to maintains this leadership structure over several years. The results suggest that a co-CEO leadership structure has a positive impact on firm performance while having more than one CEO or chairman of the board.
