Carlson School of Management Assistant Professor Aiyesha Dey and her co-authors Ellen Engel (University of Chicago) and Xiaohui Liu (University of Texas, Dallas) sought to examine the implications of combining and splitting the CEO and chair roles and discovered that, as with so many things, there isn't a one-size-fits-all answer.

In their study, the researchers examined what factors help determine why a firm decides to combine rather than separate the roles.

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