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E3 Journal of Business Management and Economics

E3 Journal of Business Management and Economics Vol. 9 (1) pp. 022-029, January 2018; © E3 Journals; ISSN 2141-7482

The impact of CEO΄ duality and board΄s size and independence on firms΄ innovation and financial performance

Nourhene BLIBECH1 * , Sarra Berraies2
1 FSB, University of Carthage, Tunisia Laboratoire LIFE, University of Manar Tunisia
2 Université de Tunis, Institut Supérieur de Gestion de Tunis, Laboratoire ARBRE, Tunis, Tunisia
*Corresponding Author E-mail:
Accepted 28 December 2017


The aim of this article is to highlight the impact of some characteristics of board of directors and CEO΄ duality on firms΄ innovation and performance. A series of hypotheses testing the links between the variables was formulated in the basis of a theoretical review. A quantitative research was performed via a questionnaire on a sample of 60 Tunisian listed companies. Moreover, we used a database published by the Stock Exchange of Tunisian Market and the Financial Market Council. Results of the empirical analysis show that innovation positively contributes to firms΄ financial performance. Findings reveal also that CEO΄ duality is negatively associated to innovation. This research may represent potential guide for the board of directors in order to improve firms΄ innovation and firms΄ financial performance.

Keywords: CEO-duality, innovation, financial performance, board size, independent directors, Tunisia.

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