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The purpose of this research is to examine the influence of board independence, CEO duality and managerial ownership on performance of tourism firms, measured by return on assets (ROA). The sample included seven publicly traded hotels in Taiwan. Ordinary least square (OLS) regression and two-stage least square (2SLS) regression were performed to test the hypotheses. The results demonstrate that performance of hotel firms had a significantly positive relationship with board independence and CEO duality. Board independence, CEO duality and managerial ownership were confirmed as endogenous variables. The results can help hotel firms realize the influence of board governance on performance and accordingly establish governance systems.
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Chien Mu Yeh (2013) studied this question.
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