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Another problem of the structure of the BOARD is the role of Chairman and Chief Executive Officer. Unified leadership structure takes place when the Director took on two roles at the same time as the Chief Executive Officer and Chairman. Cadbury (2002) mentions this leadership structure. It will create a ceo has the absolute power (blue and Lee, 2008). The ability to leverage their power to serve personal interests. So the shareholders tend not to accept for the company holding too much cash to reduce the risk.
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