Board Characteristics, Ownership Concentration and the Financial Performance of European Listed Insurance Companies: New Empirical Evidence

Graţiela Georgiana Noja, Gheorghe Hurduzeu (), Mirela Cristea, Flavia Barna, Miruna Nachescu and Camelia Gavrilescu
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Graţiela Georgiana Noja: Department of Marketing and International Economic Relations, East European Center for Research in Economics and Business, West University of Timişoara, Timişoara, Romania
Gheorghe Hurduzeu: Department of International Business and Economics, Bucharest University of Economic Studies, Bucharest, Romania. Institute of Agricultural Economics, Romanian Academy, Bucharest, Romania.
Mirela Cristea: Department of Finance, Banking and Economic Analysis, University of Craiova, Craiova, Romania.
Flavia Barna: Department of Finance, West University of Timişoara, Timişoara, Romania.
Camelia Gavrilescu: Institute of Agricultural Economics, Romanian Academy, Bucharest, Romania.

Journal for Economic Forecasting, 2023, issue 4, 25-42

Abstract: The research aims to appraise the interplay between several features of corporate governance and company financial results, as well as the impact of board characteristics and ownership credentials on the size and performance of European companies operating in insurance, reinsurance, and pension funding. Data was extracted from the Orbis database for a newly compiled sample of 6,096 active firms in 2015-2022 (according to the last available year). The methodological approach was based on robust regression with Huber and biweight iterations and network analysis with Gaussian and Mixed-Markov graphical models. Main results revealed notable positive impacts of the number of directors, managers, and shareholders on firms’ financial results. Instead, the ownership concentration, namely the board independence, negatively influenced the performance of the European insurance companies, with a less significant impact on their operating revenue and profitability.

Keywords: corporate governance; ownership concentration; revenues; financial performance; insurance; econometric modelling (search for similar items in EconPapers)
JEL-codes: C51 G22 M10 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:rjr:romjef:v::y:2023:i:4:p:25-42

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