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Impact of the Corporate Governance on the Financial Performance of Insurance Companies in the Slovak and Czech Republics

In: Advances in Cross-Section Data Methods in Applied Economic Research

Author

Listed:
  • Janka Grofčíková

    (Faculty of Ecomonics Matej Bel University in Banská Bystrica)

  • Katarína Izáková

    (Faculty of Ecomonics Matej Bel University in Banská Bystrica)

Abstract

Numerous expert studies have been conducted looking into the factors affecting the financial performance of businesses. Similarly, the issues of corporate governance and its individual determinants have been addressed in detail. The contribution of our paper is to link the aforementioned issues and their application specifically to companies providing insurance services whose products have a trust-based characteristic. Therefore, the control and management of insurance companies and their administration of entrusted resources are under strict control and are regulated by the Solvency II Directive in European Union law. The Czech and Slovak insurance markets have a common history. Currently, both markets are part of the European Union’s single insurance market. This research compares these two markets in terms of this sector development, financial performance and selected determinants of corporate governance in insurance companies. The aim of this paper is to examine the impact of corporate governance on the financial performance of insurance companies. Using correlation and multiple regression analysis, we modelled the impact of selected financial and non-financial determinants of corporate governance on the aggregate performance indicator ROA.

Suggested Citation

  • Janka Grofčíková & Katarína Izáková, 2020. "Impact of the Corporate Governance on the Financial Performance of Insurance Companies in the Slovak and Czech Republics," Springer Proceedings in Business and Economics, in: Nicholas Tsounis & Aspasia Vlachvei (ed.), Advances in Cross-Section Data Methods in Applied Economic Research, chapter 1, pages 1-21, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-38253-7_1
    DOI: 10.1007/978-3-030-38253-7_1
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