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Governance e performance nelle imprese di assicurazioni: un’analisi bibliometrica ed una meta analisi


  • Luisa Anderloni

    () (Università degli Studi di Milano)

  • Ornella Moro

    () (Università degli Studi di Sassari)

  • Alessandra Tanda

    () (Università di Pavia)


This paper provides a survey of the literature and empirical research focusing over the wide array of external and internal governance mechanisms and their effectiveness, with respect to performance and risk taking, in the particular setting of the insurance industry, over the period 1985–2019. Using Vosviewer software for a meta-literature mapping we present networks (co-authorship network and co-occurrence network) that identify top authors publishing and influential research streams. We also provide a meta-analysis of around 30 quantitative studies of corporate governance in the insurance sector which consider the relation between quanti-qualitative aspects of board composition and firm performance. The results show that in general there is a common evidence in the literature on the positive contribution of the size of the board and of the presence of independent directors on firm performance, variously measured. The networks in the insurance field of study appear not well connected, especially in relation to studies on emerging markets. This study might represent a starting point for possible future research lines aimed at clarifying the peculiarities of the governance-performance relationship in the insurance industry within a modified market and policy setting.

Suggested Citation

  • Luisa Anderloni & Ornella Moro & Alessandra Tanda, 2019. "Governance e performance nelle imprese di assicurazioni: un’analisi bibliometrica ed una meta analisi," DEM Working Papers Series 177, University of Pavia, Department of Economics and Management.
  • Handle: RePEc:pav:demwpp:demwp0177

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    References listed on IDEAS

    1. Jennifer L Wang & Vivian Jeng & Jin Lung Peng, 2007. "The Impact of Corporate Governance Structure on the Efficiency Performance of Insurance Companies in Taiwan," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 32(2), pages 264-282, April.
    2. Sebsatiaan Lambalk & Frank Jan de Graaf, 2017. "Explaining the relationship between firm performance and corporate governance of Dutch non-life insurance companies: Dutch mutual and commercial companies compared," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 7(2), pages 197-231, April.
    3. Ross J. Harris & Michael J. Bradburn & Jonathan J. Deeks & Roger M. Harbord & Douglas G. Altman & Jonathan A. C. Sterne, 2008. "metan: fixed- and random-effects meta-analysis," Stata Journal, StataCorp LP, vol. 8(1), pages 3-28, February.
    4. Maxwell Sandada & Nigel Manzanga & Roy Shamhuyenhanzva, 2015. "How Do Board Characteristics Influence Business Performance? Evidence from Non-life Insurance Firms in Zimbabwe," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 11(4), pages 103-116, August.
    5. James Barrese & Gene Lai & Nicos Scordis, 2007. "Ownership Concentration and Governance in the U.S. Insurance Industry," Journal of Insurance Issues, Western Risk and Insurance Association, vol. 30(1), pages 1-20.
    6. Enya He & David W. Sommer, 2010. "Separation of Ownership and Control: Implications for Board Composition," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 77(2), pages 265-295, June.
    7. Jiang Cheng & Elyas Elyasiani & Jingyi (Jane) Jia, 2011. "Institutional Ownership Stability and Risk Taking: Evidence From the Life–Health Insurance Industry," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 78(3), pages 609-641, September.
    8. Lamm-Tennant, Joan & Starks, Laura T, 1993. "Stock versus Mutual Ownership Structures: The Risk Implications," The Journal of Business, University of Chicago Press, vol. 66(1), pages 29-46, January.
    9. Doherty, Neil A & Dionne, Georges, 1993. "Insurance with Undiversifiable Risk: Contract Structure and Organizational Form of Insurance Firms," Journal of Risk and Uncertainty, Springer, vol. 6(2), pages 187-203, April.
    10. Tukur Garba PhD & Bilkisu Aliyu Abubakar, 2014. "Corporate Board Diversity and Financial Performance of Insurance Companies in Nigeria: An Application of Panel Data Approach," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(2), pages 257-277, February.
    11. Steve M. Miller, 2011. "Managerial Discretion and Corporate Governance in Publicly Traded Firms: Evidence From the Property–Liability Insurance Industry," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 78(3), pages 731-760, September.
    12. Mayers, David & Smith, Clifford W, Jr, 1988. "Ownership Structure across Lines of Property-Casualty Insurance," Journal of Law and Economics, University of Chicago Press, vol. 31(2), pages 351-378, October.
    13. Philip Hardwick & Mike Adams & Hong Zou, 2011. "Board Characteristics and Profit Efficiency in the United Kingdom Life Insurance Industry," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 38(7-8), pages 987-1015, September.
    14. Hansmann, Henry, 1985. "The Organization of Insurance Companies: Mutual versus Stock," Journal of Law, Economics, and Organization, Oxford University Press, vol. 1(1), pages 125-153, Spring.
    15. Jiang Cheng & Elyas Elyasiani & Jingyi (Jane) Jia, 2011. "Institutional Ownership Stability and Risk Taking: Evidence from the Life-Health Insurance Industry," NFI Working Papers 2011-WP-14, Indiana State University, Scott College of Business, Networks Financial Institute.
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    More about this item


    corporate governance; insurance; meta-analysis; performance; bibliometric review;

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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