Tác động của Quản trị Doanh nghiệp đối với Hiệu suất Hoạt động của Ngành Bảo hiểm Phi Nhân Thọ tại Thái Lan

Wen-Yen Hsu1, Pongpitch Petchsakulwong2
1Department of Risk Management and Insurance, Feng Chia University, Taichung, Taiwan
2PhD Program in Business, Feng Chia University, Taichung, Taiwan

Tóm tắt

Bài báo này xem xét mối quan hệ giữa quản trị doanh nghiệp và hiệu suất hoạt động của các công ty bảo hiểm phi nhân thọ nhà nước tại Thái Lan trong giai đoạn 2000-2007. Phân tích bao phủ dữ liệu được sử dụng để tính toán hiệu suất hoạt động của một công ty bảo hiểm bao gồm hiệu suất kỹ thuật, phân bổ, chi phí và doanh thu. Chúng tôi sau đó áp dụng hồi quy bootstrapped cắt để kiểm tra mối quan hệ giữa hiệu suất hoạt động và quản trị doanh nghiệp. Kết quả cho thấy đặc điểm của quản trị doanh nghiệp ảnh hưởng đến hiệu suất hoạt động của các công ty bảo hiểm phi nhân thọ. Cụ thể, tính độc lập của hội đồng, sự chăm chỉ và quy mô công ty có tác động tích cực đến hiệu suất hoạt động của các công ty bảo hiểm phi nhân thọ Thái Lan. Tuy nhiên, kích thước ủy ban kiểm toán, sự chăm chỉ, sự khác biệt giữa quyền biểu quyết và quyền dòng tiền, thời gian phục vụ của hội đồng, độ tuổi hội đồng, cũng như sở hữu hội đồng có tác động tiêu cực đến hiệu suất hoạt động. Cuối cùng, chứng cứ thực nghiệm của chúng tôi cũng chỉ ra rằng có một mối quan hệ không rõ ràng giữa hiệu suất hoạt động của một công ty bảo hiểm và kích thước hội đồng, tỷ lệ chuyên môn tài chính trong ủy ban kiểm toán, cũng như thù lao của hội đồng.

Từ khóa

#quản trị doanh nghiệp #hiệu suất hoạt động #bảo hiểm phi nhân thọ #phân tích bao phủ dữ liệu #Thái Lan

Tài liệu tham khảo

Abbott, L.J., Peters, G.F. and Raghunandan, K. (2003) ‘The association between audit committee characteristics and audit fees’, Auditing: A Journal of Practice & Theory 22 (2): 1–15. Agrawal, A. and Chadha, S. (2005) ‘Corporate governance and accounting scandals’, Journal of Law and Economics 48 (2): 371–406. Agrawal, A. and Knoeber, C.R. (1996) ‘Firm performance and mechanisms to control agency problems between managers and shareholders’, Journal of Financial and Quantitative Analysis 31: 377–397. Ahmed, A.S. and Duellman, S. (2007) ‘Accounting conservatism and board of director characteristics: An empirical analysis’, Journal of Accounting and Economics 43 (2–3): 411–437. Anderson, R.C., Mansi, S.A. and Reeb, D.M. (2004) ‘Board characteristics, accounting report integrity, and the cost of debt’, Journal of Accounting and Economics 37 (3): 315–342. Bacon, J. and Brown, J.K. (1975) Corporate Directorship Practices: Role, Selection and Legal Status of the Board, New York: Conference Board. Beasley, M.S. (1996) ‘An empirical analysis of the relation between the board of director composition and financial statement fraud’, The Accounting Review 71 (4): 443–465. Claessens, S., Djankov, S. and Lang, L. (2000) ‘The separation of ownership and control in East Asian Corporations’, Journal of Financial Economics 58 (1–2): 81–112. Claessens, S., Djankov, S., Fan, J. and Lang, L. (2002) ‘Disentangling the incentive and entrenchment effects of large shareholdings’, The Journal of Finance 57 (6): 2741–2771. Connelly, J.T. and Limpaphayom, P. (2004) ‘Board characteristics and firm performance: Evidence from the life insurance industry in Thailand’, Chulalongkorn Journal of Economics 16 (2): 101–124. Conyon, M.J. and Peck, S.I. (1998) ‘Board size and corporate performance: Evidence from European countries’, The European Journal of Finance 4 (3): 291–304. Core, J.E., Holthausen, R.W. and Larcker, D.F. (1999) ‘Corporate governance, chief executive officer compensation, and firm performance’, Journal of Financial Economics 51 (3): 371–406. Cummins, J.D. and Nini, G.P. (2002) ‘Optimal capital utilization by financial firms: Evidence from the property-liability insurance industry’, Journal of Financial Services Research 21 (1): 15–53. Cummins, J.D. and Weiss, M.A. (2000) ‘Analyzing firm performance in the insurance industry using frontier efficiency and productivity method’, in G. Dionne (ed.) Handbook of Insurance, Boston, MA: Kluwer Academic Publishers, pp. 767–829. Cummins, J.D., Tennyson, S. and Weiss, M.A. (1998) ‘Consolidation and efficiency in the U.S. life insurance industry’, Journal of Banking and Finance 23 (2–4): 325–357. Dalton, D.R., Daily, C.M., Johnson, J.L. and Ellstrand, A.E. (1999) ‘Number of directors and financial performance: A meta-analysis’, Academy of Management Journal 42 (6): 674–686. Dowen, R.J. (1995) ‘Board of director quality and firm performance’, International Journal of the Economics of Business 2 (1): 123–132. Efron, B. and Tibshirani, R.J. (1993) An Introduction to Bootstrap, London: Chapman & Hall. Evans, J., Evans, R. and Loh, S. (2002) ‘Corporate governance and declining firm performance’, International Journal of Business Studies 10 (1): 1–18. Faccio, M. and Lang, L. (2002) ‘The ultimate ownership of Western European corporations’, Journal of Financial Economics 65 (3): 365–395. Fama, E.F. and Jensen, M.C. (1983) ‘Separation of ownership and control’, Journal of Law and Economics 26 (2): 301–325. Hardwick, P., Adams, M. and Zou, H. (2004) Corporate Governance and Cost Efficiency in the United Kingdom Life Insurance Industry, Working paper. Herold, D.E. (1979) ‘The effectiveness of work groups’, in S Kerr (ed.) Organizational Behavior, Columbus, OH: Grid Publishing, pp. 95–118. Huang, L.Y., Lai, G.C. and Wang, J.L. (2008a) The effects of corporate governance and auditor independence on the efficiency performance of the U.S. property liability insurance industry, paper presented at Asia-Pacific Risk and Insurance Association, 12th Annual Conference, Sydney, Australia. Huang, L.Y., Lai, G.C. and Wen, M.M. (2008b) The effects of corporate governance and auditor independence on the efficiency performance of the U.S. life insurance industry, paper presented at Asia-Pacific Risk and Insurance Association, 12th Annual Conference, Sydney, Australia. Jensen, M.C. (1993) ‘The modern industrial revolution, exit, and the failure of internal control systems’, The Journal of Finance 48 (3): 831–880. Johnson, S., Boone, P., Breach, A. and Friedman, E. (2000) ‘Corporate governance in the Asian financial crisis’, Journal of Financial Economics 58 (1–2): 141–186. Kajola, S.O. (2008) ‘Corporate governance and firm performance: The case of Nigerian listed firms’, European Journal of Economics, Finance and Administrative Sciences 14: 16–28. Kalbers, L.P. and Fogarty, T.J. (1993) ‘Audit committee effectiveness: An empirical investigation of the contribution of power’, Auditing: A Journal of Practice and Theory 12 (1): 24–49. Klein, A. (2002) ‘Audit committee, board of director characteristics, and earnings management’, Journal of Accounting and Economics 33 (3): 375–400. KPMG (2008) ‘Audit Committees Put Risk Management at the Top of Their Agendas’, from www.kpmg.co.uk/news/detail.cfm?pr=3120, accessed 15 December 2009. Leightner, J.E. (2007) ‘Thailand's financial crisis: Its causes, consequences, and implications’, Journal of Economic Issue 41: 61–74. Lin, Y-C., Huang, S.Y. and Young, S-C. (2008) ‘An empirical study on the relationship between ownership and firm performance: Taiwan evidence’, Afro-Asian Journal of Financial and Accounting 1 (1): 67–80. Menon, K. and Deahl Williams, J. (1994) ‘The use of audit committees for monitoring’, Journal of Accounting and Public Policy 13 (2): 121–139. Nikomborirak, D. and Tangkitvanich, S. (1999) Corporate governance: The challenge facing the Thai economy, paper presented at the conference on Corporate Governance in Asia: A Comparative Perspective, Seoul, Korea. Pathan, S., Skully, M.T. and Wickramanayake, J. (2007) ‘Board size, independence and performance: An analysis of Thai banks’, Asia-Pacific Financial Markets 14 (3): 211–227. Rebeiz, K.S. and Salameh, Z. (2006) ‘Relationship between governance structure and financial performance in construction’, Journal of Management in Engineering 22 (1): 20–26. Simar, L. and Wilson, P.W. (2007) ‘Estimation and inference in two-stage, semi-parametric models of production processes’, Journal of Econometrics 136 (1): 31–64. Vafeas, N. (1999) ‘Board meeting frequency and firm performance’, Journal of Financial Economics 53 (1): 113–142. Viverito, J. (1998) ‘Corporate governance in the Kingdom of Thailand’, Malaysian Journal of Economic Studies 35 (1–2): 231–245. Wang, J.L., Jeng, V. and Peng, J.L. (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 32 (2): 264–282. Yermack, D. (1996) ‘Higher market valuation of companies with a small board of directors’, Journal of Financial Economics 40 (2): 185–211.