By Ornella Ricci (auth.)
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34). As a consequence, before acquiring a more comprehensive view of bank governance, it may be better not to impose restrictions on financial firms. Besides, the existing legislation of publicly traded firms (the SOX and also the NYSE and Nasdaq listing standards) may have played a role in the crisis. 0006 The Academic Perspective crisis. This is consistent with the idea that these institutions did better before the crisis, but suffered more when risks led to unexpected losses. , 2012). With reference to the insurance industry, probably because of its minor involvement in the global financial turmoil, there are no ‘aftercrisis’ studies that test the results of previous literature when insurance firms face a particularly difficult time.
1). The ability to control managerial discretion also impacts on the level of business and geographic concentration. The level of business concentration is influenced also by other two factors: (1) the availability of financial and non-financial resources; (2) the realization of scope economies. Concentrating the business in few lines is a way to reduce managerial discretion. As a consequence, mutual companies and reciprocals should be more concentrated than their competitors. As for Lloyds associations, there are two opposite effects: on the one hand, they fit with high managerial discretion; on the other hand, they are constrained by the wealth and skills of individual subscribers.
It is possible to conclude that stock and mutual companies coexist in several countries because each has a comparative advantage in some business: specifically, stocks (mutuals) fit better for riskier (less risky) products, requiring more (less) managerial discretion. 2 Internal corporate governance This section is devoted to internal corporate governance mechanisms. 0006 The Academic Perspective the role of the Board of Directors (hereafter, BoD) and (2) the impact of executive compensation, management turnover policies and directors’ ownership.
Corporate Governance in the European Insurance Industry by Ornella Ricci (auth.)