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Do outside directors influence the financial performance of risk-trading firms? Evidence from the United Kingdom (UK) insurance industry

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  • Adams, Mike
  • Jiang, Wei

Abstract

We examine the relation between outside board directors and six measures of financial performance using panel data for 1999–2012 drawn from the UK’s property-casualty insurance industry. We find that the proportion of outsiders on the board is unrelated to performance; rather it is outsiders’ financial expertise that has the most significant financial performance impact. In addition, superior performance can also be related to the financial expertise of inside directors, thereby reinforcing the importance of board-level financial expertise in the insurance industry. Our results have potential commercial and/or policy implications.

Suggested Citation

  • Adams, Mike & Jiang, Wei, 2016. "Do outside directors influence the financial performance of risk-trading firms? Evidence from the United Kingdom (UK) insurance industry," Journal of Banking & Finance, Elsevier, vol. 64(C), pages 36-51.
    • Handle: RePEc:eee:jbfina:v:64:y:2016:i:c:p:36-51
    DOI: 10.1016/j.jbankfin.2015.11.018
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    More about this item

    Keywords

    Outside directors; Financial performance; Insurance; United Kingdom;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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