Do Co-opted Boards Affect the Financial Performance of Insurance Firms?
研究了英国财产意外险公司中CEO任命的董事会成员对公司盈利能力和偿付能力的影响，发现内部董事降低盈利但提高偿付能力，而外部董事提升盈利。
Abstract We examine the performance-effects of Chief Executive Officer (CEO) co-opted boards in United Kingdom (UK) property-casualty insurers. We report that board insiders appointed in the aftermath of CEO succession reduce profitability, but bolster solvency. Enhanced solvency also results when the CEO is a financial expert and when proportionately more inside directors are selected by a CEO who is a financial expert. We further find enhanced profitability-effects for insurance experienced co-opted outside directors, while large investors improve solvency. However, the internal or external origin of the CEO does not affect financial outcomes. We consider that our results could have commercial and/or public policy implications.