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presente dissertação encontra-se subordinada ao tema “A Preponderância do Corporate Governance e da Social Responsibility no Desempenho das Seguradoras a Operar em Portugal” e tem como principal finalidade verificar se existe alguma correlação entre os mecanismos internos da Corporate Governance e da Social Responsibility no desempenho financeiro das seguradoras a exercer em Portugal.
Para alcançar os objetivos da investigação, utilizou-se uma metodologia quantitativa, utilizando-se uma amostra composta pelas 25 maiores seguradoras com sucursal em Portugal nos ramos vida e não – vida, elegidas pelo critério de quota de mercado, para um período temporal de 9 anos, compreendido entre 2014 e 2022.
A metodologia empregue consistiu na estimação e análise do modelo dos Mínimos Quadrados Ordinários (OLS) para se analisar a respetiva relação.
Utilizaram-se como variáveis de desempenho o Retorno sobre o Ativo (ROA), o Retorno sobre o Capital Próprio (ROE), o Rácio Combinado (RC) e o Rácio de Produtividade (RP). A Dimensão da Empresa (Size) e a Antiguidade da Empresa (Age) foram utilizadas como variáveis de controlo. No que concerne às variáveis independentes utilizaram-se a Dimensão do Conselho de Administração (BoardSize), a Dualidade CEO/Chairman (Dual), a Remuneração e os Benefícios do CEO (RemCEO), a Comissão de Auditoria (ComAud) e os Relatórios Integrados de Sustentabilidade (RelSust).
Os modelos apresentados evidenciam que as empresas que dispõem de um relatório integrado de sustentabilidade tendem a obter um melhor ROA, um menor RC e um menor RP. Também se verifica que quanto maior a Dimensão da Empresa menor tende a ser o valor do ROA e maior tende a ser o RP. No que concerne ao RC, quanto maior é a Dimensão do Conselho de Administração e a Remuneração e Benefícios do CEO maior tende a ser o seu valor. Já a existência da Dualidade de funções CEO/Chairman e Empresas com uma maior existência temporal tendem a ter um RP menor.
The present master's dissertation is focused on the topic "The Prevalence of Corporate Governance and Social Responsibility in the Performance of Insurance Companies Operating in Portugal" and its main objective is to ascertain if there is any correlation between certain internal mechanisms of Corporate Governance and Social Responsibility and the financial performance of insurance companies operating in Portugal. To achieve the research objectives, a quantitative strategy was chosen, utilizing a sample composed of the 25 largest insurance companies with branches in Portugal in the life and non-life insurance sectors, selected based on market share criteria, for a time period spanning 9 years, from 2014 to 2022. The employed methodology involved estimating and analyzing the Ordinary Least Squares (OLS) model to investigate the respective relationship. As performance variables, Return on Assets (ROA), Return on Equity (ROE), Combined Ratio (CR), and Productivity Ratio (PR) were utilized. Control variables included Company Size (Size) and Company Age (Age). Regarding the independent variables, Board Size (BoardSize), CEO/Chairman Duality (Dual), CEO Compensation and Benefits (RemCEO), Autonomous Audit Committee (ComAud), and Integrated Sustainability Reports (RelSust) were used. The presented models of this study show that companies with integrated sustainability reports tend to achieve better ROA, lower CR, and lower PR. Furthermore, as Company increases, ROA tends to decrease, while PR tends to increase. As for CR, it tends to be higher with a larger board of directors and higher CEO compensation and benefits. On the other hand, the existence of CEO/Chairman dual roles and older companies tend to have a lower PR.
The present master's dissertation is focused on the topic "The Prevalence of Corporate Governance and Social Responsibility in the Performance of Insurance Companies Operating in Portugal" and its main objective is to ascertain if there is any correlation between certain internal mechanisms of Corporate Governance and Social Responsibility and the financial performance of insurance companies operating in Portugal. To achieve the research objectives, a quantitative strategy was chosen, utilizing a sample composed of the 25 largest insurance companies with branches in Portugal in the life and non-life insurance sectors, selected based on market share criteria, for a time period spanning 9 years, from 2014 to 2022. The employed methodology involved estimating and analyzing the Ordinary Least Squares (OLS) model to investigate the respective relationship. As performance variables, Return on Assets (ROA), Return on Equity (ROE), Combined Ratio (CR), and Productivity Ratio (PR) were utilized. Control variables included Company Size (Size) and Company Age (Age). Regarding the independent variables, Board Size (BoardSize), CEO/Chairman Duality (Dual), CEO Compensation and Benefits (RemCEO), Autonomous Audit Committee (ComAud), and Integrated Sustainability Reports (RelSust) were used. The presented models of this study show that companies with integrated sustainability reports tend to achieve better ROA, lower CR, and lower PR. Furthermore, as Company increases, ROA tends to decrease, while PR tends to increase. As for CR, it tends to be higher with a larger board of directors and higher CEO compensation and benefits. On the other hand, the existence of CEO/Chairman dual roles and older companies tend to have a lower PR.
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Keywords
Corporate governance Social responsibility Desempenho Seguradoras Corporate governance Performance Social responsibility Insurers