An Appropriate Corporate Governance Model at Iran Insurance Company
الموضوعات :
Shamsollah Salami
1
(Department of Public Administration, Qaemshahr Branch, Islamic Azad University, Qaemshahr, Iran)
Mohammad Reza Bagherzadeh
2
(Department of Public Administration, Islamic Azad University, Qaemshahr Branch, Qaemshahr, Iran)
Asadollah Mehrara
3
(Department of Public Administration, Qaemshahr Branch, Islamic Azad University, Qaemshahr, Iran)
Mehrdad Matani
4
(Department of Public Administration, Qaemshahr Branch, Islamic Azad University, Qaemshahr, Iran)
الکلمات المفتاحية: Iran Insurance Company, Good governance, Thematic analysis, Corporate Governance, Smart Pls,
ملخص المقالة :
Insurance Corporate Governance Code 93 was communicated to the insurance industry of Iran in 2017. However, as the only Iranian governmental insurance organization, Iran Insurance Company has a different corporate governance structure in the insurance industry of Iran. The present study aims to propose a good corporate governance model at Iran Insurance Company. This study is applied research in terms of objectives and descriptive-survey research based on a combined methodology in terms of data collection. Semi-structured interviews were performed with fifteen experts. The final model was proposed through thematic analysis and the Delphi model with five components, including board effectiveness, transparency and disclosure, ownership institution, beneficiary management, and monitoring. The model was examined by delivering questionnaires to a total of 201 senior and middle-level managers and agency directors at Iran Insurance Company. The Kolmogorov–Smirnov test was utilized to determine data distribution, while the Kaiser-Meyer-Olkin (KMO) test and Bartlett’s test were used to examine measurement sample suitability. Also, the partial least square (PLS) method was employed for modeling in Smart PLS. The components were ranked through the Shannon entropy approach. The results demonstrated that board effectiveness had the largest importance among other components. The board structure and composition showed the highest weight. Among the components of board effectiveness, the separation of the chairman and CEO had the highest importance.
Banveidi, M. (2011). The need to establish corporate governance in the insurance industry, Proceedings of the 18th National Conference and the 4th International Conference on Insurance and Development, Insurance Research Institute.
Black, B., Jang, H., Kim, W. (2006). Does Corporate Governance Predict Firms' Market Values? Evidence from Korea. Journal of Law, Economics, and Organization, 22(2), 366-413.
Boubakri, B., Cosset, C., Guedhami, O. (2005). Post privatization corporate governance: The
Role of ownership structure and investor protection. Journal of Financial Economics, 76 (2), 369-399.
Brown, L., Claylor, K. (2004). Corporate Governance and Firm Performance. Gorgia: Gorgia State University press.
Clark, T. (2007). International Corporate Governance.qst edition, London: Roultedge.
Conference board. (2003). Commission on public trust and private enterprise (January). Available at: www.conference-board.org
Economic Cooperation and Development (OECD).(2004) .OECD Principles of Corporate Governannce .http://www .oecd.org.
Erickson, J., Park, Y., Reising, J., Shin, H. (2005). Board composition and firm value under concentrated ownership: pacific – Basin finance Journal, 13(4), 25-46.
Fama, E, .Jensen, M. (1983) .Separation of Ownership and Control .Journal of Law and Economics, 4(6), 1-32.
Filatchev, I., Poulsen, R., .Greg, B. (2018). Corporate governance of a multinational enterprise: Firm, industry and institutional perspectives. Journal: Journal of Corporate Finance, 6(2), 18-38.
Gholipour, R., Naseri, A. (2016). The place of the principles of good corporate governance in Iran's economic policies. Journal of parliament and strategy, (89), 223-247.
Hanife, R., Hadib, M. (2006). Corporate Governance Structure and Performance of Malaysian Listed Companies. Journal of Business Finance & Accounting, 33(7), 1034-1062
Hashi, I. (2004). The Legal Framework for Effective Corporate Governance: Comparative Analysis of Provisions on Selected Transition Economies, Staffordsire University Business School.
Hejazi, R., Mokhtarinejad M. (2017). The relationship between corporate governance structure and the possibility of fraudulent financial reporting, Quarterly Journal of Value and Behavioral Accounting, 4(2), 33-60.
Hsu, P., Petchsakulwong, G. (2013). Corporate governance and different types of voluntary disclosure. Pacific Accounting Review, 25 (1), 4-29.
IFAC. (2001). Governance in the Public Sector: A Governing Body Perspective. New York: The International Federation of Accountants.
International Association of Insurance Supervisors. (2011). Insurance Core Principles, Standards, Guidance and Assessment Methodology.
International federation of accountants (IFAC) & Chartered institute of management acountants. (2004) .Enterprise Governance Getting the Balance Right.
Jiraporn, P., Chatjuthamard, O., Tong, S. (2015). Does corporate governance influence corporate risk-taking? Evidence from the Institutional Shareholders Services (ISS). Journal of Finance Research Letters, 13(4), 105-112.
Kaufman, D., Kraay, A., Mastruzzi, M. (2009). The Worldwide Governance Indicators (WGI) Project, World Bank.
Kaveh, M., Saeida Ardekani, S., Tabatabaeenasab, S.M. (2020). Marketing Strategy Evaluation by Integrating Dynamic Systems Modeling and Network Data Envelopment Analysis. Journal of System Management, 6(1), 19-34.
Kaviani, M., Hamidiyan, M., Bostsni, S. (2018). Investigating the Impact of Corporate Governance on the Efficiency of the Insurance Industry. Insurance Research Journal, 3 (33). 23-40.
Kvale, S. (1996). Interviews: An Introduction to Qualitative Research Interviewing. Thousand Oaks, CA: Sage.
Lim, S., Matolcsy, Z., Chow, D. (2007).The Association between board composition and different types of voluntary disclosure. European Accounting review, 16 (3), 555-583.
Miri, M., Omidvari, M., Sadeghi, A. (2016). Providing a Pattern to Prioritize the Branches of Service Firms. Journal of System Management, 2(2), 45-64.
Molaei, S., Seyed Esfahani, M.M., Esfahanipour, A. (2016). Using Genetic Algorithm to Robust Multi Objective Optimization of Maintenance Scheduling Considering Engineering Insurance. Journal of System Management, 2(1), 1-19.
Naseri, A. (2016). Designing a good corporate governance framework in public sector enterprises, PhD thesis, Faculty of Management, University of Tehran.
OECD Principles of Corporate Governance. (2008).
Osborn, S. (2010). The New Public Governance. London: Routledge.
Pakmaram, A., Lotfi, B. (2018). Relationship between corporate governance and financial performance and risk of insurance companies listed on the Tehran Stock Exchange. Insurance Research Journal, 31(5), 43-61.
Roth, V., Aguilera, C. (2016). Global corporate governance: On the relevance of firms’ ownership structure, Journal of World Business. 51(1), 50-57.
Shakerin, R., Toloie Eshlaghy, A. (2020). Service Process Modeling through Simulation and Scenario Development for Insurance Analysis. Journal of System Management, 6(2), 103-133.
Shozari, M., Khalilie, S. (2015). Relationship between Corporate Governance and Company Performance Based on Fuzzy Regression of Financial Accounting and Auditing Research, 1 (32), 121-133.
Tang, H., Chen, A., Chang, C. (2015). Insider trading, accrual abuse, and corporate governance in emerging markets Evidence from Taiwan. Pac Basin Finance, 24(6), 132–155.
The Charted Institute of Public Finance and Accountancy (CIPFA) and Internationalfederation of Accountants. (2013) .Governance in the Public Sector- Consultation Draft for an International Framework .Retrieved from http://www .ifac. org/system/files/publications/files/Good-Governance-in-the-Public-Sector .pdf
The Chartered Institutes of Public Finance & Accountancy (CIPFA) & International Federation of Accountants. (2014) .International Framework: Good Governance in the Public Sector.
