Corporate Governance Strategies to Support Financial Performance

The insurance industry continues to experience financial scandals despite increasing pressure to integrate sound governance practices. The purpose of this multiple case study was to explore the corporate governance strategies insurance business leaders used to support financial performance. The targeted population consisted of 7 business leaders from 7 insurance companies in Austria who have used corporate governance strategies successfully to support financial performance. The conceptual framework of this study was the agency theory. Data for the study were gathered from face-to-face semistructured interviews and a review of company documents. The data were analyzed using Yin\u27s 5 nonlinear interlinked steps for assembling, disassembling, reconvening, inferring, and formulating conclusions. Three themes emerged from the data analysis: the need for a robust risk-management system, effective internal control mechanisms, and consistent application and compliance with corporate governance principles and regulations. The implications for positive social change include the potential for business leaders in the local community to restore confidence in the stability and financial performance of the insurance industry by establishing corporate governance structures with a robust risk-management system and processes that support transparency and accountability