Purpose

The purpose of this study is to examine the impact of board characteristics (board size, board independence and duality) on the performance of takaful insurance providers with distinguishable muamalah contracts (wakalah and hybrid) moderated by ownership concentration.

Design/methodology/approach

The sample consists of 30 takaful insurances. The authors divided it into two subsamples: 18 insurance companies using wakalah contracts provided by Southeast Asia and 12 insurance companies using hybrid contracts provided by the Gulf Cooperation Council over the period 2010–2020. For data analysis, the authors used the partial least squares path modeling method.

Findings

The results show that the larger the board of directors and the higher the number of independent directors, the greater the takaful performance in both the wakalah and hybrid subsamples. Nondual functions improve the takaful performance in both the wakalah and hybrid subsamples. The results also reveal that a highly concentrated ownership structure positively (negatively) moderates the relationship between board size and takaful performance in the wakalah (hybrid) subsamples. Moreover, highly concentrated ownership insignificantly (negatively) moderates the relationship between independent directors and takaful’s performance in the hybrid (wakalah) subsample. Furthermore, a highly concentrated ownership structure insignificantly (negatively) moderates the relationship between the nondual structure and takaful performance in the wakalah (hybrid) subsample.

Originality/value

This study contributes to the understanding of the moderating role of a highly concentrated ownership structure between the characteristics of the board of directors and the performance of takaful insurance, which applies wakalah and hybrid contracts. In addition, this study contributes to takaful insurance by determining the appropriate board characteristics that must be adopted to achieve oversight and improve performance. Regulators should appreciate this contribution to the formulation of suitable approaches for efficiently supervising takaful insurance activities.

中文翻译：

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董事会特征与回教保险绩效：股权集中度的调节作用

目的

本研究的目的是探讨董事会特征（董事会规模、董事会独立性和二元性）对具有由所有权集中度调节的可区分 muamalah 合同（瓦卡拉和混合）的回教保险提供商绩效的影响。

设计/方法论/途径

样本包括 30 种回教保险。作者将其分为两个子样本：2010-2020 年期间，18 家保险公司使用东南亚提供的 wakalah 合同，12 家保险公司使用海湾合作委员会提供的混合合同。对于数据分析，作者使用了偏最小二乘路径建模方法。

发现

结果表明，董事会规模越大，独立董事人数越多，瓦卡拉和混合子样本中的回教保险绩效就越高。非对偶函数提高了瓦卡拉和混合子样本中的回教保险绩效。结果还表明，在瓦卡拉（混合）子样本中，高度集中的所有权结构正向（负向）调节董事会规模与回教保险绩效之间的关系。此外，在混合（wakalah）子样本中，高度集中的所有权对独立董事与回教保险绩效之间的关系没有显着（负面）调节。此外，高度集中的所有权结构对瓦卡拉（混合）子样本中非二元结构与回教保险绩效之间的关系没有显着（负面）调节。

原创性/价值

这项研究有助于理解高度集中的所有权结构在董事会特征与应用瓦卡拉和混合合同的回教保险绩效之间的调节作用。此外，本研究通过确定实现监督和提高绩效必须采用的适当董事会特征，为回教保险做出了贡献。监管机构应该赞赏这种对制定有效监督回教保险活动的适当方法的贡献。