Purpose

This study examines the possible nonlinear effect of size on stakeholder and shareholder profitability in the Ghanaian insurance brokerage industry.

Design/methodology/approach

This study employs a panel dataset of 64 Ghanaian insurance brokerage firms spanning 2011–2015. Static [ordinary least squares (OLS), fixed effect and random effect and dynamic (two-step generalized method of moments (GMM))] estimation techniques are employed to analyze the data.

Findings

The study finds the existence of both economies and diseconomies of scale and scope theories in the Ghanaian insurance brokerage industry confirming the existence of nonlinear nexus between size and performance. This finding is consistent for both stakeholder and shareholder profit performance. Thus, the results show that size improves profitability of insurance brokerage firms, but beyond a certain threshold, the relationship turns negative as size negatively affects profitability.

Practical implications

The research findings have implications for both policy and research; the study recommends that Ghanaian brokerage managers should understand that not all growth is good and exercise a duty of care when applying growth strategies by monitoring size effect on performance so as not to go beyond the inflection point. Further research can be done to examine this effect in other contexts, timeframes and jurisdictions.

Originality/value

This research is unique in that it employs a panel dataset consisting of 96% of insurance brokerage firms in Ghana whilst employing both static and nonstatic regression models to examine the effect of size. The research analysis adopted is robust, and the findings are significant. Also, the lack of empirical studies on the operations and dealings of auxiliary institutions such as the insurance brokerage firms adds value to this research.

中文翻译：

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探索规模对盈利能力的非线性影响：来自新兴市场保险经纪行业的证据

目的

本研究考察了规模对加纳保险经纪行业利益相关者和股东盈利能力的可能非线性影响。

设计/方法/方法

本研究采用了 2011 年至 2015 年间 64 家加纳保险经纪公司的面板数据集。采用静态[普通最小二乘法 (OLS)、固定效应和随机效应以及动态 (两步广义矩法 (GMM))] 估计技术来分析数据。

发现

该研究发现，加纳保险经纪行业存在规模经济和规模不经济以及范围理论，证实了规模和业绩之间存在非线性关系。这一发现对于利益相关者和股东的利润表现都是一致的。因此，结果表明规模提高了保险经纪公司的盈利能力，但超过一定阈值，这种关系变成负数，因为规模对盈利能力产生负面影响。

实际影响

研究结果对政策和研究都有影响；该研究建议加纳经纪经理应了解并非所有增长都是好的，并在应用增长策略时通过监测规模对业绩的影响来行使谨慎义务，以免超出拐点。可以做进一步的研究来检验在其他背景、时间框架和司法管辖区中的这种影响。

原创性/价值

这项研究的独特之处在于它采用了由加纳 96% 的保险经纪公司组成的面板数据集，同时采用静态和非静态回归模型来检查规模的影响。所采用的研究分析是稳健的，结果是重要的。此外，缺乏对保险经纪公司等辅助机构的运营和交易的实证研究，为这项研究增加了价值。