Ndawula Yusuf Katerega and Samsom Rugambwa2026-06-182026-06-182026-06-08Katerega, N. Y & Rugambwa, S. (2026) Board characteristics ownership concentration and performance of insurance companies. ITC Research Repository.https://ir.itc.ac.ug/handle/123456789/31This study investigates how board characteristics and ownership concentration influence the performance of insurance companies in Uganda, an emerging market with distinct corporate governance conditions. Grounded in agency theory and institutional theory, it uses a sequential explanatory mixed-methods design combining quantitative firm-level analysis with qualitative insights from board members. The findings show that board characteristics, such as independence, diversity, size, and effective meeting practices, have a significant positive effect on firm performance, reinforcing the board’s role as a strategic governance resource rather than just a compliance requirement. In contrast, ownership concentration has no significant direct or moderating effect on performance, suggesting that strong board structures remain effective regardless of ownership patterns. Overall, the study highlights the primacy of board quality in driving performance in Uganda’s insurance sector and offers implications for strengthening governance frameworks and board effectiveness.The study investigates how board characteristics and ownership concentration shape the performance of insurance companies in Uganda, an emerging market where corporate governance practices operate within distinctive institutional constraints. Anchored in Agency and Institutional Theory, the research adopts a sequential explanatory mixed-methods design, integrating quantitative analysis of insurance firms with qualitative insights from board members. The results demonstrate that board characteristics particularly independence, diversity, size, and the effectiveness implied by meeting dynamics play a decisive and positive role in driving firm performance. This highlights the board not merely as a compliance requirement but as a strategic resource that materially contributes to organizational outcomes. In contrast, ownership concentration shows no meaningful direct influence on performance, nor does it alter the strength of the relationship between board governance and firm outcomes. This suggests that strong board structures retain their effectiveness regardless of how ownership is distributed. Overall, the study emphasizes the primacy of board quality in enhancing performance within Uganda’s insurance sector and questions the universal relevance of governance models that emphasize ownership monitoring. The findings provide important implications for regulators seeking to refine governance frameworks and for insurance companies aiming to strengthen strategic oversight through more effective and thoughtfully constituted boards.enCorporate GovernanceBoard CharacteristicsFirm PerformanceInsurance IndustryUgandaEmerging MarketsAgency TheoryTechnical Report