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Abstract**: This paper estimates a human capital model for co‐operative managers and compares the results with the social capital model, based on a questionnaire distributed in Portugal in 2003. The study disentangles the relative contributions of the two competing theories of earnings: the human capital and social capital theories, as applied to co‐operative managers. We conclude that co‐operative managers' earnings are a function of both theories. Policy implications are derived.

AbstractThis paper describes a variety of approaches used to assess the efficiency of a sample of major insurance companies in Angola and Mozambique between 2003 and 2012. Several data envelopment analysis estimates were generated using bootstrap technique, as this allowed the use of confidence intervals and the correction of a biased perception noted in the core estimates, in order to test the significant differences identified in efficiency levels and the input‐decreasing/output‐increasing potentials in the meta‐frontier analysis in both countries. Findings indicate that there seems to be a scarcity of opportunities to accommodate future demands, pinpointing that the technological gap ratio of the meta‐frontier is negligible. Copyright © 2015 John Wiley & Sons, Ltd.