|Title:||Organizational form in the property-liability insurance industry||Authors:||Regan L.
|Issue Date:||1999||Journal Volume:||66||Journal Issue:||2||Start page/Pages:||253-273||Source:||Journal of Risk and Insurance||Abstract:||
The authors explore the relation between ownership form and distribution system and test the determinants of each element of organizational structure. Controlling for ownership form as an exogenous variable, the authors find that independent agency insurers are likely to be associated with stock ownership, are characterized by higher liabilities relative to surplus, and are more likely to specialize in complex lines of business. When ownership form is treated as an endogenous variable, however, no significant relation exists between ownership form and distribution system. When the same analysis is applied to the choice of ownership form, the authors find stock insurers are characterized by higher levels of firm risk, but again find no significant relationship between distribution and ownership when distribution system is treated as an endogenous variable. This suggests that these elements are related, but only indirectly through the effect of risk and complexity.
|Appears in Collections:||財務金融學系|
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