期刊論文

學年 110
學期 2
出版(發表)日期 2022-05-18
作品名稱 An Analysis of Post-Demutualisation in the Property–Liability Insurance Industry
作品名稱(其他語言)
著者 Licheng Jin; Gene Lai; Chia-Ling Ho
單位
出版者
著錄名稱、卷期、頁數 The Geneva Papers on Risk and Insurance-Issues and Practice 47(2): 279–320
摘要 Using a quasi-natural experiment, we examine how demutualisation affects demutualised insurers’ capital, organisational flexibility and alignment of managerial incentives post-demutualisation. First, our results show demutualised insurers have faster surplus growth than matching insurers post-demutualisation. However, the surplus growth differs between demutualised insurers with and without surplus notes. Specifically, the evidence shows that demutualised insurers with surplus notes experience long-term surplus growth, while demutualised insurers without surplus notes experience short-term surplus increases. Second, we find that increased organisational flexibility facilitates merger and acquisition activities for demutualised insurers and helps them to pursue growth and diversification. We find that 51% of demutualised stock insurers become targets in the conversion year. Finally, we find that demutualised insurers have lower underwriting expenses and underwrite more in commercial lines post-demutualisation. Overall, our evidence shows that demutualisation has a positive impact on surplus growth, organisational flexibility and the alignment between managerial incentives and owners' interests.
關鍵字 Demutualisation;Access to capital;Organisational flexibility;Managerial incentive alignment
語言 en
ISSN 1468-0440
期刊性質 國外
收錄於 SSCI Scopus
產學合作
通訊作者
審稿制度
國別 GBR
公開徵稿
出版型式 ,電子版
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/121573 )