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學年
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114 |
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學期
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2 |
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出版（發表）日期
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2026-03-01 |
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作品名稱
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The role of affiliates' external financing and risk-taking in internal capital markets: Evidence from U.S. nonlife insurance groups |
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作品名稱（其他語言）
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著者
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Ching-Yuan Hsiao |
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單位
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出版者
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著錄名稱、卷期、頁數
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International Review of Economics & Finance, Volume 106, March 2026, 105053 |
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摘要
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This study explores how groups source financial support to inadequately capitalized members without compromising group-wide solvency in US nonlife insurance sector. By examining the mediating roles of affiliates' financial decisions on the effect of focal firms' inadequate capitalization on internal capital transfers (ICTs), we discover that affiliates raise external capital in response to focal firms' inadequate capitalization, and affiliates’ increased financial positions via external financing translate into ICTs to focal firms. In conclusion, the present study reveals that affiliates with better financial positions and access to external financing actively source financial resources through external capital issuance in group-wide solvency management. |
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關鍵字
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Internal capital markets Inadequate capitalization External capital issuance Asset risk-taking |
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語言
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en_US |
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ISSN
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1873-8036 |
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期刊性質
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國外 |
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收錄於
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SSCI
ABS*
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產學合作
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通訊作者
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Ching-Yuan Hsiao |
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審稿制度
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1 |
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國別
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NLD |
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公開徵稿
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出版型式
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,電子版 |