Organisational Structure, Corporate Governance and Reinsurance Decisions in the US Property-Liability Insurance Industry
學年 111
學期 1
出版（發表）日期 2022-10-20
作品名稱 Organisational Structure, Corporate Governance and Reinsurance Decisions in the US Property-Liability Insurance Industry
作品名稱（其他語言）
著者 Chia-Ling Ho; Gene Lai; Sangyong Han; Licheng Jin
單位
出版者
著錄名稱、卷期、頁數 The Geneva Papers on Risk and Insurance-Issues and Practice 47(4) :737–784
摘要 This paper investigates the impact of organisational structure and corporate governance on reinsurance decisions in the U.S. property-liability insurance industry. Our evidence shows that mutual insurers, mutual-owned stock insurers and stock insurers whose ultimate parent is publicly traded are likely to purchase more reinsurance from non-affiliated reinsurers than stock insurers closely held by managers. We also find that corporate governance significantly influences reinsurance purchases; specifically, CEO/chairperson duality is associated with lower reinsurance purchases while the percentage of independent directors on the board is positively (negatively) related to reinsurance purchases from non-affiliated (affiliated) reinsurers. Higher audit quality is associated with lower (higher) reinsurance purchases from non-affiliated (affiliated) reinsurers. Moreover, many interaction terms between organisational structure and corporate governance have significant effects on reinsurance decisions. Finally, we provide evidence that the Sarbanes–Oxley Act (SOX) has a substantial effect on the relation between organisational structure (corporate governance) and reinsurance decisions. The overall effect of SOX on reinsurance purchase from non-affiliated reinsurers is negative, implying that better investor protection results in higher risk taking and less risk shifting to outside reinsurers.
關鍵字 Organisational structure;Corporate governance;Reinsurance decision;SOX
語言 en
ISSN 1468-0440
期刊性質 國外
收錄於 SSCI EconLit Scopus
產學合作
通訊作者
審稿制度 是
國別 GBR
公開徵稿
出版型式 ,電子版
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