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 | 是 |
| 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 ) |