期刊論文
| 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 |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/121574 ) |