Ownership Structure, Agency Costs, Specialization, and Efficiency: Analysis of Keiretsu and Independent Insurers in the Japanese Nonlife Insurance Industry

Autor:	Gene C. Lai, Vivian Jeng
Rok vydání:	2005
Předmět:	Structure (mathematical logic) Economics and Econometrics Accounting Agency cost Financial intermediary Specialization (functional) Economics Sample (statistics) Null hypothesis Keiretsu Productivity Finance Industrial organization
Zdroj:	Journal of Risk and Insurance. 72:105-158
ISSN:	1539-6975 0022-4367
DOI:	10.1111/j.0022-4367.2005.00118.x
Popis:	This article uses the nonparametric frontier method to examine differences in efficiency for three unique organizational forms in the Japanese nonlife insurance industry—keiretsu firms, nonspecialized independent firms (NSIFs), and specialized independent firms (SIFs). It is not possible to reject the null hypothesis that efficiencies are equal, with one exception. Keiretsu firms seem to be more cost-efficient than NSIFs. The results have important implications for the stakeholders of the NSIFs. An examination of the productivity changes across the different organizational forms reveals deteriorating efficiency for all three types of firms throughout the 1985–1994 sample period. Finally, the evidence also suggests that the value-added approach and the financial intermediary approach provide different but complementary results.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::cb0252f235a57de38b1c86f12d649213 https://doi.org/10.1111/j.0022-4367.2005.00118.x Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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