A Governance Study of Corporate Ownership in the Insurance Industry
David M. Pooser,
Ping Wang and
James Barrese
Journal of Insurance Issues, 2017, vol. 40, issue 1, 23-60
Abstract:
This study focuses on family control and ownership patterns in the U.S. insurance industry. Conflicting theories argue that family firms perform worse due to nepotism and weak risk†bearing attributes (Agency theory) or that family firms perform better because the unity of ownership and control reduces agency expenses (Stewardship theory). Our findings support the Stewardship view of the firm. Our findings also demonstrate that CEO†Chairperson duality improves performance but that the combination of family and duality is sub†optimal. We further study implications of institutional investor and insider ownership, compensation structure, and leverage on performance.
Date: 2017
References: Add references at CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
http://www.insuranceissues.org/PDFs/401PWB.pdf (application/pdf)
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:wri:journl:v:40:y:2017:i:1:p:23-60
Access Statistics for this article
Journal of Insurance Issues is currently edited by James Barrese
More articles in Journal of Insurance Issues from Western Risk and Insurance Association
Bibliographic data for series maintained by James Barrese ().