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The effect of organizational structure on efficiency: Evidence from the Spanish insurance industry

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  • Cummins, J. David
  • Rubio-Misas, Maria
  • Zi, Hongmin
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Banking & Finance.

    Volume (Year): 28 (2004)
    Issue (Month): 12 (December)
    Pages: 3113-3150

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    Handle: RePEc:eee:jbfina:v:28:y:2004:i:12:p:3113-3150

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    References

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    1. Gardner, Lisa A. & Grace, Martin F., 1993. "X-Efficiency in the US life insurance industry," Journal of Banking & Finance, Elsevier, Elsevier, vol. 17(2-3), pages 497-510, April.
    2. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, Elsevier, vol. 3(4), pages 305-360, October.
    3. W. Erwin Diewert, 1995. "Functional Form Problems in Modeling Insurance and Gambling," The Geneva Risk and Insurance Review, Palgrave Macmillan, vol. 20(1), pages 135-150, June.
    4. Allen N. Berger & J. David Cummins & Mary A. Weiss & Hongmin Zi, 1999. "Conglomeration versus strategic focus: evidence from the insurance industry," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 1999-40, Board of Governors of the Federal Reserve System (U.S.).
    5. Allen N. Berger & David B. Humphrey, 1990. "Measurement and efficiency issues in commercial banking," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 151, Board of Governors of the Federal Reserve System (U.S.).
    6. Elyasiani, Elyas & Mehdian, Seyed, 1992. "Productive efficiency performance of minority and nonminority-owned banks: A nonparametric approach," Journal of Banking & Finance, Elsevier, Elsevier, vol. 16(5), pages 933-948, September.
    7. Aly, Hassan Y, et al, 1990. "Technical, Scale, and Allocative Efficiencies in U.S. Banking: An Empirical Investigation," The Review of Economics and Statistics, MIT Press, vol. 72(2), pages 211-18, May.
    8. Loretta J. Mester, 1989. "Testing for expense preference behavior: mutual versus stock savings and loans," Working Papers 89-27, Federal Reserve Bank of Philadelphia.
    9. Fecher, F. & Kessler, D. & Perelman, S. & Pestieau, P., 1991. "Productive performance of the french insurance industry," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 1991025, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    10. Isik, Ihsan & Hassan, M. Kabir, 2002. "Technical, scale and allocative efficiencies of Turkish banking industry," Journal of Banking & Finance, Elsevier, Elsevier, vol. 26(4), pages 719-766, April.
    11. Krupa S. Viswanathan & J. David Cummins, 2003. "Ownership Structure Changes in the Insurance Industry: An Analysis of Demutualization," Journal of Risk & Insurance, The American Risk and Insurance Association, The American Risk and Insurance Association, vol. 70(3), pages 401-437.
    12. Andrew M. Yuengert, 1993. "The measurement of efficiency in life insurance estimates of a mixed normal-gamma error model," Research Paper 9308, Federal Reserve Bank of New York.
    13. Fukuyama, Hirofumi, 1997. "Investigating productive efficiency and productivity changes of Japanese life insurance companies," Pacific-Basin Finance Journal, Elsevier, Elsevier, vol. 5(4), pages 481-509, September.
    14. Miguel �ngel Mart�nez & Irene Alb�rran & David Camino, 2001. "Executive Management in Insurance Entities: A Comparative Study of Mutual Companies and Joint-Stock Companies in Spain with a View to the 21st Century Market," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 26(2), pages 206-231, April.
    15. Mester, Loretta J., 1991. "Agency costs among savings and loans," Journal of Financial Intermediation, Elsevier, Elsevier, vol. 1(3), pages 257-278, June.
    16. Mayers, David & Smith, Clifford W, Jr, 1988. "Ownership Structure across Lines of Property-Casualty Insurance," Journal of Law and Economics, University of Chicago Press, University of Chicago Press, vol. 31(2), pages 351-78, October.
    17. J. David Cummins & Mary A. Weiss, 1998. "Analyzing Firm Performance in the Insurance Industry Using Frontier Efficiency Methods," Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania 98-22, Wharton School Center for Financial Institutions, University of Pennsylvania.
    18. Yuengert, Andrew M., 1993. "The measurement of efficiency in life insurance: Estimates of a mixed normal-gamma error model," Journal of Banking & Finance, Elsevier, Elsevier, vol. 17(2-3), pages 483-496, April.
    19. Berger, Allen N. & Bonime, Seth D. & Covitz, Daniel M. & Hancock, Diana, 2000. "Why are bank profits so persistent? The roles of product market competition, informational opacity, and regional/macroeconomic shocks," Journal of Banking & Finance, Elsevier, Elsevier, vol. 24(7), pages 1203-1235, July.
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    Cited by:
    1. J.A. Bikker, 2012. "Performance of the life insurance industry under pressure: efficiency, competition and consolidation," Working Papers, Utrecht School of Economics 12-19, Utrecht School of Economics.
    2. Chen, Fu-Chiang & Liu, Z.-John & Kweh, Qian Long, 2014. "Intellectual capital and productivity of Malaysian general insurers," Economic Modelling, Elsevier, vol. 36(C), pages 413-420.
    3. Jarraya, Bilel & Bouri, Abdelfettah, 2013. "Multiobjective optimization for the asset allocation of European nonlife insurance companies," MPRA Paper 53697, University Library of Munich, Germany, revised 2013.
    4. Huang, Wei & Eling, Martin, 2013. "An efficiency comparison of the non-life insurance industry in the BRIC countries," European Journal of Operational Research, Elsevier, Elsevier, vol. 226(3), pages 577-591.
    5. J. David Cummins & Georges Dionne & Robert Gagné & Abdelhakim Nouira, 2006. "Efficiency of Insurance Firms with Endogenous Risk Management and Financial Intermediation Activities," Cahiers de recherche 06-06, HEC Montréal, Institut d'économie appliquée.
    6. Carlos Sánchez-González & José Luis Sarto & Luis Vicente, 2013. "The efficiency of Spanish mutual funds companies: A slacks-based measure approach," Documentos de Trabajo, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza dt2013-01, Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza.
    7. Eling, Martin & Luhnen, Michael, 2010. "Efficiency in the international insurance industry: A cross-country comparison," Journal of Banking & Finance, Elsevier, Elsevier, vol. 34(7), pages 1497-1509, July.
    8. Carlos E. Cuevas & Klaus P. Fischer, 2006. "Cooperative Financial Institutions : Issues in Governance, Regulation, and Supervision," World Bank Publications, The World Bank, number 7107, October.
    9. Saowaros Yaisawarng & Preecha Asavadachanukorn & Suthathip Yaisawarng, 2014. "Efficiency and productivity in the Thai non-life insurance industry," Journal of Productivity Analysis, Springer, Springer, vol. 41(2), pages 291-306, April.
    10. Jarraya, Bilel & Bouri, Abdelfettah, 2012. "Efficiency concept and investigations in insurance industry: A survey," MPRA Paper 53544, University Library of Munich, Germany, revised 2013.
    11. Biener, Christian & Eling, Martin, 2012. "Organization and efficiency in the international insurance industry: A cross-frontier analysis," European Journal of Operational Research, Elsevier, Elsevier, vol. 221(2), pages 454-468.
    12. Rubio-Misas, María, 2009. "Productividad y eficiencia de las Mutualidades de Previsión Social/Productivity and Efficiency of Social Benefit Institutions," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 27, pages 571 (30 Pág, Agosto.

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