A Luenberger Index for the Greek Life Insurance Industry
AbstractThis paper uses the Luenberger productivity index to evaluate the productivity changes of Greek Life insurance companies between 1994 and 2003, combining operational and financial variables. It is found that the average annual productivity change was about 19% and was due to technological progress, whereas the impact of efficiency was minimal. It seems that deregulation, established by the Third Insurance Directive in 1994, provoked investments in new technologies which were not matched by superior managerial practices. For comparative purposes, a Malmquist productivity index is estimated.
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Bibliographic InfoArticle provided by European Research Studies Journal in its journal European Research Studies Journal.
Volume (Year): XII (2009)
Issue (Month): 4 ()
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Greek life insurance companies; productivity changes; Luenberger indicator;
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