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Ownership Concentration and Governance in the U.S. Insurance Industry

Author

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  • James Barrese
  • Gene Lai
  • Nicos Scordis

Abstract

Concentration in the U.S. insurance industry’s market shares and ownership, coupled with a network interlocking ownership relationships by institutional investors, raise social concerns. Studying the relationship between Tobin’s q and corporate governance features of the industry, we fail to find support for the incentive alignment or entrenchment hypotheses, but our findings are consistent with the hypothesis that controlling owners may couple with others to expropriate private value from minority shareholders. An interesting observation from the study is the degree to which family control is prevalent in the industry; combining family control and institutional ownership makes most stock insurers closely held.

Suggested Citation

  • James Barrese & Gene Lai & Nicos Scordis, 2007. "Ownership Concentration and Governance in the U.S. Insurance Industry," Journal of Insurance Issues, Western Risk and Insurance Association, vol. 30(1), pages 1-20.
    • Handle: RePEc:wri:journl:v:30:y:2007:i:1:p:1-20
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    File URL: http://www.insuranceissues.org/PDFs/301BLS.pdf
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    Cited by:

    1. Marina Brogi & Antonella Cappiello & Valentina Lagasio & Fabrizio Santoboni, 2022. "Determinants of insurance companies' environmental, social, and governance awareness," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(5), pages 1357-1369, September.
    2. Huicong Li & Hongliang Zhang & Sang-Bing Tsai & Aichao Qiu, 2017. "China’s Insurance Regulatory Reform, Corporate Governance Behavior and Insurers’ Governance Effectiveness," IJERPH, MDPI, vol. 14(10), pages 1-14, October.

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