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

  • Cummins, J. David
  • Rubio-Misas, Maria
  • Zi, Hongmin
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    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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    1. Allen N. Berger & J. David Cummins & Mary A. Weiss & Hongmin Zi, 2000. "Conglomeration Versus Strategic Focus: Evidence from the Insurance Industry," Center for Financial Institutions Working Papers 99-29, Wharton School Center for Financial Institutions, University of Pennsylvania.
    2. Gardner, Lisa A. & Grace, Martin F., 1993. "X-Efficiency in the US life insurance industry," Journal of Banking & Finance, Elsevier, vol. 17(2-3), pages 497-510, April.
    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. Mester, Loretta J., 1991. "Agency costs among savings and loans," Journal of Financial Intermediation, Elsevier, vol. 1(3), pages 257-278, June.
    5. Mayers, David & Smith, Clifford W, Jr, 1988. "Ownership Structure across Lines of Property-Casualty Insurance," Journal of Law and Economics, University of Chicago Press, vol. 31(2), pages 351-78, October.
    6. 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.
    7. 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, vol. 24(7), pages 1203-1235, July.
    8. J. David Cummins & Mary A. Weiss, 1998. "Analyzing Firm Performance in the Insurance Industry Using Frontier Efficiency Methods," Center for Financial Institutions Working Papers 98-22, Wharton School Center for Financial Institutions, University of Pennsylvania.
    9. 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.
    10. Fecher, F. & Kessler, D. & Perelman, S. & Pestieau, P., 1991. "Productive performance of the french insurance industry," CORE Discussion Papers 1991025, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    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, vol. 70(3), pages 401-437.
    12. Allen N. Berger & David B. Humphrey, 1992. "Measurement and Efficiency Issues in Commercial Banking," NBER Chapters, in: Output Measurement in the Service Sectors, pages 245-300 National Bureau of Economic Research, Inc.
    13. Yuengert, Andrew M., 1993. "The measurement of efficiency in life insurance: Estimates of a mixed normal-gamma error model," Journal of Banking & Finance, Elsevier, vol. 17(2-3), pages 483-496, April.
    14. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    15. Fare,Rolf & Grosskopf,Shawna & Lovell,C. A. Knox, 1993. "Production Frontiers," Cambridge Books, Cambridge University Press, number 9780521420334, October.
    16. Loretta J. Mester, 1989. "Testing for expense preference behavior: mutual versus stock savings and loans," Working Papers 89-27, Federal Reserve Bank of Philadelphia.
    17. Fukuyama, Hirofumi, 1997. "Investigating productive efficiency and productivity changes of Japanese life insurance companies," Pacific-Basin Finance Journal, Elsevier, vol. 5(4), pages 481-509, September.
    18. 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.
    19. Elyasiani, Elyas & Mehdian, Seyed, 1992. "Productive efficiency performance of minority and nonminority-owned banks: A nonparametric approach," Journal of Banking & Finance, Elsevier, vol. 16(5), pages 933-948, September.
    20. Isik, Ihsan & Hassan, M. Kabir, 2002. "Technical, scale and allocative efficiencies of Turkish banking industry," Journal of Banking & Finance, Elsevier, vol. 26(4), pages 719-766, April.
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