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- Publisher Website: 10.1016/j.jfi.2004.06.007
- Scopus: eid_2-s2.0-33644807925
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Article: The corporate purchase of property insurance: Chinese evidence
Title | The corporate purchase of property insurance: Chinese evidence |
---|---|
Authors | |
Keywords | Agency Theory Corporate Sector People's Republic Of China Property Insurance |
Issue Date | 2006 |
Publisher | Academic Press. The Journal's web site is located at http://www.elsevier.com/locate/jfi |
Citation | Journal Of Financial Intermediation, 2006, v. 15 n. 2, p. 165-196 How to Cite? |
Abstract | Using a panel data set (1997-1999) for 235 publicly listed companies in the People's Republic of China (PRC), this study tests empirically whether the purchase of property insurance mitigates principal-agent (agency) incentive conflicts. In contrast to prior studies, we first estimate a probit insurance participation decision model and then a fixed-effects insurance volume decision model (with Heckman's sample selection correction) in order to shed light on the determinants of both property insurance participation and volume decisions. Our results suggest that a major motivation for the corporate purchase of insurance in China appears to be the mitigation of agency conflicts. Additionally, various ownerships seem to have different impacts on the corporate purchase of insurance in China. Moreover, the results show that the same factor can have different impacts on the insurance participation and volume decisions, and that binding financial conditions may be a key factor accounting for such observed differences. © 2004 Elsevier Inc. All rights reserved. |
Persistent Identifier | http://hdl.handle.net/10722/188450 |
ISSN | 2023 Impact Factor: 3.1 2023 SCImago Journal Rankings: 3.095 |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
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dc.contributor.author | Zou, H | en_US |
dc.contributor.author | Adams, MB | en_US |
dc.date.accessioned | 2013-09-03T04:07:37Z | - |
dc.date.available | 2013-09-03T04:07:37Z | - |
dc.date.issued | 2006 | en_US |
dc.identifier.citation | Journal Of Financial Intermediation, 2006, v. 15 n. 2, p. 165-196 | en_US |
dc.identifier.issn | 1042-9573 | en_US |
dc.identifier.uri | http://hdl.handle.net/10722/188450 | - |
dc.description.abstract | Using a panel data set (1997-1999) for 235 publicly listed companies in the People's Republic of China (PRC), this study tests empirically whether the purchase of property insurance mitigates principal-agent (agency) incentive conflicts. In contrast to prior studies, we first estimate a probit insurance participation decision model and then a fixed-effects insurance volume decision model (with Heckman's sample selection correction) in order to shed light on the determinants of both property insurance participation and volume decisions. Our results suggest that a major motivation for the corporate purchase of insurance in China appears to be the mitigation of agency conflicts. Additionally, various ownerships seem to have different impacts on the corporate purchase of insurance in China. Moreover, the results show that the same factor can have different impacts on the insurance participation and volume decisions, and that binding financial conditions may be a key factor accounting for such observed differences. © 2004 Elsevier Inc. All rights reserved. | en_US |
dc.language | eng | en_US |
dc.publisher | Academic Press. The Journal's web site is located at http://www.elsevier.com/locate/jfi | en_US |
dc.relation.ispartof | Journal of Financial Intermediation | en_US |
dc.subject | Agency Theory | en_US |
dc.subject | Corporate Sector | en_US |
dc.subject | People's Republic Of China | en_US |
dc.subject | Property Insurance | en_US |
dc.title | The corporate purchase of property insurance: Chinese evidence | en_US |
dc.type | Article | en_US |
dc.identifier.email | Zou, H: hongzou@hku.hk | en_US |
dc.identifier.authority | Zou, H=rp01800 | en_US |
dc.description.nature | link_to_subscribed_fulltext | en_US |
dc.identifier.doi | 10.1016/j.jfi.2004.06.007 | en_US |
dc.identifier.scopus | eid_2-s2.0-33644807925 | en_US |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-33644807925&selection=ref&src=s&origin=recordpage | en_US |
dc.identifier.volume | 15 | en_US |
dc.identifier.issue | 2 | en_US |
dc.identifier.spage | 165 | en_US |
dc.identifier.epage | 196 | en_US |
dc.identifier.isi | WOS:000236491900001 | - |
dc.publisher.place | United States | en_US |
dc.identifier.scopusauthorid | Zou, H=12769328900 | en_US |
dc.identifier.scopusauthorid | Adams, MB=7403905632 | en_US |
dc.identifier.issnl | 1042-9573 | - |