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Article: Dividend decisions in the property and liability insurance industry: Mutual versus stock companies

TitleDividend decisions in the property and liability insurance industry: Mutual versus stock companies
Authors
KeywordsAgency Theory
Capital Constraints
Capital Structure
Dividend Decisions
Mutual And Stock Insurers
Property-Liability Insurance
Issue Date2009
PublisherSpringer New York LLC. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=0924-865X
Citation
Review Of Quantitative Finance And Accounting, 2009, v. 33 n. 2, p. 113-139 How to Cite?
AbstractThis article examines the effect of organizational forms on corporate dividend decisions by exploring the differences in dividend payout ratios between mutual and stock property-liability (P-L) insurers in the US. Our large sample evidence suggests: (1) mutual insurers tend to have a lower dividend payout ratio than stock insurers and the observed difference is about 4% points, holding other factors constant; (2) mutual insurers tend to adjust dividend payout ratios toward their long-run target levels more slowly than stock firms. These results are consistent with the capital constraints and/or greater agency costs of equity in mutual insurers. © Springer Science+Business Media, LLC 2008.
Persistent Identifierhttp://hdl.handle.net/10722/188460
ISSN
2015 SCImago Journal Rankings: 0.452
SSRN
References

 

DC FieldValueLanguage
dc.contributor.authorZou, Hen_US
dc.contributor.authorYang, Cen_US
dc.contributor.authorWang, Men_US
dc.contributor.authorZhu, Men_US
dc.date.accessioned2013-09-03T04:07:43Z-
dc.date.available2013-09-03T04:07:43Z-
dc.date.issued2009en_US
dc.identifier.citationReview Of Quantitative Finance And Accounting, 2009, v. 33 n. 2, p. 113-139en_US
dc.identifier.issn0924-865Xen_US
dc.identifier.urihttp://hdl.handle.net/10722/188460-
dc.description.abstractThis article examines the effect of organizational forms on corporate dividend decisions by exploring the differences in dividend payout ratios between mutual and stock property-liability (P-L) insurers in the US. Our large sample evidence suggests: (1) mutual insurers tend to have a lower dividend payout ratio than stock insurers and the observed difference is about 4% points, holding other factors constant; (2) mutual insurers tend to adjust dividend payout ratios toward their long-run target levels more slowly than stock firms. These results are consistent with the capital constraints and/or greater agency costs of equity in mutual insurers. © Springer Science+Business Media, LLC 2008.en_US
dc.languageengen_US
dc.publisherSpringer New York LLC. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=0924-865Xen_US
dc.relation.ispartofReview of Quantitative Finance and Accountingen_US
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.rightsThe original publication is available at www.springerlink.com-
dc.subjectAgency Theoryen_US
dc.subjectCapital Constraintsen_US
dc.subjectCapital Structureen_US
dc.subjectDividend Decisionsen_US
dc.subjectMutual And Stock Insurersen_US
dc.subjectProperty-Liability Insuranceen_US
dc.titleDividend decisions in the property and liability insurance industry: Mutual versus stock companiesen_US
dc.typeArticleen_US
dc.identifier.emailZou, H: hongzou@hku.hken_US
dc.identifier.authorityZou, H=rp01800en_US
dc.description.naturepostprinten_US
dc.identifier.doi10.1007/s11156-008-0102-yen_US
dc.identifier.scopuseid_2-s2.0-70349304391en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-70349304391&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume33en_US
dc.identifier.issue2en_US
dc.identifier.spage113en_US
dc.identifier.epage139en_US
dc.publisher.placeUnited Statesen_US
dc.identifier.ssrn1652167-
dc.identifier.scopusauthoridZou, H=12769328900en_US
dc.identifier.scopusauthoridYang, C=36109439100en_US
dc.identifier.scopusauthoridWang, M=16318058800en_US
dc.identifier.scopusauthoridZhu, M=17436551300en_US

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