Efficiency and profitability in the global insurance industry

被引：34
|
作者：
Eling, Martin [1 ]
Jia, Ruo [2 ]
机构：
[1] Univ St Gallen, Sch Finance, Inst Insurance Econ, Girtannerstr 6, CH-9000 St Gallen, Switzerland
[2] Peking Univ, Sch Econ, Dept Risk Management & Insurance, Yiheyuan Rd 5, Beijing 100871, Peoples R China
来源：
PACIFIC-BASIN FINANCE JOURNAL | 2019年 / 57卷
基金：
中国国家自然科学基金;
关键词：
Insurance; Data envelopment analysis (DEA); Frontier efficiency analysis; Firm performance; Industry dependency; DATA ENVELOPMENT ANALYSIS; OPERATING EFFICIENCY; COST EFFICIENCY; FIRMS; METHODOLOGIES; PERFORMANCE;
D O I：
10.1016/j.pacfin.2019.101190
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the relationship between firm efficiency (E) and profitability (P) with a global dataset of over 5000 insurance companies. Consistent with previous studies in banking and insurance, we document a significantly positive correlation between the efficiency measures and profitability measures. Beyond the extant evidence, we find significant industry dependency in the E-P relationship driven by industry idiosyncrasies, whereas efficiency is more critical to the profitability of life insurers than to that of nonlife insurers. We also show that the E-P relationship is nonlinear: the marginal impact of efficiency on profitability decreases as the insurer's efficiency is close to the best practice.
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页数：12
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