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The determinants of corporate financial performance in the Bermuda insurance market
Mike Adams,Mike Buckle +1 more
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TLDR
The authors examined the determinants of corporate underwriting and investment related financial performance in the Bermuda insurance market and found that, as expected, highly leveraged, lowly liquid companies and reinsurers have better operational performance than lowly leveraged and highly liquid companies.Abstract:
Drawing a framework from the organizational economics literature this study examines the determinants of corporate (i.e. underwriting and investment related) financial performance in the Bermuda insurance market. Using panel data for 1993–1997, it was found that, as expected, highly leveraged, lowly liquid companies and reinsurers have better operational performance than lowly leveraged, highly liquid companies and direct insurers. Contrary to what was hypothesized, performance was positively related to underwriting risk. However, the size of companies and the scope of their activities were not found to be important explanatory factors.read more
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The effects of firm specific factors and macroeconomics on profitability of property-liability insurance industry in taiwan
TL;DR: In this paper, the authors investigated the relationship between firm specific factors and macroeconomics on profitability in Taiwanese property-liability insurance industry using the panel data over the 1999 through 2009 time period.
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The Determinants of the Profitability of Micro-Life Insurers in Nigeria
TL;DR: In this article, the authors examined the profitability of micro-life insurers in Nigeria and found that profitability is negatively related to the level of reinsurance suggesting that reinsurance in the micro life insurance sector of the Nigerian market may be highly priced to reflect the increased risk associated with insuring the lives of low income groups.
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The effect on the performance of listed family and non-family firms
TL;DR: In this paper, the authors examined whether the ownership of public firms is related to accounting and market performance, comparing family and non-family listed firms, and found that family firms are older, are more indebted and have higher debt costs than NFF.
The effect of research and development investment on firms’ financial performance: evidence from manufacturing firms in turkey
Hasan Ayaydin,İbrahim Karaaslan +1 more
TL;DR: In this paper, the effect of research and development investment on firm's financial performance was investigated by using GMM system estimators for a sample of 145 manufacturing firms registered in the Istanbul Stock Market for the 2008-2013 periods.
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Determinants of tourism hotel profitability in Tunisia
Ben Aissa Sami,Goaied Mohamed +1 more
TL;DR: In this article, the authors used panel regression tests to examine the impact of the economic performance on the financial one, and the retained measures for economic performance and the financial ones were, respecti...
References
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Journal ArticleDOI
Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
Posted Content
Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers
TL;DR: In this paper, the benefits of debt in reducing agency costs of free cash flows, how debt can substitute for dividends, why diversification programs are more likely to generate losses than takeovers or expansion in the same line of business or liquidationmotivated takeovers, and why the factors generating takeover activity in such diverse activities as broadcasting and tobacco are similar to those in oil.
Journal ArticleDOI
Agency Problems and the Theory of the Firm
TL;DR: In this article, the authors explain how the separation of security ownership and control, typical of large corporations, can be an efficient form of economic organization, and set aside the presumption that a corporation has owners in any meaningful sense.
Book
A Guide to Econometrics
TL;DR: The fourth edition of "A Guide to Econometrics" provides an overview of the subject and an intuitive feel for its concepts and techniques without the notation and technical detail often characteristic of econometric textbooks.
Journal ArticleDOI
Performance Pay and Top Management Incentives
Kevin Murphy,Michael C. Jensen +1 more
TL;DR: For example, the authors estimates of the pay-performance relation (including pay, options, stockholdings, and dismissal) for chief executive officers indicate that CEO wealth changes $3.25 for every $1,000 change in shareholder wealth.