IDEAS home Printed from https://ideas.repec.org/a/dij/revfcs/v1y1998iq1p169-194.html
   My bibliography  Save this article

Structures de propriété, pouvoir discrétionnaire managérial et choix d'activité dans l'assurance dommages en France

Author

Listed:
  • Fabrice Roth

    (Université Robert Schuman de Strasbourg)

Abstract

Using the contractual theories framework, this article examines the relationship between the managerial discretion and the activity choices of the french property-liability insurance companies. We propose an effective positioning of the different ownership structures in regard to hazard moral and undiversifiable risks problems. Then we compare the size, the underwriting and the investment strategies on french data. Consistent with our expectations, the results of the tests indicate a specific positioning of the mutuals, stock ownership and state-owned forms.

Suggested Citation

  • Fabrice Roth, 1998. "Structures de propriété, pouvoir discrétionnaire managérial et choix d'activité dans l'assurance dommages en France," Revue Finance Contrôle Stratégie, revues.org, vol. 1(1), pages 169-194, March.
    • Handle: RePEc:dij:revfcs:v:1:y:1998:i:q1:p:169-194
    as

    Download full text from publisher

    File URL: https://repec-crego.u-bourgogne.fr/images/stories/rev/011194.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Tirole, Jean, 1994. "The Internal Organization of Government," Oxford Economic Papers, Oxford University Press, vol. 46(1), pages 1-29, January.
    2. Mayers, David & Smith, Clifford W, Jr, 1992. "Executive Compensation in the Life Insurance Industry," The Journal of Business, University of Chicago Press, vol. 65(1), pages 51-74, January.
    3. Richard Zeckhauser, 1995. "Insurance and catastrophes," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 20(2), pages 157-175, December.
    4. Fama, Eugene F. & Jensen, Michael C., 1985. "Organizational forms and investment decisions," Journal of Financial Economics, Elsevier, vol. 14(1), pages 101-119, March.
    5. Lamm-Tennant, Joan & Starks, Laura T, 1993. "Stock versus Mutual Ownership Structures: The Risk Implications," The Journal of Business, University of Chicago Press, vol. 66(1), pages 29-46, January.
    6. Doherty, Neil A & Dionne, Georges, 1993. "Insurance with Undiversifiable Risk: Contract Structure and Organizational Form of Insurance Firms," Journal of Risk and Uncertainty, Springer, vol. 6(2), pages 187-203, April.
    7. Williamson, Oliver E, 1995. "Hierarchies, Markets and Power in the Economy: An Economic Perspective," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 4(1), pages 21-49.
    8. Smith, Bruce D & Stutzer, Michael, 1995. "A Theory of Mutual Formation and Moral Hazard with Evidence from the History of the Insurance Industry," The Review of Financial Studies, Society for Financial Studies, vol. 8(2), pages 545-577.
    9. 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 351-378, October.
    10. Hansmann, Henry, 1985. "The Organization of Insurance Companies: Mutual versus Stock," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 1(1), pages 125-153, Spring.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Fabrice Roth, 2012. "Crise et régulation des marchés financiers : Quel impact sur les formes mutuelles dans l'assurance ?," Working Papers halshs-00692342, HAL.
    2. repec:mth:ijafr8:v:8:y:2018:i:2:p:152-165 is not listed on IDEAS
    3. Seog S. Hun, 2006. "Limited Competition, Information Asymmetry, and Organizational Forms," Asia-Pacific Journal of Risk and Insurance, De Gruyter, vol. 1(2), pages 1-14, February.
    4. Renaud Bourlès, 2006. "How Can Insurance Companies Compete With MutualInsurers? The Role of Commitment," Working Papers halshs-00410765, HAL.
    5. Dionne, Georges & Gagné, Robert & Nouira, Abdelhakim, 2007. "Determinants of insurers’ performance in risk pooling, risk management, and financial intermediation activities," Working Papers 07-4, HEC Montreal, Canada Research Chair in Risk Management.
    6. Braun, Alexander & Schmeiser, Hato & Rymaszewski, Przemysław, 2015. "Stock vs. mutual insurers: Who should and who does charge more?," European Journal of Operational Research, Elsevier, vol. 242(3), pages 875-889.
    7. Noel O'Sullivan, 1998. "Ownership and Governance in the Insurance Industry: A Review of the Theory and Evidence," The Service Industries Journal, Taylor & Francis Journals, vol. 18(4), pages 145-161, October.
    8. Wise William, 2020. "The Importance of the Efficiency of Mutual Life Insurers: A Comparison to Stock Life Insurers," Folia Oeconomica Stetinensia, Sciendo, vol. 20(1), pages 474-505, June.
    9. Dionne, Georges & Harrington, Scott, 2017. "Insurance and Insurance Markets," Working Papers 17-2, HEC Montreal, Canada Research Chair in Risk Management.
    10. Luisa Anderloni & Ornella Moro & Alessandra Tanda, 2019. "Governance e performance nelle imprese di assicurazioni: un’analisi bibliometrica ed una meta analisi," DEM Working Papers Series 177, University of Pavia, Department of Economics and Management.
    11. Henri Loubergé, 1998. "Risk and Insurance Economics 25 Years After," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 23(4), pages 540-567, October.
    12. Byeongyong Paul Choi & Elyas Elyasiani, 2011. "Foreign-owned insurer performance in the US property-liability markets," Applied Economics, Taylor & Francis Journals, vol. 43(3), pages 291-306.
    13. Byeongyong Paul Choi, 2010. "The U.S. Property and Liability Insurance Industry: Firm Growth, Size, and Age," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 13(2), pages 207-224, September.
    14. Chris O'Brien, 2006. "The Downfall of Equitable Life in the United Kingdom: The Mismatch of Strategy and Risk Management," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 9(2), pages 189-204, September.
    15. Francesca Barigozzi & Renaud Bourlès & Dominique Henriet & Giuseppe Pignataro, 2017. "Pool size and the sustainability of optimal risk-sharing agreements," Theory and Decision, Springer, vol. 82(2), pages 273-303, February.
    16. David Mayers & Clifford Smith, 2002. "Ownership Structure and Control: Property-Casualty Insurer Conversion to Stock Charter," Journal of Financial Services Research, Springer;Western Finance Association, vol. 21(1), pages 117-144, February.
    17. Li‐Ying Huang & Gene C. Lai & Erin Lu & Michael McNamara, 2020. "Auditor quality, audit fees, organizational structure, and risk taking in the US life insurance industry," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 23(2), pages 151-182, June.
    18. Fabio R. Chaddad & Michael L. Cook, 2004. "The Economics of Organization Structure Changes: a US perspective on demutualization," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 75(4), pages 575-594, December.
    19. David Mayers & Clifford W. Smith, 2010. "Compensation and Board Structure: Evidence From the Insurance Industry," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 77(2), pages 297-327, June.
    20. Laux, Christian & Muermann, Alexander, 2010. "Financing risk transfer under governance problems: Mutual versus stock insurers," Journal of Financial Intermediation, Elsevier, vol. 19(3), pages 333-354, July.
    21. Chia-Ling Ho & Gene Lai & Sangyong Han & Licheng Jin, 2022. "Organisational structure, corporate governance and reinsurance decisions in the U.S. property-liability insurance industry," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 47(4), pages 737-784, October.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:dij:revfcs:v:1:y:1998:i:q1:p:169-194. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Informatique Technique MSH Dijon (email available below). General contact details of provider: http://www.revues.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.