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A Governance Study of Corporate Ownership in the Insurance Industry

Author

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  • David M. Pooser
  • Ping Wang
  • James Barrese

Abstract

This study focuses on family control and ownership patterns in the U.S. insurance industry. Conflicting theories argue that family firms perform worse due to nepotism and weak risk†bearing attributes (Agency theory) or that family firms perform better because the unity of ownership and control reduces agency expenses (Stewardship theory). Our findings support the Stewardship view of the firm. Our findings also demonstrate that CEO†Chairperson duality improves performance but that the combination of family and duality is sub†optimal. We further study implications of institutional investor and insider ownership, compensation structure, and leverage on performance.

Suggested Citation

  • David M. Pooser & Ping Wang & James Barrese, 2017. "A Governance Study of Corporate Ownership in the Insurance Industry," Journal of Insurance Issues, Western Risk and Insurance Association, vol. 40(1), pages 23-60.
    • Handle: RePEc:wri:journl:v:40:y:2017:i:1:p:23-60
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    Cited by:

    1. Derrick W. H. Fung & Charles C. Yang & Jason J. H. Yeh, 2024. "The market price to embedded value gap: an analysis of European life insurers," Review of Quantitative Finance and Accounting, Springer, vol. 62(1), pages 69-96, January.
    2. Killins, Robert N., 2020. "Firm-specific, industry-specific and macroeconomic factors of life insurers’ profitability: Evidence from Canada," The North American Journal of Economics and Finance, Elsevier, vol. 51(C).

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