Balance sheet structure and the managerial-dicretion hypothesis : an exploratory empirical study of New Zealand life insurance companies
Contenido multimedia no disponible por derechos de autor o por acceso restringido. Contacte con la institución para más información.
| Tag | 1 | 2 | Value |
|---|---|---|---|
| LDR | 00000cab a22000004b 4500 | ||
| 001 | MAP20090037205 | ||
| 003 | MAP | ||
| 005 | 20200717140816.0 | ||
| 008 | 090305e19950501nzl|||p |0|||b|eng d | ||
| 040 | $aMAP$bspa$dMAP | ||
| 084 | $a341 | ||
| 100 | $0MAPA20110025595$aAdams, Mike | ||
| 245 | 1 | 0 | $aBalance sheet structure and the managerial-dicretion hypothesis$b : an exploratory empirical study of New Zealand life insurance companies$cby Mike Adams |
| 520 | $aThe article discusses New Zealand life insurance company data for 1991 using canonical correlation analysis. Corporate shareholders of New Zealand-based stock companies generally have more widely-held voting rights than their subsidiaries. Even so, compared with the atomistic nature of policyholder ownership in mutuals, parent stock companies are much more closely controlled by their shareholders. Indeed, H. Demsetz argues that shareholdings are not so diffusely owned as is often supposed. Moreover, as shareholders in stock companies have the option to sell their residual claims and that this can enhance concentration of ownership. The option of trading residual rights does not exist to the same degree in mutuals. In other words, it is the absence of the threat of concentrated control rather than the absence of control per se which makes the contracting incentive conflicts between policyholders and managers so acute in the mutual form. Clearly, policyholders with participatory rights (with-profits) policies will also have an interest in short-term profitability inasmuch as it affects their annual bonuses | ||
| 650 | 1 | $0MAPA20080590567$aEmpresas de seguros | |
| 650 | 1 | $0MAPA20080570590$aSeguro de vida | |
| 650 | 1 | $0MAPA20080555061$aManagement | |
| 650 | 1 | $0MAPA20080610739$aEstructura organizativa | |
| 650 | 1 | $0MAPA20080557010$aAccionistas | |
| 650 | 1 | $0MAPA20080571696$aControl interno | |
| 651 | 1 | $0MAPA20090005181$aNueva Zelanda | |
| 773 | 0 | $tAccounting & Finance$gVol. 35, Issue 1, May 1995 ; p. 21-45 |