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Balance sheet structure and the managerial-dicretion hypothesis : an exploratory empirical study of New Zealand life insurance companies

Recurso electrónico / electronic resource
MARC record
Tag12Value
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001  MAP20090037205
003  MAP
005  20200717140816.0
008  090305e19950501nzl|||p |0|||b|eng d
040  ‎$a‎MAP‎$b‎spa‎$d‎MAP
084  ‎$a‎341
100  ‎$0‎MAPA20110025595‎$a‎Adams, Mike
24510‎$a‎Balance sheet structure and the managerial-dicretion hypothesis‎$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
7730 ‎$t‎Accounting & Finance‎$g‎Vol. 35, Issue 1, May 1995 ; p. 21-45