Organizational structure and performance : evidence from the nonlife insurance industry in Japan

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<title>Organizational structure and performance</title>
<subTitle>: evidence from the nonlife insurance industry in Japan</subTitle>
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<title>The Journal of risk and insurance</title>
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<name type="personal" usage="primary" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080048266">
<namePart>Lai, Gene C.</namePart>
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<namePart>Limpaphayom, Piman</namePart>
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<dateIssued encoding="marc">2003</dateIssued>
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<abstract>This study examines the impact of organizational structure on firm performance, incentive problems , and financial decisions in the Japanese nonlife (property-casualty) insurance industry. Stock companies that belong to one of six horizontal keiretsu groups have lower expenses and lower levels of free cash flow than independent stock and mutual insurance companies. Keiretsu insurers also have higher profitability and higher loss ratios than independent insurers. With a limited sample size , there is some evidence that mutual insurers have higher level of free cash flows , higher investment incomes, and lower financial leverage than their stock counterparts. Overall, empirical evidence suggest that each structure has its own comparative adventage</abstract>
<note type="statement of responsibility">Gene C. Lai, Piman Limpaphayom</note>
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<topic>Empresas de seguros</topic>
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<topic>Japón</topic>
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<topic>Estructura organizativa</topic>
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<topic>Análisis empírico</topic>
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<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080573935">
<topic>Seguros no vida</topic>
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<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080586294">
<topic>Mercado de seguros</topic>
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<topic>Estadísticas</topic>
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<title>The Journal of risk and insurance</title>
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<publisher>Orlando</publisher>
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<text>Volume 70, number 4, December 2003 ;  p.735-757</text>
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