Organization structure and corporate demand for reinsurance : the case of the japanese Keiretsu

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      <subfield code="a">Yanase, Noriyoshi</subfield>
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      <subfield code="a">Organization structure and corporate demand for reinsurance</subfield>
      <subfield code="b">: the case of the japanese Keiretsu</subfield>
      <subfield code="c">Noriyoshi Yanase, Piman Limpaphayom</subfield>
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      <subfield code="a">This study investigates the impact of organization structure on corporate demand for reinsurance. Previous research has shown that the unique corporate groupings in Japan known as the keiretsu have relatively low bankruptcy costs, low agency conflicts, low information asymmetry, and low effective taxes. These conditions should mitigate the benefits of reinsurance purchase. This conjecture is tested by examining demand for reinsurance of Japanese non-life insurance companies during 1974-2010. Consistent with the prediction, keiretsu non-life insurers have lower reinsurance purchase than independent non-life insurance companies. The effects of the keiretsu structure also receded when keiretsu groupings' power was weakened after the asset bubble burst and the breakdown of the convoy system in mid 1990s. Consistent with previous studies, Japanese mutual insurers also purchase more reinsurance than stock insurers.</subfield>
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      <subfield code="a">Estructura organizativa</subfield>
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      <subfield code="a">Reaseguro</subfield>
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      <subfield code="a">Seguros no vida</subfield>
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      <subfield code="w">MAP20077000727</subfield>
      <subfield code="t">The Journal of risk and insurance</subfield>
      <subfield code="d">Nueva York : The American Risk and Insurance Association, 1964-</subfield>
      <subfield code="x">0022-4367</subfield>
      <subfield code="g">05/06/2017 Volumen 84 Número 2 - junio 2017 , p. 599-629</subfield>
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