臺大管理論叢 NTU Management Review VOL.27 NO.2S

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臺大管理論叢 第 27 卷第 2S 期
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structure and corporate governance variables are all exogenous variables.
The regression models used to examine the relation between CEO turnover and
reinsurance demand are presented below:
∆Reins_ratio i,t = α0 + α1Turnoveri,t –1 + α2Mutuali,t –1 + α3Duality i,t–1 + α4∆ Boardsizei,t +
α5∆Independent_directorsi,t + α6Big4auditori,t–1 + α7∆Ln(na) i,t +
α8∆Herfindahli,t + α9∆Geoherfindahli,t + α10∆Leveragei,t +
α11∆ Underwritingriski,t + α12∆2yearlossdevelopmenti,t + α13∆ Coastalpremi,t +
α14∆ Longtaili,t + α15∆Tax_exi,t + α16∆ROAi,t + α17∆Groupi,t–1 + di,t + fi,t + ui,t
∆Reins_aff_ratioi,t = α0 + α1Turnoveri,t –1 + α2Mutuali,t–1 + α3Dualityi,t–1 + α4∆Boardsize i,t +
α5∆Independent_directorsi,t + α6Big4auditori,t–1 + α 7∆Ln(na) i,t +
α8∆Herfindahli,t + α9∆Geoherfindahli,t + α10∆Leveragei,t +
α11∆ Underwritingriski,t + α12∆2yearlossdevelopmenti,t +
α13∆ Coastalpremi,t + α14∆ Longtaili,t + α15∆Tax_exi,t + α16∆ROAi,t +
α17∆ Groupi,t–1 + di,t + fi,t + ui,t
∆Reins_nonaff_ratio i,t = α0 + α1Turnoveri,t–1 + α2 Mutuali,t –1 + α3Dualityi,t –1 + α 4∆ Boardsizei,t +
α 5∆Independent_directorsi,t + α6Big4auditori,t–1 + α7∆Ln(na) i,t +
α 8∆Herfindahli,t + α9∆ Geoherfindahli,t + α10∆Leveragei,t +
α 11∆Underwritingrisk i,t + α12∆2yearlossdevelopmenti,t +
α 13∆Coastalpremi,t + α14∆Longtaili,t + α15∆Tax_exi,t + α16∆ ROA i,t +
α 17∆Groupi,t –1 + di,t + fi,t + ui,t
3.3 Variables
3.3.1 Dependent Variables
We use the changes in all dependent variables to investigate the relation between CEO
turnover and change in reinsurance demand.19 Dependent variables include ∆Reins_ratioi,t,
∆Reins_aff_ratioi,t, and ∆Reins _nonaff_ratioi,t . ∆Reins ratio is defined as the difference in the
value of total reinsurance ratio of each year minus total reinsurance ratio of year -1, ∆Reins_
aff_ratio is defined as the difference in the value of affiliated reinsurance ratio of each year
19 Thanks to the reviewer’s wonderful comments, we use changes in total reinsurance ratio, affiliated
reinsurance ratio and non-affiliated reinsurance ratio.