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美國產險業
CEO
更迭與再保險需求
262
Table 1 Descriptive Statistics
Sample
Full sample
CEO Turnover
Routine CEO
Variables
Mean
Standard
Deviation
Mean
Standard
Deviation
Mean
Standard
Deviation
Reins ratio
0.266
0.227
0.292
0.251
0.294
0.228
Reins_aff_ratio
0.127 0.207
0.164
0.239
0.158
0.230
Reins_nonaff_ratio
0.139
0.146
0.129
0.140
0.136
0.132
∆
Reins ratio
0.009 0.353 0.045 0.485 0.059
0.470
∆
Reins_aff_ratio
0.004 0.231 0.028 0.364 0.018
0.127
∆
Reins_nonaff_ratio
0.001 0.342 0.017 0.348 0.041
0.458
Turnover
0.092 0.289 1.000 0.000 1.000
0.000
Routine CEO
0.034 0.180 0.366 0.483 1.000
0.000
Non-Routine CEO
0.059 0.235 0.634 0.482 0.000
0.000
Forced CEO
0.065 0.246 0.709 0.455 0.667
0.474
Voluntary CEO
0.027 0.161 0.291 0.455 0.333
0.474
Mutual
0.468 0.517 0.355 0.505 0.420
0.541
Duality
0.457 0.498 0.402 0.491 0.495
0.503
Board size
10.17 4.529 9.953 4.683 10.140
4.182
Independent director
0.675 0.259 0.644 0.285 0.640
0.294
Big 4 auditor
0.820 0.384 0.827 0.379 0.785
0.413
Ln(na)
20.359 1.378 20.531 1.485 20.438
1.320
Herfindahl
0.437 0.302 0.449 0.302 0.445
0.304
Geoherfindahl
0.432 0.366 0.407 0.366 0.418
0.367
Leverage
0.607 0.147 0.602 0.159 0.589
0.140
Underwriting risk
0.113 0.18
0.127 0.235 0.097
0.108
2yearLoss
Development
-0.022 0.199 -0.001 0.246 -0.032
0.167
Coastal prem
0.46 0.378 0.453 0.355 0.441
0.365
Long-tail
0.726 0.268 0.707 0.285 0.690
0.283
Tax_ex
0.384 0.253 0.382 0.255 0.376
0.229
ROA
0.023 0.047 0.018 0.057 0.022
0.042
Group
0.798 0.400 0.830 0.376 0.804
0.399
N =
2,772
254
93