263 /342
臺大管理論叢
第
27
卷第
2S
期
263
Sample
Non-Routine
Forced CEO Voluntary CEO
Variables
Mean
Standard
Deviation
Mean
Standard
Deviation
Mean
Standard
Deviation
Reins ratio
0.291
0.263
0.306 0.262 0.260 0.218
Reins_aff_ratio
0.168
0.244
0.182 0.255 0.121 0.187
Reins_nonaff_ratio
0.124
0.144
0.124 0.131 0.140 0.159
∆
Reins ratio
0.037
0.494
0.062
0.573
0.003
0.096
∆
Reins_aff_ratio
0.034
0.447
0.039
0.430
0.002
0.083
∆
Reins_nonaff_ratio
0.003
0.265
0.023
0.411
0.001
0.064
Turnover
1.000
0.000
1.000
0.000
1.000
0.000
Routine CEO
0.000
0.000
0.344
0.477
0.419
0.497
Non-Routine CEO
1.000
0.000
0.656
0.477
0.581
0.497
Forced CEO
0.733
0.444
1.000
0.000
0.000
0.000
Voluntary CEO
0.267
0.444
0.000
0.000
1.000
0.000
Mutual
0.318
0.481
0.277
0.486
0.542
0.502
Duality
0.348
0.478
0.406
0.492
0.392
0.492
Board size
9.845
4.958
9.183
4.200
11.824
5.266
Independent director
0.647
0.281
0.605
0.286
0.741
0.261
Big 4 auditor
0.851
0.357
0.839
0.369
0.797
0.405
Ln(na)
20.583
1.573
20.371
1.474
20.916
1.450
Herfindahl
0.452
0.301
0.468
0.310
0.406
0.278
Geoherfindahl
0.400
0.367
0.427
0.373
0.360
0.348
Leverage
0.610
0.169
0.608
0.165
0.588
0.143
Underwriting risk
0.144
0.283
0.143
0.272
0.089
0.095
2yearLoss
Development
0.016
0.280
0.011
0.276
-0.030
0.149
Coastal prem
0.460
0.350
0.447
0.350
0.466
0.369
Long-tail
0.717
0.287
0.702
0.296
0.718
0.258
Tax_ex
0.386
0.271
0.349
0.259
0.459
0.230
ROA
0.015
0.064
0.018
0.057
0.018
0.057
Group
0.845
0.363
0.838
0.369
0.811
0.394
N =
161
180
74
Note: This table presents summary statistics for variables included in this study. Please see definition
of all variables in Appendix A.