266 /342
美國產險業
CEO
更迭與再保險需求
266
Table 2 Correlation Coefficients of Variables
Variables
1
2
3
4
5
6
7
8
9
1 Turnover
1.000 0.600 0.764 0.822 0.533 -0.072 -0.031 -0.026 -0.037
0.000 0.000 0.000 0.000 0.001 0.134 0.214 0.074
2 Routine CEO 0.587 1.000 -0.048 0.448 0.386 -0.020 0.014 -0.007 -0.021
0.000
0.021 0.000 0.000 0.344 0.508 0.750 0.304
3 Non-Routine CEO 0.776 -0.047 1.000 0.663 0.355 -0.074 -0.053 -0.027 -0.028
0.000 0.014
0.000 0.000 0.000 0.011 0.200 0.169
4 Forced CEO
0.830 0.455 0.669 1.000 -0.045 -0.102 -0.025 -0.075 -0.073
0.000 0.000 0.000
0.031 0.000 0.223 0.000 0.000
5 Voluntary CEO 0.521 0.354 0.368 -0.044 1.000 0.025 -0.017 0.066 0.044
0.000 0.000 0.000 0.022
0.220 0.415 0.002 0.033
6 Mutual
-0.070 -0.017 -0.072 -0.097 0.024 1.000 -0.065 0.355 0.380
0.000 0.379 0.000 0.000 0.221
0.002 0.000 0.000
7 Duality
-0.035 0.014 -0.057 -0.027 -0.022 -0.047 1.000 -0.128 -0.140
0.063 0.460 0.003 0.152 0.254 0.016
0.000 0.000
8 Board size
-0.015 -0.001 -0.018 -0.057 0.061 0.276 -0.132 1.000 0.555
0.428 0.952 0.351 0.003 0.001 0.000 0.000
0.000
9
Independent
director
-0.038 -0.025 -0.027 -0.072 0.042 0.419 -0.143 0.486 1.000
0.047 0.186 0.160 0.000 0.027 0.000 0.000 0.000
10 Big 4 auditor
0.005 -0.017 0.021 0.013 -0.010 -0.194 0.118 0.005 -0.133
0.780 0.366 0.267 0.503 0.601 0.000 0.000 0.790 0.000
11 Ln(na)
0.040 0.011 0.040 0.002 0.067 -0.129 0.161 0.158 -0.144
0.038 0.574 0.035 0.902 0.000 0.000 0.000 0.000 0.000
12 Herfindahl
0.013 0.005 0.011 0.026 -0.017 -0.076 -0.060 -0.009 -0.023
0.500 0.798 0.561 0.167 0.372 0.000 0.002 0.645 0.230
13 Geoherfindahl
-0.022 -0.007 -0.020 -0.004 -0.033 0.191 -0.181 0.163 0.247
0.254 0.704 0.290 0.838 0.087 0.000 0.000 0.000 0.000
14 Leverage
-0.009 -0.023 0.003 0.003 -0.021 -0.112 0.058 -0.002 -0.028
0.631 0.236 0.858 0.865 0.263 0.000 0.002 0.937 0.147
15 Underwriting risk 0.025 -0.016 0.041 0.044 -0.022 -0.087 -0.002 0.003 -0.045
0.197 0.405 0.032 0.022 0.253 0.000 0.920 0.858 0.020
16 2yearLoss
Development
0.033 -0.009 0.047 0.043 -0.007 -0.131 0.111 -0.012 -0.047
0.085 0.620 0.013 0.023 0.713 0.000 0.000 0.542 0.014
17 Coastal prem -0.006 -0.010 0.004 -0.009 0.003 0.100 0.009 0.160 0.049
0.748 0.616 0.853 0.642 0.895 0.000 0.653 0.000 0.010
18 Long-tail
-0.022 -0.025 -0.007 -0.023 -0.005 0.178 -0.111
0.111
0.142
0.243 0.186 0.714 0.229 0.804 0.000 0.000 0.000 0.000
19 Tax_ex
-0.003 -0.006 -0.002 -0.036 0.050 -0.109 0.050 -0.024 -0.054
0.901 0.761 0.935 0.068 0.012 0.000 0.012 0.231 0.007
20 ROA
-0.033 -0.003 -0.038 -0.028 -0.017 -0.038 0.037 -0.054 -0.078
0.082 0.864 0.050 0.147 0.370 0.054 0.054 0.005 0.000
21 Group
0.023 0.002 0.029 0.025 0.004 -0.081 0.069 -0.105 -0.119
0.220 0.928 0.130 0.196 0.825 0.000 0.000 0.000 0.000
Note: This table presents the Pearson (lower triangle) and Spearman (upper triangle) correlation coefficients.