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臺大管理論叢
第
27
卷第
2S
期
277
Table 10 Regressions of Reinsurance Demand on Routine CEO, Non-Routine CEO
vs. Non CEO Turnover with SOX Act
Dependent variables
∆
Reins ratio
∆
Reins_aff_ratio
∆
Reins_nonaff_ratio
Independent Variables
Estimate P value Estimate P value Estimate P value
SOX
-0.007
0.738 -0.017
0.426
0.010
0.188
Routine CEO (t-1)
0.012
0.693
0.020
0.493 -0.009
0.403
SOX
×
Routine CEO (t-1)
0.017
0.740
0.003
0.949
0.013
0.459
Non-Routine CEO (t-1)
0.031
0.321
0.000
0.993
0.031*** 0.005
SOX
×
Non-Routine CEO (t-1)
0.039
0.321
0.054
0.178 -0.015
0.297
Mutual (t-1)
-0.002
0.970
0.018
0.788 -0.021
0.388
SOX
×
Mutual (t-1)
-0.001
0.975
0.000
0.988
0.000
0.966
Duality (t-1)
-0.033
0.118
-0.019
0.375 -0.014*
0.067
SOX
×
Duality (t-1)
-0.042*
0.052 -0.050**
0.021
0.009
0.263
∆ Board size
0.002
0.584
0.002
0.662
0.000
0.777
SOX
×
∆ Board size
-0.003
0.282 -0.004
0.250
0.000
0.795
∆ Independent director
0.073
0.141
0.016
0.756
0.057*** 0.001
SOX
×
∆ Independent director
-0.067
0.226 -0.016
0.772 -0.051**
0.011
Big 4 auditor (t-1)
0.010
0.672
0.003
0.906
0.007
0.400
SOX
×
Big 4 auditor (t-1)
-0.017
0.544 -0.018
0.523
0.001
0.909
∆ Ln(na)
-0.275*** 0.000 -0.286*** 0.000
0.011
0.464
∆ Herfindahl
0.015
0.866
0.063
0.479 -0.048
0.127
∆ Geoherfindahl
-0.474*** 0.000 -0.480*** 0.000
0.006
0.872
∆ Leverage
0.034
0.770 -0.169
0.154
0.203*** 0.000
∆ Underwriting risk
-0.305*** 0.000 -0.225*** 0.005 -0.079*** 0.006
∆ 2yearLossDevelopment
0.090**
0.012
0.136*** 0.000 -0.046*** 0.000
∆ Coastal prem
-0.352**
0.017 -0.300**
0.046 -0.052
0.327
∆ Long-tail
0.248*** 0.007
0.233**
0.013
0.015
0.645
∆ Tax_ex
-0.021
0.405 -0.024
0.346
0.003
0.730
∆ ROA
0.049
0.742 -0.046
0.764
0.095*
0.079
Group (t-1)
0.008
0.811
0.022
0.507 -0.014
0.228
Intercept
0.030
0.651
0.019
0.771
0.010
0.663
Hausman Test
11.45
11.71
36.47
R-Square
0.091
0.089
0.134
N
2,772
2,772
2,772
Note: The table shows the regression results of reinsurance demand on routine CEO, non-routine CEO
vs. non CEO turnover (reference variable), organizational structure and and corporate
governance variables with SOX Act. “
∆
x
” means change in
x
. Specifically it sugggets that
∆
x
i,t
means
x
i,t
minus
x
i,t
-1
. Please see definition of all variables in Appendix A. ***significant at 1%, **
significant at 5%, * significant at 10%.