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

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美國產險業 CEO 更迭與再保險需求
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Table 11 Regressions of Reinsurance Demand on Voluntary CEO, Forced 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 -0.008 0.707 -0.018 0.394 0.010 0.176
Voluntary CEO (t-1) 0.014 0.769 -0.005 0.911 0.019 0.260
SOX×Voluntary CEO (t-1) -0.014 0.805 0.004 0.949 -0.018 0.388
Forced CEO (t-1) 0.023 0.482 0.016 0.645 0.008 0.516
SOX×Forced CEO (t-1) 0.050 0.212 0.042 0.299 0.008 0.594
Mutual (t-1) 0.003 0.963 0.020 0.766 -0.017 0.480
SOX×Mutual (t-1) 0.000 0.988 0.000 0.987 0.000 0.997
Duality (t-1) -0.036* 0.083 -0.022 0.291 -0.014* 0.068
SOX×Duality (t-1) -0.041* 0.055 -0.050** 0.022 0.009 0.267
∆ Board size 0.002 0.527 0.002 0.618 0.000 0.726
SOX× ∆ Board size -0.003 0.272 -0.004 0.247 0.000 0.830
∆ Independent director 0.070 0.156 0.014 0.775 0.056*** 0.002
SOX× ∆ Independent director -0.068 0.218 -0.017 0.760 -0.051** 0.011
Big 4 auditor (t-1) 0.008 0.711 0.002 0.948 0.007 0.399
SOX×Big 4 auditor (t-1) -0.016 0.565 -0.017 0.537 0.001 0.889
∆ Ln(na) -0.276*** 0.000 -0.286*** 0.000 0.010 0.489
∆ Herfindahl 0.014 0.868 0.064 0.469 -0.050 0.115
∆ Geoherfindahl -0.470*** 0.000 -0.480*** 0.000 0.010 0.789
∆ Leverage 0.021 0.854 -0.178 0.133 0.199*** 0.000
∆ Underwriting risk -0.300*** 0.000 -0.221*** 0.006 -0.079*** 0.006
∆ 2yearLossDevelopment 0.087** 0.015 0.134*** 0.000 -0.047*** 0.000
∆ Coastal prem -0.349** 0.019 -0.298** 0.048 -0.051 0.342
∆ Long-tail 0.246*** 0.008 0.232** 0.013 0.014 0.683
∆ Tax_ex -0.020 0.419 -0.023 0.368 0.003 0.767
∆ ROA 0.054 0.719 -0.040 0.793 0.094* 0.083
Group (t-1) 0.008 0.804 0.024 0.486 -0.015 0.204
Intercept 0.035 0.598 0.024 0.719 0.011 0.657
Hausman Test 12.66 12.32 40.16
R-Square 0.092 0.090 0.128
N 2,772 2,772 2,772
Note: The table shows the regression results of reinsurance demand on voluntary CEO, forced 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 ∆xi,t
means xi,t minus xi,t -1. Please see definition of all variables in Appendix A. ***significant at 1%, **
significant at 5%, * significant at 10%.