The analysis of capital structure for property-liability insurers: a quantile regression approach

Business and Economic Horizons Pub Date : 2018-08-16 DOI:10.15208/BEH.2018.57

J. Hung, Vincent Y. L. Chang

引用次数: 1

Abstract

By using a two-stage quantile regression approach (2SQR), this study demonstrates how the insurer’s leverage is determined across various quantiles. The evidence shows that the influence of the business concentration and marketing channel at the lower leverage quantiles is opposite to that at the higher leverage quantiles, which proposes that the mean effects of the two-stage ordinary least squares method are insufficient to capture the effects of business strategies on the insurer’s capital structure determination. Moreover, the 2SQR evidence also shows that the magnitude of the impacts for some determinations varies among the different leverage quantiles. In sum, the evidence suggests that these two competing approaches should be viewed as complementary functions when discussing the insurer’s capital structure.

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财产责任保险公司资本结构的分位数回归分析

通过使用两阶段分位数回归方法(2SQR)，本研究展示了保险公司的杠杆是如何在各个分位数上确定的。证据表明，业务集中度和营销渠道对低杠杆分位数的影响与高杠杆分位数的影响相反，这表明两阶段普通最小二乘法的平均效应不足以捕捉业务策略对保险公司资本结构确定的影响。此外，2SQR证据还表明，对某些决定的影响程度在不同的杠杆分位数之间有所不同。总之，证据表明，在讨论保险公司的资本结构时，这两种相互竞争的方法应被视为互补的功能。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Business and Economic Horizons ECONOMICS-

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