Risk behaviour and insurance efficiency: the role of ownership and regulations from an emerging economies

Adams R, Ferreira D (2008) One share-one vote: the empirical evidence. Rev Finance 12(1):51–91 Adusei M (2015) The impact of bank size and funding risk on bank stability. Cogent Econ Finance 3:1–19. https://doi.org/10.1080/23322039.2015.1111489 Akotey OJ, Sackey FG, Amoah L, Frimpong MR (2013) The financial performance of life insurance companies in Ghana. J Risk Finance 14(3):286–302 Alhassan AL, Biekpe N (2018) Competition and risk-taking behaviour in the non-life insurance market in South Africa. Geneva Pap Risk Insur Issues Pract 43(3):492–519 Alhassan AL, Addisson GK, Asamoah ME (2015) Market structure, efficiency and profitability of insurance companies in Ghana. Int J Emerg Mark 10(4):648–669 Alhassan A L, Biekpe N (2015) Efficiency, productivity and returns to scale economies in the non-life insurance market in South Africa. The Geneva Papers on Risk and Insurance-Issues and Practice, 40(3), 493–515 Alhassan A L, Biekpe N (2016a) Determinants of life insurance consumption in Africa. Res. Int. Bus and Finance, 37, 17–27 Alhassan A L, Biekpe N (2016b) Competition and efficiency in the non-life insurance market in South Africa. J. Econ. Stud. 1–23 Alhassan AL, Biekpe N (2017) Liberalization outcomes and competitive behaviour in an emerging insurance market. Afr Dev Rev 29(2):122–138 Amara T, Mabrouki M (2019) Did the Tunisian commercial banks respect the prudential rules? J Smart Econ Growth 4(2):71–96 Ansah-Adu K, Andoh C, Abor J (2012) Evaluating the cost efficiency of insurance companies in Ghana. J Risk Finance 13(1):61–76 Atkinson SE, Cornwell C (1994) Parametric estimation of technical and allocative inefficiency with panel data. Int Econ Rev 2(4):231–243 Avgouleas E (2009) The global financial crisis and the disclosure paradigm in European financial regulation: The case for reform. Eur Co Financ Law Rev 6(4):440–475 Baker M, Gompers PA (2003) The determinants of board structure at the initial public offering. J Law Econ 46(2):569–598 Banker RD, Charnes A, Cooper WW (1984) Some models for estimating technical and scale inefficiencies in data envelopment analysis. Manage Sci 30:1078–1092 Banker RD, Charnes A, Cooper WW, Maindiratta A (1988) A comparison of DEA and translog estimates of production frontiers using simulated observations from a known technology. Applications of modern production theory: efficiency and productivity. Springer, Dordrecht, pp 33–55 Becher DA, Frye MB (2011) Does regulation substitute or complement governance? J Bank Finance 35(3):736–751 Booth JR, Cornett M M, Tehranian H (2002) Boards of directors, ownership, and regulation. Journal of Banking & Finance, 26(10), 1973-1996 Bouyon S (2014) A review of policy options for monitoring household saving. Eur Credit Res Inst 16:1–24 Braglia M, Zanoni S, Zavonella L (2007) Measuring and benchmarking productive systems performances using DEA: an Industrial Case. Prod Plan Control 14(6):542–554 Brambor T, Clark WR, Golder M (2006) Understanding interaction models: improving empirical analyses. Polit Anal 14(1):63–82 Burca AM, Batrinca G (2014) The determinants of financial performance in the Romanian insurance market. Int J Acad Res Account Finance Manag Sci 4(1):299–308 Compton RA, Giedeman DC, Hoover GA (2011) Panel evidence on economic freedom and growth in the United States. Eur J Polit Econ 27(3):423–435 Cai R, Zhang M (2017) How does credit risk influence liquidity risk. Evidence from Ukrainian banks. Visnyk Nat Bank Ukraine 241:21–32 Connelly JT, Limpaphayom P (2004) Board characteristics and firm performance: evidence from the life insurance industry in Thailand, Chulalongkorn. J Econ 16(2):101–124 Danisman GO, Demirel P (2019) Bank risk-taking in developed countries: the influence of market power and bank regulations. J Int Finan Markets Inst Money 59:202–217 Daraio C, Simar L, Wilson PW (2018) Central limit theorems for conditional efficiency measures and tests of the “separability” condition in non-parametric, two-stage models of production. Economet J 21(2):170–191 DeYoung R, Jang KY (2016) Do banks actively manage their liquidity? J Bank Finance 66(C):143–161 Eling M, Luhnen M (2010) Efficiency in the international insurance industry: a cross-country comparison. J Bank Finance 34(7):1497–1509 Eling M, Luhnen M (2010) Frontier efficiency methodologies to measure performance in the insurance industry: Overview, systematization and recent developments. The Geneva Papers on Risk and Insurance-Issues and Practice, 35(2), 217–265 Eling M, Jia R (2019) Efficiency and profitability in the global insurance industry. Pac Basin Financ J 57:101190 Fields LP, Gupta M, Prakash P (2012) Risk taking and performance of public insurers: an international comparison. J Risk Insur 79(4):931–962 Gaganis C, Liu L, Pasiouras F (2015) Regulations, profitability, and risk-adjusted returns of European insurers: an empirical investigation. J Financ Stab 18:55–77 Gaganis C, Hasan I, Pasiouras F (2016) Regulations, institutions and income smoothing by managing technical reserves: international evidence from the insurance industry. Omega 59:113–129 Ghenimi A, Chaibi H, Omri MAB (2017) The effects of liquidity risk and credit risk on bank stability: evidence from the MENA region. Borsa Istanbul Rev 17(4):238–248 Green RC, Talmor E (1986) Asset substitution and agency costs of debt financing. J Bank Finance 10(3):391–399 Greene WH, Segal D (2004) Profitability and efficiency in the US life insurance industry. J Prod Anal 21(3):229–247 Hantke-Domas M (2003) The public interest theory of regulation: non-existence or misinterpretation? Eur J Law Econ 15(2):165–194 Herzberg F (1966) Work and the nature of man. Thomas Y. Crowell, New York Hosono K, Iwaki H, Tsuru K (2004) Bank regulation and market discipline around the world. Research Institute of Economy, Trade and Industry (RIETI) Discussion Paper Series, 4 Huang LY, Lai GC, McNamara M, Wang J (2011) Corporate governance and efficiency: evidence from US property–liability insurance industry. J Risk Insur 78(3):519–550 Hussein M, Alam S (2019) The Role of insurance sector in the development of the economy of Oman. Glob J Econ Bus 6(2):356–364 Imbierowicz B, Rauch C (2014) The relationship between liquidity risk and credit risk in banks. J Bank Finance 40:242–256 Jeng V, Lai GC (2005) Ownership structure, agency costs, specialization and efficiency: Analysis of Keiretsu and independent insurers in the Japanese non-life insurance industry. J Risk Insur 72(1):105–158 John K, Litov L, Yeung B (2008) Corporate governance and managerial risk-taking: theory and evidence. J Finance 63:1679–1728 Kao C, Hwang SN (2008) Efficiency decomposition in two-stage data envelopment analysis: an application to non-life insurance companies in Taiwan. Eur J Oper Res 185(1):418–429 Khemais Z (2019) The effects of risks on the stability of Tunisian conventional banks. Asian Econ Financ Rev 9(3):389–401 Kozak S (2011) Integration with the European financial system and changes of the non-life insurance sector concentration in Poland. Acta Scientiarum Polonorum Oeconomia 10(2):41–53 Kusi BA, Alhassan AL, Ofori-Sasu D, Sai R (2019) Insurance regulations, risk and performance in Ghana. J Financ Regul Compl 28(1):74–96 Lee CC, Lin CW (2016) Globalization, political institutions, financial liberalization, and performance of the insurance industry. N Am J Econ Finance 36:244–266 Leuz C, Wysocki PD (2016) The economics of disclosure and financial reporting regulation: Evidence and suggestions for future research. J Account Res 54(2):525–622 Levine R (2004) Finance and growth: theory and evidence. Handb Econ Growth 1:865–934 Lin Z, Cai C, Xu B (2010) Supply chain coordination with insurance contract. Eur J Oper Res 205(2):339–345 Mehran H, Mollineaux L (2012) Corporate governance of financial institutions. Annu Rev Finance Econ 4(1):215–232 Meslier C, Tacneng R, Tarazi A (2014) Is bank income diversification beneficial? Evidence from an emerging economy. J Int Finan Markets Inst Money 31(1):97–126 Muth M, Donaldson L (1998) Stewardship theory and board structure: a contingency approach. Corpor Gov 6(1):5–28 Mwangi M, Murigu JW (2015) The determinants of financial performance in general insurance companies in Kenya. Eur Sci J 11(1) Newey WK (1987) Efficient estimation of limited dependent variable models with endogenous explanatory variables. J Econometr 36(3):231–250 NIC (2014) Annual report. http://nicgh.org/wp-content/uploads/2018/02/NIC_AnnualReport_2014.pdf Ofori-Sasu D, Mensah L, Akuma JK, Doku I (2018) Banking efficiency in emerging economies: does foreign banks’ entry matter in the Ghanaian context? Int J Finance Econ 24(3):1–18 Pasiouras F, Gaganis C (2013) Regulations and soundness of insurance firms: international evidence. J Bus Res 66(5):632–642 Pesaran MH (2015) Time series and panel data econometrics. Oxford University Press Rachdi H, Bouheni BF (2016) Revisiting the effect of regulation, supervision and risk on banking performance: evidence from European banks based on PSTR model”. J Financ Regul Compl 24(1):24–40 Rajhi W, Hassairi S (2013) Islamic banks and financial stability: a comparative empirical analysis between Menaand Southeast Asian Countries. Région Et Développement 37:149–177 Rivers D, Vuong QH (1988) Limited information estimators and exogeneity tests for simultaneous probit models. J Econometr 39:347–366 Scott WR (1995) Institutional theory: contributing to a theoretical research program. Great Minds Manag Process Theory Dev 37(2):460–484 Shahchera M, Jouzdani N (2011) The impact of regulation on soundness banking. Int Conf Bus Econ Res 1(1):152–156 Shehzad CT, de Haan J, Scholtens B (2010) The impact of bank ownership concentration on impaired loans and capital adequacy. J Bank Finance 34(2):399–408 Shleifer A, Vishny RW (1997) A survey of corporate governance. J Financ 52(2):737–783 Simar L, Wilson PW (2000) A general methodology for bootstrapping in non-parametric frontier models. J Appl Stat 49(8):99–124 Simar L, Wilson PW (2007) Estimation and inference in two stage, semi-parametric models of productive efficiency. J Econometr 136:31–64 Simar L, Wilson PW (2011) Two-stage DEA: caveat emptor. J Prod Anal 58(4):427–443 Simar L, Wilson PW (2020) Hypothesis testing in nonparametric models of production using multiple sample splits. J Prod Anal 53(3):287–303 Smith RJ, Blundell RW (1986) An exogeneity test for a simultaneous equation Tobit model with an application to labor supply. Econ J Econometr Soc:679–685 Tadesse S (2006) The economic value of regulated disclosure: evidence from the banking sector. J Account Public Policy 25(1):32–70 Wooldridge JM (2010) Econometric analysis of cross section and panel data, 2nd edn. The MIT Press, Cambridge Wu J, Chen L, Chen M, Jeon BN (2020) Diversification, efficiency and risk of banks: evidence from emerging economies. Emerg Mark Rev 45:100720 Yannick GZS, Hongzhong Z, Thierry B (2016) Technical efficiency assessment using data envelopment analysis: an application to the banking sector of Cote d’Ivoire. Procedia Soc Behav Sci 235:198–207 Zucker LG (1987) Institutional theories of organization. Ann Rev Sociol 13(1):443–464