Ultimate Control Rights as Moderators of the Relationship between Market Power and Efficiency: The Case of the Taiwanese Life Insurance Industry

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Title:	Ultimate Control Rights as Moderators of the Relationship between Market Power and Efficiency: The Case of the Taiwanese Life Insurance Industry
Authors:	Chuang Chung-Chu;Yu-Chieh Tang
Keywords:	Corporate governance;Market power;Efficiency;Ultimate control rights
Date:	2017-08
Issue Date:	2017-10-25 02:11:34 (UTC+8)
Publisher:	ICIC International
Abstract:	The corporate governance mechanism can help balance the expansion of market power and the maximization of efficiency. This study utilizes the stochastic frontier approach to measure efficiency, and the doubly censored Tobit regression to investigate the relationships among market power, ultimate control rights, and efficiency in the Taiwanese life insurance industry. The empirical results show that the market power negatively affects efficiency. As the component of ultimate control rights is a moderating variable, the control right weakens the negative effect of market power on efficiency but cash flow right enhances the negative effect of market power on efficiency. Thus, the findings of this study can serve as a reference for determining resource allocation, formulating marketing strategy and corporate governance policies.
Relation:	ICIC Express Letters 11(8), p.1285-1291
DOI:	10.24507/icicel.11.08.1285
Appears in Collections:	[Department of Management Sciences] Journal Article

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