Risk Taking Behavior and Financial Constraints: Evidence from the U.S. Property-Liability Insurance Industry

美國產物保險公司冒風險行為與財務限制之關係

張永郎(Vincent Y. Chang)

《財務金融學刊》 27卷1期 (2019/03) Pp. 31-64

https://doi.org/10.6545/JFS.201903_27(1).0002

摘要

This study examines the impact of financial constraints on firms' risk taking decisions. By using data from insurers of the NAIC (National Association of Insurance Commissioners) over the 2006-2013 period, this study finds that insurers with a better rating, as well as higher dividend payouts, are significantly and negatively related to risk taking decisions, which is consistent with the primary rationale of the CEO hubris argument, the risk sensitivity theory, and the prospect theory. The evidence proposes that regulators have to pay more attention on firms with higher financial constraints who intend to take more risks.

關鍵字

Risk taking ； financial constraints ； CEO hubris ； risk sensitivity theory ； prospect theory

並列摘要

本文以2006－2013年美國產物保險公司的資料探討財務限制對公司風險承擔之影響。本文實證結果發現，有較高財務評比及有支付紅利之保險公司有較低的風險承擔，此結果支持CEO傲慢行為、風險敏感理論及展望理論之基本論點。本文實證結果具重要政策意涵，監管單位應特別注意有較高財務限制但喜歡風險承擔之保險公司。

並列關鍵字

風險承擔 ； 財務限制 ； CEO傲慢行為 ； 風險敏感理論 ； 展望理論

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