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A survey of life insurance efficiency papers: Methods, pros & cons, trends
, Pages: 137-170 William Wise PDF (650K) |
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Abstract: This survey research paper explores the methods most commonly used in over 190 studies determining life insurance efficiency. The purpose is to provide an overview of life insurance efficiency studies and guidance as to the (dis)advantages of the different techniques used plus their applicability to life insurance. An evaluation of the different approaches is undertaken plus an examination of the numbers and trends of methods and aspects of life insurance efficiency measurement. This paper also discusses the fundamental elements of life insurance efficiency estimation, such as the set-up and form of outputs and inputs. Findings include that the focus of life insurance efficiency studies considering individual nations has changed. Additionally data envelope analysis is the technique used most commonly with stochastic frontier analysis next. Another main result is that output proxies (akin to) premiums and investment income is utilized most. This study allows practitioners to determine the best techniques to employ in life insurance efficiency studies. Moreover an evaluation by regulators of the value and applicability of such studies is facilitated. This article builds upon those previous to enumerate and investigate the approaches most commonly used in over 190 papers determining life insurance efficiency and has described the advantages and disadvantages of these methods. Therefore an assessment of the overall results of efficiency studies is possible. In addition ideas for potential further research are discussed. Consequently this review will be useful to both practitioners and regulators concerned with this area. DOI: 10.5267/j.ac.2016.12.001 Keywords: Life Insurance, Efficiency, Inputs/Outputs, Literature Review
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Political risk and foreign direct investment in Nigeria: New empirical evidence
, Pages: 171-180 Musa Hatim Koko, Yatiban Aminurraasyid and Zengeni Knocks Tapiwa PDF (650K) |
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Abstract: The positive effect of globalization has continued to impact FDI inflow to developing countries during the last decade except for the rising influence of political risk in host locations. Mixed outcomes have trailed the findings related to the studies on FDI and political risk relationship and in particular on African countries like Nigeria. This paper investigated the effect of political risk on FDI inflow to Nigeria using secondary data from 2000 to 2014 using simple linear regression. The study combined from select variables, the institutional factors with location determinants peculiar to Nigeria’s risk environment. It is found that political risk holds a positive and significant association with FDI to Nigeria but not close enough to inhibit the inflow of foreign investment to the country. However, the findings provide a strong basis for policy shift in relation to security, country promotion and rebranding as well strengthening of institutions. DOI: 10.5267/j.ac.2016.11.001 Keywords: Political Risk, FDI, Nigeria
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Behavioral economics perspective on foreign direct investment in emerging markets: The case on Bosnia and Herzegovina
, Pages: 181-196 Amra Halaba, Erkan Ilguen and Sanel Halilbegović PDF (650K) |
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Abstract: The growing field of behavioral economics (BE) has revolutionized the way we look at economic behavior at micro and macro levels. Importance of foreign direct investment (FDI) appeals for analysis of decisions made regarding it to be assessed from expanding view of BE. This research provides overview of previous studies and focuses on the case of Bosnia and Herzegovina (B&H) as representative of emerging markets to investigate motivations for investing into this country by temporarily present foreign companies. Empirical analysis was based on the questionnaire that was disseminated among foreign investors to B&H. Questionnaire contained motivations for investing in B&H, where examined motivation factors were divided in two groups; namely irrational and rational ones. Choice of methodology was narrowed due to moderate sample size, but consisting of quality the sample members. In order to analyze data, descriptive statistics, correlation analysis and regression analysis were used. By regressing two groups of predictors on annual amount of foreign investments to B&H, it was shown that the highest motivation for investing was business instinct. DOI: 10.5267/j.ac.2016.10.001 Keywords: Behavioral Economics, Foreign Direct Investments, Emerging Markets, Emotional Bias
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Long-run corporate tax avoidance: Evidence from Tehran Stock Exchange
, Pages: 197-210 Mehran Matinfard and Mojtaba Kazemi Juybari PDF (650K) |
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Abstract: The primary objective of this research is to investigate the relationship between tax avoidance, income and cash held in companies listed on the Tehran Stock Exchange from 2009 to 2013. In this regard, avoidance of paying taxes is independent variables and criteria for evaluating financial performance; namely return on assets, return on average equities, economic value added, market value added, and the ratio of free cash flow are considered as dependent variables. Firm size and financial leverage are also considered as control variables. In general, the statistical method used in this research is correlation and regression. The results of the research showed that there was a significant and reverse relationship between avoidance of paying taxes and performance evaluation criteria, cash held. DOI: 10.5267/j.ac.2016.9.001 Keywords: Avoidance of paying taxes, Economic value added, Return on assets, Market value added
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