Research Article
Corporate Diversification, Ownership, and Solvency in China’s Property-Liability Insurance Companies
Table 3
The impact of geographical diversification on solvency.
| Variable | Full sample | Chinese-funded | Foreign-funded |
| | (1) | (2) | (3) | L.sol | 0.033 | 0.004 | 0.037 | | (21.315) | (1.684) | (25.938) | Geodiv | −15.158 | −16.792 | −5.977 | | (−4.492) | (−15.085) | (−1.477) | Size | 5.377 | 5.674 | 0.646 | | (11.658) | (11.844) | (0.578) | Age | −10.152 | −9.195 | −11.972 | | (−6.773) | (−5.931) | (−7.667) | Payrate | 2.873 | 6.450 | 2.305 | | (8.237) | (4.694) | (1.556) | Rein | 10.461 | 9.314 | 32.272 | | (2.154) | (2.391) | (4.912) | ms | −79.194 | −88.264 | −1,274.190 | | (−1.058) | (−2.559) | (−0.694) | Investrisk | −4.685 | 0.141 | −12.783 | | (−3.626) | (0.119) | (−2.328) | gdp | 11.789 | −47.052 | 119.361 | | (0.503) | (−2.498) | (5.212) | Constant | −5.220 | −11.000 | 20.004 | | (−1.968) | (−3.204) | (3.421) | N | 268 | 170 | 98 | AR (2) test | (0.194) | (0.085) | (0.829) | Sargan test | (0.365) | (0.405) | (0.958) |
|
|
Note. ∗∗∗ means , ∗∗ means , and ∗ means . |