Executive Compensation in the Life Insurance Industry

Clifford W. Smith

147 citations0/0 files storedThe Journal of Business

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Corporate Finance and Governance Accounting and Organizational Management Insurance and Financial Risk Management

Abstract

Alternative theories imply differential compensation levels between executives of mutual and stock insurance companies. Evidence from the life insurance industry indicates (1) the compensation of mutual executives is lower than that of stock executives, (2) the compensation of mutual-subsidiary executives is lower than that of stock-subsidiary executives, and (3) the compensation of mutual executives is less responsive to firm performance than that of stock executives. This evidence is consistent with the existence of differences in corporate investment opportunity sets and resulting differences in required managerial discretion between mutual and stock life insurance companies. Copyright 1992 by University of Chicago Press.

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References

1968An Empirical Evaluation of Accounting Income Numbers 1985Positive Accounting Theory 1985Corporate performance and managerial remuneration 1985Executive compensation, management turnover, and firm performance 1982On the Corporate Demand for Insurance 1987The Takeover Market, Corporate Board Composition, and Ownership Structure: The Case of Banking 1990On the Corporate Demand for Insurance: Evidence from the Reinsurance Market 1981Contractual Provisions, Organizational Structure, and Conflict Control in Insurance Markets

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