Investigating productive efficiency and productivity changes of Japanese life insurance companies

Pacific Basin Finance Journal

Volumn 5, Issue 4, 1997, Pages 481-509

  Fukuyama, Hirofumi ^a  

^a FUKUOKA UNIVERSITY   (Japan)

Author keywords

Japanese life insurance companies; Nonparametric frontier approach (DEA); Productive efficiency; Productivity change

Indexed keywords

EID: 0031232329     PISSN: 0927538X     EISSN: None     Source Type: Journal    
DOI: 10.1016/s0927-538x(97)00016-4     Document Type: Article

References (32)

1. Berg, S.A., Førsund, F.R., Jansen, E.S., 1992. Malmquist indices of productivity growth during the deregulation of Norwegian banking. The Scandinavian Journal of Economics 94 (Supplement), 211-228.
2. Berger, A.N., Humphrey, D.B., 1992. Measurement of efficiency issues in commercial banking. In: Griliches, Z. (Ed.), Output Measurement in the Service Sector. The University of Chicago Press, Chicago.
3. Bernstein, J.I., 1992. Information spillovers, margins, scale and scope: With an application to Canadian life insurance. Scandinavian Journal of Economics 94 (Supplement), 95-105.
4. Borts, G.H., Mishan, E.J., 1962. Exploring the 'uneconomic region' of the production function. Review of Economic Studies 29, 300-312.
5. Byrnes, P., Färe, R., Grosskopf, S., Lovell, C.A.K., 1988. The effect of unions and productivity: U.S. surface mining of coal. Management Science 34, 1037-1053.
6. Caves, D.W., Christensen, L.R., Diewert, W.E., 1982. The economic theory of index numbers of the measurement of input, output, and productivity. Econometrica 50, 1393-1414.
7. Charnes, A., Cooper, W.W., Rhodes, E., 1978. Measuring the efficiency of decision making units. European Journal of Operational Research 2, 429-444.
8. Chuma, H., Tachibanaki, T., Takata, S., 1993. Estimating the efficiency of life insurance companies. In: Tachibanaki, T., Chuma, H. (Eds.), Economic Analysis of Life Insurance. Nihon-Hyoronsha, Tokyo, pp. 197-230 (in Japanese).
9. Daly, M.J., Rao, P.S., Geehan, R., 1985. Productivity, scale economies and technical progress in the Canadian life insurance industry. International Journal of Industrial Organization 3, 345-361.
10. Demsetz, H., Lehn, K., 1985. The structure of corporate ownership: Causes and consequences. Journal of Political Economy 93, 1155-1177.
11. Elyasiani, E., Mehdian, S.M., 1990. A nonparametric approach to measurement of efficiency and technological change: The case of large commercial banks. Journal of Financial Services Research 4, 157-168.
12. Elyasiani, E., Mehdian, S.M., 1992. Productive efficiency performance of minority and nonminority-owned banks: A nonparametric approach. Journal of Banking and Finance 16, 933-948.
13. Färe, R., Grabowski, R., Grosskopf, S., 1985. Technical efficiency of Philippine agriculture. Applied Economics 17, 205-214.
14. Färe, R., Grosskopf, S., Lindgren, B., Roos, P., 1992. Productivity changes in Swedish pharmacies 1980-1989: A non-parametric Malmquist approach. The Journal of Productivity Analysis 3, 85-101.
15. Färe, R., Grosskopf, S., Lovell, C.A.K., 1994. Production Frontiers. Cambridge University Press, Cambridge, USA.
16. Farrell, M.J., 1957. The measurement of productive efficiency. Journal of the Royal Statistical Society Series A, General, 120, 253-281.
17. Fecher, F., Kessler, D., Perelman, S., Pestieau, P., 1993. Productive performance of the French insurance industry. Journal of Productivity Analysis 4, 77-93.
18. Fixler, D.J., Zieschang, K.D., 1992. User costs, shadow prices, and the real outputs of banks. In: Griliches, Z. (Ed.), Output Measurement in the Service Sector. The University of Chicago Press, Chicago.
19. Gardner, L.A., Grace, M.F., 1993. X-efficiency in the US life insurance industry. Journal of Banking and Finance 17, 410-497.
20. Geehan, R., 1986. Economics of scale in insurance: Implications for regulation. In: B. Wasow (Ed.), The Insurance Industry in Economic Development. Columbia University Press, New York.
21. Grace, M.F., Timme, S.G., 1993. An examination of cost economies in the United States life insurance industry. Journal of Risk and Insurance 59, 72-103.
22. Hirshhorn, R., Geehan, R., 1977. Measuring the real output of the life insurance industry. The Review of Economics and Statistics 59, 211-219.
23. Komiya, R., 1990. The Japanese Economy: Trade, Industry, and Government. University of Tokyo Press, Tokyo, Japan.
24. Malmquist, S., 1953. Index numbers and indifference surfaces. Trabajos de Estadistica 4, 209-242.
25. Matsuoka, K., 1983. Scale economies of the Japanese life insurance industry. Hokengaku Zasshi 504, 44-60, in Japanese.
26. Mayers, D., Smith, C.W. Jr., 1986. Ownership structure and control: The mutualization of stock life insurance companies. Journal of Financial Economics 16, 73-98.
27. McNamara, M.J., Rhee, S.G., 1992. Ownership structure and performance: The mutualization of life insurers. The Journal of Risk and Insurance 16, 73-98.
28. Nishimizu, M., Page, J.M., 1982. Total factor productivity growth, technological progress and technical efficiency change: Dimensions of productivity change in Yugoslavia, 1965-78. The Economic Journal 92, 920-936.
29. Suzuki, Y. (Ed.), 1987. The Japanese Financial System. Oxford University Press, New York.
30. Tsutsui, Y., Sekiguchi, M., Chano, T., 1992. Scale and scope Economies in the life insurance industry. Japan Financial Review 15, 1-15.
31. Weiss, M.A., 1986. Analysis of productivity at the Firm level: An application to life insurers. Journal of Risk and Insurance 53, 49-84.
32. Yuengert, A., 1993. The measurement of efficiency in life insurance: Estimates of a mixed normal-gamma error model. Journal of Banking and Finance 17, 483-496.