Productivity change of Nigerian insurance companies: 1994-2005

African Development Review

Volumn 20, Issue 3, 2008, Pages 505-528

  Barros, Carlos Pestana ^a   Ibiwoye, Ade ^b   Managi, Shunsuke ^c  

^a UNIVERSITY OF LISBON   (Portugal)

^b UNIVERSITY OF LAGOS   (Nigeria)

^c YOKOHAMA NATIONAL UNIVERSITY   (Japan)

Author keywords

[No Author keywords available]

Indexed keywords

BENCHMARKING; COMPARATIVE STUDY; INSURANCE SYSTEM; NUMERICAL MODEL; RANKING; TOTAL FACTOR PRODUCTIVITY;

AFRICA; NIGERIA; SUB-SAHARAN AFRICA; WEST AFRICA;

EID: 57149107851     PISSN: 10176772     EISSN: 14678268     Source Type: Journal    
DOI: 10.1111/j.1467-8268.2008.00196.x     Document Type: Article

References (54)

1. Adepoyigi, T. (2006), 'Nigerian Content Development', The Nigerian Insurer - Journal of the Nigerian Insurers Association, No. 13, pp. 3-9.
2. Adeyemi, F. (2003), 'An Overview of the Insurance Act 2003', The Nigerian Insurer - Journal of the Nigerian Insurers Association, No. 10, pp. 31-36.
3. Altunbaş, Y., E. P. M. Gardener, P. Molyneux and B. Moore (2001), 'Efficiency in European Banking', European Economic Review, Vol. 45, pp. 1931-55.
4. Balk, B.M. (1998), Industrial Price, Quantity, and Productivity Indices: The Micro-Economic Theory and an Application, Kluwer, Boston.
5. Barros, C.P., N. Barroso and R. Borges (2005), 'Evaluating the Efficiency and Productivity of Insurance Companies with a Malmquist Index: A Case Study for Portugal', Geneva Papers on Insurance-Issues and Practice, Vol. 30, No. 2, pp. 244-67.
6. Binam, J.N., K. Sylla, I. Diarra and G. Nyanbi (2003), 'Factors Affecting Technical Efficiency among Coffee Farmers in Cote d'Ivoire: Evidence from Centre West Region', African Development Review, Vol. 15, No. 1, pp. 66-76.
7. Boussemart, J.P., W. Briec, K. Kerstens, and J.C. Poutineau (2003), 'Luenberger and Malmquist Productivity Indices: Theoretical Comparisons and Empirical Illustration', Bulletin of Economic Research, Vol. 55, No. 4, pp. 391-405.
8. Briec, W. and K. Kerstens (2004), 'A Luenberger-Hicks-Moorsteen Productivity Indicator: Its Relation to the Hicks-Moorsteen Productivity Index and the Luenberger Productivity Indicator', Economic Theory, Vol. 23, pp. 925-39.
9. Caves, D.W., L.R. Christensen and W. E. Diewert (1982), 'The Economic Theory of Index Numbers and the Measurement of Input, Output and Productivity', Econometrica, Vol. 50, No. 6, pp. 1393-414.
10. Chalfant, J. A., and B. Zhang (1997), 'Variations on Invariance or Some Unpleasant Nonparametric Arithmetic', American Journal of Agricultural Economics, Vol. 79, pp. 1164-76.
11. Chambers, R.G. (1996), 'A New Look at Input, Output, Technical Change and Productivity Measurement', Working Paper, University of Maryland, 96-103.
12. Chambers, R.G. (2002), 'Exact Non-radial Input, Output, and Productivity Measurement', Economic Theory, Vol. 20, pp. 751-65.
13. Chambers, R.G., Y. Chung and R. Färe (1998), 'Profit, Directional Distance Functions, and Nerlovian Efficiency', Journal of Optimization Theory and Applications, Vol. 98, pp. 351-64.
14. Chambers, R.G., R. Färe and S. Grosskopf (1996), 'Productivity Growth in APEC Countries', Pacific Economic Review, Vol. 1, pp. 181-90.
15. Chambers, R.G., and R.D. Pope (1996), 'Aggregate Productivity Measures', American Journal of Agricultural Economics, Vol. 78, pp. 1360-65.
16. Charnes, A., W.W. Cooper, E. Rhodes (1978), 'Measuring Efficiency of Decision Making Units', European Journal of Operations Research, Vol. 2, pp. 429-44.
17. Charnes, A., Cooper, W. W., Golany, B., Seiford, L. M. and Huang, Z.M. (1990), 'Polyhedral Cone-ratio DEA with Illustrative Application to Large Commercial Banks', Journal of Econometrics, Vol. 46, pp. 73-91.
18. Chavas, J.P. (2000), 'Variations on Invariance or Some Unpleasant Nonparametric Arithmetic: Comment', American Journal of Agricultural Economics, Vol. 79, pp. 231-33.
19. Chirwa, E.W. (2001), 'Privatization and Technical Efficiency: Evidence from the Manufacturing Sector in Malawi', African Development Review, Vol. 13, No. 2, pp. 276-307.
20. Choi, B.P. and M.A. Weiss (2005), 'An Empirical Investigation of Market Structure Efficiency, and Performance in Property-liability Insurance', The Journal of Risk and Insurance, Vol. 27, No. 4, pp. 635-73.
21. Chukwulozie, O. (2008), 'Benefits of Insurance Re-capitalisation to the Economy', Lagos Organisation Review, Vol. 6, No 11, pp. 53-60.
22. Coelli, T. J. and Perelman, S. (1999), 'A Comparison of Parametric and Nonparametric Distance Functions: With Application to European Railways', European Journal of Operations Research, Vol. 117, No. 2, pp. 326-39.
23. Coelli, T. J. and Perelman, S. (2000), 'Technical Efficiency of European Railways: A Distance Function Approach', Applied Economics, Vol. 32, No. 15, pp. 1967-76.
24. Cummins, J.D., M.A Weiss and H. Zi (1999), 'Organisational Form and Efficiency: The Coexistence of Stock and Mutual Property-Liability Insurers', Management Science, Vol. 45, No. 9, pp. 1254-69.
25. Cummins, J.D. and H. Zi (1998), 'Comparison of Frontier Efficient Methods: An Application to the US Life Insurance Industry', Journal of Productivity Analysis, Vol. 10, No. 2, pp. 131-52.
26. Cummins, J.D., G. Turchetti and M.A. Weiss (1996), 'Productivity and Technical Efficiency in the Italian Insurance Industry', Working Paper 96-10, Wharton School.
27. Cummins, J.D., D. Rubio Misas and H. Zi (2004), 'The Effects of Organisation Structure on Efficiency: Evidence from the Spanish Insurance Industry', Journal of Banking and Finance, Vol. 28, pp. 3113-50.
28. Cummins, J.D. and M.A. Weiss (1993), 'Measuring Cost Efficiency in the Property-liability Insurance Industry', Journal of Banking and Finance, Vol. 17, pp. 463-81.
29. Debreu, G. (1951), 'The Coefficient of Resource Utilization', Econometrica, Vol. 19, pp. 273-92.
30. Diacon, S.R., K. Starkey and C.O. O'Brien (2002), 'Size and Efficiency in European Long-term Insurance Companies: An International Comparison', Geneva Papers on Risk and Insurance, Vol. 27, pp. 444-66.
31. Diewert, W.E. (2005), 'Index Number Theory Using Differences Rather than Ratios', American Journal of Economics and Sociology, Vol. 64, pp. 347-95.
32. Ennsfellner, K.C., D. Lewis and R.I. Anderson (2004), 'Production Efficiency in the Austrian Insurance Industry: A Bayesian Examination', The Journal of Risk and Insurance, Vol. 71, No. 1, pp. 135-59.
33. Färe, R., S. Grosskopf, M. Norris and Z. Zhang (1994), 'Productivity Growth, Technical Progress, and Efficiency Change in Industrialized Countries', American Economic Review, Vol. 84, No. 1, pp. 66-83.
34. Färe, R., S. Grosskopf and O. Zaim (2002), 'Hyperbolic Efficiency and Return to the Dollar', European Journal of Operational Research, Vol. 136, pp. 671-79.
35. Färe, R. and D. Primont (1995), Multi-Output Production and Duality: Theory and Application, Kluwer, Boston.
36. Farrell, M.J. (1957), 'The Measurement of Productive Efficiency', Journal of the Royal Statistical Society, Vol. 120, pp. 253-81.
37. Fecher, F., D. Kessler, S. Perelman and P. Pestieu (1993), 'Productive Performance of the French Industry', Journal of Productivity Analysis, Vol. 4, pp. 77-93.
38. Fukuyama, H. (1997), 'Investigating Productive Efficiency and Productive Changes of Japanese Life Insurance Companies', Pacific-Basin Finance Journal, Vol. 5, No. 4, pp. 481-509.
39. Gardner, L.A. and M.F. Grace (1993), 'X-efficiency in the US life Insurance Industry', Journal of Banking and Finance, Vol. 17, pp. 497-10.
40. Griliches, Z. (1994), 'Productivity, R&D and the Data Constraint', American Economic Review, Vol. 84, No. 1, pp. 1-23.
41. Grosskopf, S. (2003), 'Some Remarks on Productivity and its Decompositions', Journal of Productivity Analysis, Vol. 20, pp. 459-74.
42. Luenberger, D.G. (1992a), 'Benefit Functions and Duality', Journal of Mathematical Economics, Vol. 21, pp. 461-81.
43. Luenberger, D.G. (1992b), 'New Optimality Principles for Economic Efficiency and Equilibrium', Journal of Optimization Theory and Applications, Vol. 75, pp. 221-64.
44. Mahlberg, B. and Url, T. (2003), 'The Effects of the Single Market on the Austrian Insurance Industry', Empirical Economics, Vol. 28, pp. 813-38.
45. Mukherjee, K., S.C. Ray, and S.M. Miller (2001), 'Productivity Growth in Large US Commercial Banks: The Initial Post-Deregulation Experience', Journal of Banking and Finance, Vol. 25, pp. 913-39.
46. Nkamlen, G.B. (2004), 'Productivity Growth Technical Progress and Efficiency Change in African Agriculture', African Development Review, Vol. 16, No. 1, pp. 203-22.
47. Noulas, A.G., T. Hatzigayios, J. Lazaridis and K. Lyroudi (2001), 'Non-parametric Production Frontier Approach to the Study of Efficiency of Non-life Insurance Companies in Greece', Journal of Financial Management and Analysis, Vol. 14, No. 1, pp. 19-26.
48. Obaremi, N. (2008), 'Insurance in Nigeria', Lagos Organisation Review, Vol. 6, No. 11, pp. 72-78.
49. Population Reference Bureau (2006), PRB Population Reference Bureau, http://www.prb.org.
50. Ray, S.C. and E. Desli (1997), 'Productivity Growth, Technical Progress, and Efficiency Change in Industrialized Countries: Comment', American Economic Review, Vol. 87, No. 5, pp. 1033-39.
51. Thompson, R. G., F. D. Singleton, R. M. Thrall and B. A. Smith (1986), 'Comparative Site Evaluation for Locating a High-Energy Physics Lab in Texas', Interfaces, Vol. 16, No. 6, pp. 35-49.
52. Thompson, R. G., L. N. Langemeier, C. Lee and R. M. Thrall (1990), 'The Role of Multiplier Bounds in Efficiency Analysis with Application to Kansas Farming', Journal of Econometrics, Vol. 46, pp. 93-108.
53. Varian, H.R. (1987), Intermediate Microeconomics: A Modern Approach, Norton and Co., New York.
54. Zofío, J.L. and C.A.K. Lovell (2001), 'Graph Efficiency and Productivity Measures: An Application to US Agriculture', Applied Economics, Vol. 33, pp. 1433-42.