This paper analyzes the evolution of the insurance sector in Europe, focuses on the European Union （EU） member states, and considers the impact of economic and financial crisis on that sector. The European private i...This paper analyzes the evolution of the insurance sector in Europe, focuses on the European Union （EU） member states, and considers the impact of economic and financial crisis on that sector. The European private insurance market is a developed market having an investment portfolio of 7,740 billion euros in 2011, an amount corresponding to 55% of the gross domestic product （GDP） of the 32 European markets members of Insurance Europe. Therefore, the importance of this sector as a long-term investor and major employer is obvious for the stability and growth of European economy. However, the insurance sector has been considerably affected since 2009 due to the global economic and financial crisis, which has had negative effects not only on the evolution of the value of insurance premiums underwritten, but also on the return on investment of the insurance companies.展开更多
The purpose of this research is to examine the impact of financial distress status and corporate governance structures on the level of voluntary disclosure. We apply six independent variables, including the firm＇s fi...The purpose of this research is to examine the impact of financial distress status and corporate governance structures on the level of voluntary disclosure. We apply six independent variables, including the firm＇s financial distress status and five components of corporate governance structures, such as board independence, audit committee independence, institutional ownership, board meeting frequency, and audit committee meeting frequency. This research is carried out by examining the annual reports of 114 non-financial firms listed at the Indonesian Stock Exchange over the period of 2009-2011. To test hypotheses, we undergo two different analyses, including independent samples t-test and Multiple Linear Regression. We find that： （1） The audit committee independence and the audit committee meeting frequency have significant positive impacts on the level of voluntary disclosure; （2） The financial distress status is negatively related to the level of disclosure at various levels of significance; and （3） All the independent variables are simultaneously related to voluntary disclosure.展开更多
文摘This paper analyzes the evolution of the insurance sector in Europe, focuses on the European Union （EU） member states, and considers the impact of economic and financial crisis on that sector. The European private insurance market is a developed market having an investment portfolio of 7,740 billion euros in 2011, an amount corresponding to 55% of the gross domestic product （GDP） of the 32 European markets members of Insurance Europe. Therefore, the importance of this sector as a long-term investor and major employer is obvious for the stability and growth of European economy. However, the insurance sector has been considerably affected since 2009 due to the global economic and financial crisis, which has had negative effects not only on the evolution of the value of insurance premiums underwritten, but also on the return on investment of the insurance companies.
文摘The purpose of this research is to examine the impact of financial distress status and corporate governance structures on the level of voluntary disclosure. We apply six independent variables, including the firm＇s financial distress status and five components of corporate governance structures, such as board independence, audit committee independence, institutional ownership, board meeting frequency, and audit committee meeting frequency. This research is carried out by examining the annual reports of 114 non-financial firms listed at the Indonesian Stock Exchange over the period of 2009-2011. To test hypotheses, we undergo two different analyses, including independent samples t-test and Multiple Linear Regression. We find that： （1） The audit committee independence and the audit committee meeting frequency have significant positive impacts on the level of voluntary disclosure; （2） The financial distress status is negatively related to the level of disclosure at various levels of significance; and （3） All the independent variables are simultaneously related to voluntary disclosure.
