Journal of Financial Economics Vol. 16 No. 1 1986
Ownership structure and control
Abstract
We examine an unusual sample of firms within the life insurance industry: 30 firms which switched from a common-stock to a mutual-ownership structure. Our evidence indicates that the rate of growth of premium income from policyholders remains unchanged, stockholders receive a premium for their stock, and management turnover declines; thus, no group of claimholders systematically loses in the sample of firms which choose to go through the mutualization process. We therefore conclude that for this sample of firms, changing from a stock to a mutual-ownership structure is on average efficiency-enhancing.
- DOI
- 10.1016/0304-405x(86)90043-7
- Volume
- 16
- Issue
- 1
- Pages
- 73-98
- Language
- en
- Sources
- bibtex:phds-export.bib openalex crossref