Impact of the Business Structure on Solvency of Property-Liability Insurance Companies and Its Mediating Effect

Table 11

The robustness test of the mediating effect of reinsurance behavior.

Variables	Small Chinese-funded		Foreign-funded
	Rein	Solvency	Rein	Solvency
	(1)	(2)	(3)	(4)
Rein		303.340		287.030
		(9.093)		(2.455)
Nonauto	0.181	107.043	0.373	166.836
	(2.822)	(4.723)	(4.787)	(2.350)
Size	−0.005	12.104	−0.010	54.491
	(−0.413)	(1.970)	(−0.909)	(3.338)
Loss	−0.110	−46.726	0.020	−6.465
	(−1.471)	(−1.959)	(4.191)	(−0.689)
Lev	−0.042	−84.070	−0.068	−67.155
	(−1.246)	(−5.609)	(−1.481)	(−1.602)
Geodiv	0.106	−30.085	−0.026	−94.173
	(2.114)	(−1.036)	(−0.654)	(−4.316)
Invest	0.097	−24.628	−0.196	131.323
	(3.489)	(−1.286)	(−3.362)	(1.968)
GDP	0.005	3.009	−0.002	−3.257
	(0.732)	(4.598)	(−0.476)	(−0.904)
Interest	−0.020	13.547	−0.009	−9.605
	(−2.835)	(7.028)	(−1.363)	(−1.335)
Constant	0.073	−129.676	0.354	−516.865
	(0.837)	(−2.916)	(3.486)	(−2.092)
Sample size	104	93	155	115

Note. (1) means , means , and means . (2) Below the estimated coefficient () is a robust standard error.