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

Table 12

The endogeneity test of the impact of the business structure on solvency.

Variables	Full sample	Chinese-funded	Large Chinese-funded	Small Chinese-funded	Foreign-funded
	(1)	(2)	(3)	(4)	(5)
Nonauto	8.498	4.680	1.315	11.401	7.151
	(4.384)	(1.500)	(0.423)	(2.113)	(2.077)
Size	1.208	1.045	1.127	−0.765	−2.773
	(2.290)	(1.946)	(1.333)	(−1.022)	(−1.459)
Loss	2.265	−4.897	−4.718	−3.349	2.307
	(2.420)	(−1.675)	(−1.281)	(−0.940)	(2.217)
Lev	−36.804	−25.562	−13.810	−28.709	−53.457
	(−8.976)	(−7.280)	(−1.870)	(−7.580)	(−6.475)
Geodiv	−5.667	−1.943	−26.446	3.556	−9.079
	(−2.271)	(−0.790)	(−1.441)	(1.097)	(−1.870)
Invest	7.853	7.374	10.873	2.927	−15.720
	(2.423)	(2.249)	(1.620)	(0.937)	(−1.980)
GDP	−0.089	−0.124	0.246	−0.192	−0.130
	(−0.162)	(−0.246)	(0.525)	(−0.239)	(−0.120)
Interest	0.046	0.286	0.298	0.997	0.985
	(0.065)	(0.575)	(0.735)	(1.018)	(0.743)
Constant	18.708	13.957	22.406	24.317	67.337
	(1.817)	(1.353)	(1.555)	(2.149)	(3.376)
Sample size	297	186	105	81	111

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