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

Table 13

The endogeneity test of the mediating effect of profitability.

Variables	Small Chinese-funded		Foreign-funded
	Roa	Solvency	Roa	Solvency
	(1)	(2)	(3)	(4)
Roa		−1.419		21.500
		(−0.130)		(1.406)
Nonauto	0.009	11.423	0.118	3.691
	(0.275)	(2.115)	(5.623)	(0.969)
Size	0.031	−0.721	0.072	−4.241
	(3.714)	(−0.936)	(6.000)	(−1.847)
Loss	0.050	−3.270	−0.011	2.522
	(1.553)	(−0.925)	(−1.484)	(2.692)
Lev	−0.052	−28.785	−0.148	−50.749
	(−2.261)	(−7.578)	(−4.161)	(−5.613)
Geodiv	−0.022	3.525	−0.032	−8.451
	(−1.139)	(1.108)	(−1.165)	(−1.763)
Invest	0.028	2.962	0.002	−16.328
	(1.151)	(0.941)	(0.038)	(−2.128)
GDP	−0.001	−0.192	0.003	−0.258
	(−0.157)	(−0.239)	(0.550)	(−0.244)
Interest	−0.010	0.989	−0.004	1.036
	(−1.444)	(1.019)	(−0.645)	(0.796)
Constant	−0.222	23.972	−0.555	80.860
	(−2.346)	(1.926)	(−4.827)	(3.649)
Sample size	83	81	135	111

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