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

Table 14

The endogeneity test of the mediating effect of reinsurance behavior.

Variables	Small Chinese-funded		Foreign-funded
	Rein	Solvency	Rein	Solvency
	(1)	(2)	(3)	(4)
Rein		19.319		33.709
		(2.707)		(7.702)
Nonauto	0.177	8.137	0.384	−2.656
	(1.941)	(1.699)	(5.482)	(−0.667)
Size	−0.013	−0.557	−0.009	−2.291
	(−0.807)	(−0.838)	(−0.268)	(−1.440)
Loss	−0.014	−3.067	0.009	1.748
	(−0.192)	(−0.958)	(0.738)	(1.703)
Lev	0.166	−32.062	0.106	−57.352
	(2.831)	(−8.109)	(0.862)	(−7.195)
Geodiv	−0.091	5.402	−0.207	−2.781
	(−1.673)	(1.788)	(−2.279)	(−0.693)
Invest	0.012	2.709	−0.664	7.687
	(0.281)	(0.950)	(−4.692)	(1.116)
GDP	−0.004	−0.099	0.006	−0.339
	(−0.335)	(−0.141)	(0.295)	(−0.392)
Interest	−0.017	1.328	−0.004	1.282
	(−1.338)	(1.398)	(−0.179)	(1.178)
Constant	0.224	19.940	0.428	49.977
	(1.300)	(2.058)	(1.248)	(3.024)
Sample size	83	81	135	111

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