Betriebsunterbrechungsversicherung bei kleinen und mittleren Unternehmen

Firm's demand for insurance: An explorative approach

“…Numerous empirical studies have aimed at testing these factors influencing if and how much insurance is demanded by corporations. Most of the studies focus on commercial property insurance (i.e., Aunon‐Nerin & Ehling, ; Hoyt & Khang, ; Krummaker & Schulenburg, ; Regan & Hur, ; Yamori, ; Zou, Adams, & Buckle, ), but there is also work on other lines of business such as directors and officers insurance (Boyer & Delvaux‐Derome, ; Core, ), reinsurance (Cole & McCullough, ; Garven & Lamm‐Tennant, ; Mayers & Smith, ; Reißaus, ), terrorism insurance (Michel‐Kerjan, Raschky, & Kunreuther, ; Thomann, Pascalau, & Schulenburg, ), export credit insurance (Klasen, ), and business interruption insurance (Hoppe, Gatzert, & Gruner, ). Besides focusing directly on insurance demand by firms, there are also various empirical studies and surveys in the wider area of risk management and the use of derivatives (e.g., Bodnar, Giambona, Graham, & Harvey, ; Bodnar, Giambona, Graham, Harvey, & Marston, ; Fatemi and Glaum, ; Liebenberg & Hoyt, ; Nance, Smith, & Smithson, ).…”

“…Public stock corporations are immanently larger companies as a minimum size is required to be eligible to list at a stock exchange. The results regarding firm size might also be caused by interdependencies with ownership structures as large stock corporations often have a more widespread ownership than firms with other legal forms (see also Hoppe et al, , p. 562). Additionally, a whole population of smaller companies as well as companies of different ownership structures is regularly excluded from empirical studies even though they represent the overwhelming majority of companies in many economies.…”

“…Furthermore, a number of studies propose managerial risk aversion as a decisive factor influencing the demand for insurance in firms (e.g., Amihud & Lev, 1981;Ehling, 2013;Grace & Rebello, 1993;Tufano, 1996), but this has not yet been consistently included in testing (Hoppe, Gatzert & Gruner, 2017). Concluding, Tufano (1996) stated that "(…), we cannot reliably test whether firms' risk management practices conform with existing theories" (Tufano, 1996(Tufano, , p. 1097.…”