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Firm size and growth in Sweden's life insurance market between 1855 and 1947: A test of Gibrat's law
Umeå University, Faculty of Social Sciences, Department of Geography and Economic History.
Umeå University, Faculty of Social Sciences, Department of Geography and Economic History.ORCID iD: 0000-0002-3293-2318
2014 (English)In: Business History, ISSN 0007-6791, E-ISSN 1743-7938, Vol. 56, no 6, 956-974 p.Article in journal (Refereed) Published
Abstract [en]

Using data for the period from 1855 to 1947 and the two sub-periods, 1855-1902 and 1903-47, the article examines whether the organic growth rates of 38 Swedish life insurance firms are independent of size, as predicted by Gibrat's (1931) Law of Proportionate Effects. Using panel unit root tests and panel Generalised Method of Moments (GMM) regression, the article finds a significant difference between the growth rates of small and large Swedish life insurance firms (with smaller firms tending to grow faster than larger firms), a result that clearly contradicts Gibrat's Law as a long-run tendency in the Swedish life insurance sector. significant influences were also found on firm growth from profitability, organisational form, reinsurance, the real rate of interest and the Swedish regulatory environment.

Place, publisher, year, edition, pages
2014. Vol. 56, no 6, 956-974 p.
Keyword [en]
Gibrat's law, insurance, Sweden
National Category
Economic Geography
Identifiers
URN: urn:nbn:se:umu:diva-92682DOI: 10.1080/00076791.2013.848341ISI: 000340248600005OAI: oai:DiVA.org:umu-92682DiVA: diva2:742336
Available from: 2014-09-01 Created: 2014-09-01 Last updated: 2017-12-05Bibliographically approved

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CiteExportLink to record
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