A Dynamic Resource-based Perspective on the State. of International Business: Evidence from German Insurance Croups

Transcription

1 Universität zu Köln Seminar für Allgemeine BWL, Risikomanagement und V ersicherungslehre A Dynamic Resource-based Perspective on the State of International Business: Evidence from German Insurance Croups Inauguraldissertation zur Erlangung des Doktorgrades Dr. rer. pol. der Wirtschafts- und Sozial wissenschaftlichen Fakultät der Universität zu Köln vorgelegt von Dipl.-Wirt.-Inf. Gerrit Gößmann

2 II TABLE OF CONTENTS Table of Contents Table of Abbreviations List of Figures Listof Tables 1. Introduction Relevanceof Research Research Objective and Definition of Research Questions Way of Work Conceptual Foundations Research Object: International Property-Liability Business Characterization of Property-Liability Insurance Business 21 II VII Definition of Home Market Business Definition of International Business Definition of Internationalization Definition of the Degree of Internationalization Definition of International Expansion Strategy Definition of Firm-Specific Success The German Property-Liability Insurance Market Market Entiy Literature Model of Entry Modes Market Categorization Entrant Categorization Market Entry Model for German Insurers Subsidiary Location Attendance Contracting Theoretical Background Conception of a Theoretical Framework Strategie Portfolio Analysis Diversification Framework by Ansoff 53 IX X

3 BCG Matrix McKinsey Matrix Adapted Internationalization Framework Domestic Underperformer Domestic Complacent Domestic Performer Advanced International Market Greenhorn Advanced International Market Developer Advanced International Market Star Emerging Market Greenhorn Emerging Market Developer Emerging Market Star The Dynamic Resource-Based View Definition ofdynamic Capabilities The Capability Lifecycle Insurers Dynamic Capabilities International Insurance Coverage Capability Market Entry Capability Restructuring Capability International Risk-Bearing Capacity Insurers Capabilities and the Internationalization Framework Discussion and Limitations of Dynamic Capabilities Literature Review Related Literature on Internationalization in the Insurance Industry Findings about Internationalization Industry and Country-specific Factors Firm-specific Factors Internationalization Characteristics ofthe Insurance Industry Discussion Market Entry Literature and Framework Subsidiäres in the Context of Market Entry Locations in the Context of Market Entry Attendance Business in the Context of Market Entry Hypothesis Development Home Market Performance Hypothesis 96 III

4 IV Catch-up Convergence Hypothesis Foreign Market Convergence Hypotheses Equity Market Entry Mode Convergence Hypothesis Market Entry Intensity Convergence Hypothesis Foreign Strategy Convergence Hypothesis Degree of Internationalization Hypothesis Foreign Market Dependence Hypothesis Data and Methodology Data Cross-sectional Data Structure of Econometric Data Time Series Data Panel / Longitudinal Data Sample Data Industry Choice and Observation Period Sample Construction Discussion Country Sample Observation Period Segment Choice Contribution Methodology Simple Regression Analysis Ordinary Least Squares Estimation Multiple Regression Analysis Discrete Choice Models Logistic Regression Ordered Logistic Regression Variables and Models Dependent Variables Home Market Performance Degree of Internationalization International Combined-Ratio 123

5 Control Variables Mutual Size Age Solvency Reinsurance Assetrisk Product Diversification Life/Health Models Home Market Performance Model Catch-up Convergence Model Foreign Market Convergence Models Degree of Internationalization Model Foreign Market Dependence Model Results Univariate Analysis Multivariate Analysis Logistic Regression of Home Market Performance on Internationalization Choice of Foreign Market Entry Mode Choice of Foreign Market Entry Mode and Strategy on the Degree of Internationalization Equity based Market Entry and Degree of Internationalization Market Entry Mode Choice and Degree of Internationalization Foreign Strategy Choice and Degree of Internationalization Degree of Internationalization and Home Market Performance Foreign Market Dependence and Performance CaseExamples A Descriptive Look on Internationalized German Property-Liability Insurers German Insurers' State of Internationalization Gross written Premiums in International Markets 149 V

6 VI Premium Concentration in International Insurance Business State of Insurers' Market Entry Modes Foreign Market Strategy Host Regions Distribution Structure Lines-of-Business Customer Focus Management of Foreign Insurance Business l.importance of International Business Assessment of International Involvement Winner Newcomer Complacent Loser Conclusion Summary Contributions Implications Limitations Home Market Performance Hypothesis Catch-up Convergence Hypothesis Foreign Market Convergence Hypotheses Degree of Internationalization Hypothesis Foreign Market Dependence Hypothesis Avenues for Future Research 182 Appendix 186 Robustness Tests 191 References 198