Determinants of insurance companies' stock return in GCC countries

This study examines the determinants of insurance companies’ stock returns in GCC stock markets using two models based on panel data over the period of 2001-2010. In the first model, monthly data for each of the GCC market were used to analyses the effect of macroeconomic variables (inflation, inter...

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Main Author:	Al-Shami, Hamdan Ahmed Ali
Format:	Thesis
Language:	eng eng
Published:	2013
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/4304/1/s92723.pdf https://etd.uum.edu.my/4304/7/s92723_abstract.pdf
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id	my-uum-etd.4304
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Ibrahim, Yusnidah
topic	HG Finance
spellingShingle	HG Finance Al-Shami, Hamdan Ahmed Ali Determinants of insurance companies' stock return in GCC countries
description	This study examines the determinants of insurance companies’ stock returns in GCC stock markets using two models based on panel data over the period of 2001-2010. In the first model, monthly data for each of the GCC market were used to analyses the effect of macroeconomic variables (inflation, interest rate, money supply, oil prices and unemployment rate) on insurance index’ stock returns with stock market return as the control variable. In the second model, using annual data, firm specific variables (earning per share, dividend yield, leverage, loss ratio, reinsurance dependence, solvency margin, affiliated investment and stability of underwriting operation), macroeconomic variables (inflation, money supply, oil prices and unemployment rate) and stock market return are all modelled together into determining their effects on insurance companies’ stock returns. This study applied panel data estimation which includes pooled estimation, fixed effect panel estimation and random effect panel estimation to derive the most appropriate estimation. The results from the first model indicate four out of five macroeconomic indicators, namely inflation, money supply, oil prices and unemployment rate, are significant in affecting the insurance index returns in the GCC stock markets. The analyses using the second model reveal that only earning per share, dividend yield, leverage and solvency margin effect insurance companies’ stock returns significantly. This study contributes to the literature in terms of revealing the effect of a comprehensive set of economics, firm specific and insurance company specific factors on GCC’s Insurance companies’ stock returns based on robust analyses. The research findings highlight crucial factors to be given due attention by managers, actuaries shareholders, portfolio managers and policy makers dealing with insurance companies in GCC markets.
format	Thesis
qualification_name	Ph.D.
qualification_level	Doctorate
author	Al-Shami, Hamdan Ahmed Ali
author_facet	Al-Shami, Hamdan Ahmed Ali
author_sort	Al-Shami, Hamdan Ahmed Ali
title	Determinants of insurance companies' stock return in GCC countries
title_short	Determinants of insurance companies' stock return in GCC countries
title_full	Determinants of insurance companies' stock return in GCC countries
title_fullStr	Determinants of insurance companies' stock return in GCC countries
title_full_unstemmed	Determinants of insurance companies' stock return in GCC countries
title_sort	determinants of insurance companies' stock return in gcc countries
granting_institution	Universiti Utara Malaysia
granting_department	Othman Yeop Abdullah Graduate School of Business
publishDate	2013
url	https://etd.uum.edu.my/4304/1/s92723.pdf https://etd.uum.edu.my/4304/7/s92723_abstract.pdf
_version_	1747827709466116096
spelling	my-uum-etd.43042022-04-10T02:38:47Z Determinants of insurance companies' stock return in GCC countries 2013-05 Al-Shami, Hamdan Ahmed Ali Ibrahim, Yusnidah Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HG Finance This study examines the determinants of insurance companies’ stock returns in GCC stock markets using two models based on panel data over the period of 2001-2010. In the first model, monthly data for each of the GCC market were used to analyses the effect of macroeconomic variables (inflation, interest rate, money supply, oil prices and unemployment rate) on insurance index’ stock returns with stock market return as the control variable. In the second model, using annual data, firm specific variables (earning per share, dividend yield, leverage, loss ratio, reinsurance dependence, solvency margin, affiliated investment and stability of underwriting operation), macroeconomic variables (inflation, money supply, oil prices and unemployment rate) and stock market return are all modelled together into determining their effects on insurance companies’ stock returns. This study applied panel data estimation which includes pooled estimation, fixed effect panel estimation and random effect panel estimation to derive the most appropriate estimation. The results from the first model indicate four out of five macroeconomic indicators, namely inflation, money supply, oil prices and unemployment rate, are significant in affecting the insurance index returns in the GCC stock markets. The analyses using the second model reveal that only earning per share, dividend yield, leverage and solvency margin effect insurance companies’ stock returns significantly. This study contributes to the literature in terms of revealing the effect of a comprehensive set of economics, firm specific and insurance company specific factors on GCC’s Insurance companies’ stock returns based on robust analyses. The research findings highlight crucial factors to be given due attention by managers, actuaries shareholders, portfolio managers and policy makers dealing with insurance companies in GCC markets. 2013-05 Thesis https://etd.uum.edu.my/4304/ https://etd.uum.edu.my/4304/1/s92723.pdf text eng public https://etd.uum.edu.my/4304/7/s92723_abstract.pdf text eng public Ph.D. doctoral Universiti Utara Malaysia Abd. Majid, M.S., Meera, A.K., Azis, H.A and Ibrahim. 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