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Sigorta Kapsamasında Sosyoekonomik Faktörlerin Açıklanması: E-7 Ülkelerinden Kanıtlar

Year 2023, Volume: 26 Issue: 2, 436 - 450, 30.11.2023
https://doi.org/10.29249/selcuksbmyd.1342860

Abstract

Bu çalışmada, temel bileşenler analizi kullanılarak oluşturulan sigorta kapsama değişkenini belirleyen sosyoekonomik faktörler, E7 ülkeleri için Parks-Kmenta tahmincisi ve niceliksel regresyon kullanılarak test edilmiştir. Bu kapsamda çalışmada kullanılan veriler, değişkenlerin erişilebilirliğine bağlı olarak 2004-2017 yılları arasında incelenmiştir. Ampirik sonuçlar, sigorta sektörüne dahil olmanın ekonomik büyüme, sürdürülebilir kalkınma, kentleşme ve kamu harcamaları değişkenleri gibi makroekonomik faktörlerden pozitif yönde etkilenirken, küresel belirsizlik ve politik risk gibi risk bileşenlerinden negatif yönde etkilendiğini göstermektedir. Dolayısıyla, sonuçlar sosyoekonomik faktörlerin sigorta sektörüne katılımı önemli ölçüde etkilediğini göstermektedir. Ayrıca finansal kapsayıcılık sayesinde E7 ülkelerinin canlanması sağlanacak ve bu ülkelerin ekonomilerinin büyümesi hızlanacaktır.

References

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Unpacking the Role of Socioeconomic Factors in Insurance Inclusion: Evidence from The E-7 Countries

Year 2023, Volume: 26 Issue: 2, 436 - 450, 30.11.2023
https://doi.org/10.29249/selcuksbmyd.1342860

Abstract

In this study, the socioeconomic factors determining the insurance inclusion variable, constructed using principal component analysis, were tested using the Parks-Kmenta estimator and quantile regression for the E7 countries. In this context, the data used in the study were obtained between 2004 and 2017, depending on the accessibility of the variables. The empirical results show that while inclusion in the insurance sector is positively influenced by macroeconomic factors such as economic growth, sustainable development, urbanization, and public expenditure variables, it is negatively affected by risk components such as global uncertainty and political risk. Thus, the results suggest that socioeconomic factors significantly influence involvement in the insurance sector. In addition, thanks to financial inclusion, the revival of E7 countries will be ensured, and the growth of the economies of these countries will accelerate.

References

  • Abel S., Mutandwa L., Le Roux P. (2018). A Review of Determinants of Financial Inclusion. International Journal of Economics and Financial Issues, 8(3), 1.
  • Ahir H., Bloom N., Furceri D. (2018). The World Uncertainty Index. Available at SSRN 3275033.
  • Akçay A. Ö., Erataş F. (2012). Cari Açık ve Ekonomik Büyüme İlişkisinin Panel Nedensellik Analizi Ekseninde Değerlendirilmesi. Türkiye Ekonomi Kurumu, UEK-TEK 2012 İzmir, 1-24.
  • Akhter W., Khan S. U. (2017). Determinants of Takāful and conventional insurance demand: A regional analysis. Cogent Economics & Finance, 5(1), 1291150.
  • Akpınar, Ö., Yıldız, A. (2018). Küresel Ekonomik Krizin Sigortacılık Sektörüne Etkisi ve Kriz Sonrası Hayat Dışı Sigortacılık Sektörü Performans Analizi (2007-2016). Yüzüncü Yıl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, (39), 263-282.
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  • Asongu S. A., Odhiambo N. M. (2021). Enhancing Governance For Environmental Sustainability in Sub-Saharan Africa. Energy Exploration & Exploitation, 39(1), 444-463.
  • Baker S. R., Bloom N., Davis S. J. (2016). Measuring Economic Policy Uncertainty. The Quarterly Journal of Economics, 131: 1593–1636.
  • Balcilar M., Gupta R., Lee C. C., Olasehinde-Williams G. (2020). Insurance And Economic Policy Uncertainty. Research in International Business and Finance, 54, 101253.
  • Başar, D., Öztürk, S., Cakmak, İ. (2018). An application of the behavioral model to the utilization of health care services in Turkey: A focus on equity. Panoeconomicus, 68(1), 129-146.
  • Baum C., Caglayan M., Ozkan N. (2013). The Role of Uncertainty in the Transmission of Monetary Policy Effects on Bank Lending. The Manchester School, 81(2), 202-225.
  • Behr A. (2008). Quantile Regression for Robust Bank Efficiency Score Estimation. European Journal of Operational Research, 200(2), 568–581.
  • Bittencourt M. (2012). Financial Development and Economic Growth in Latin America: Is Schumpeter Right?. Journal of Policy Modeling, 34(3), 341-355.
  • Bordo M. D., Duca J. V., Koch C. (2016). Economic Policy Uncertainty and the Credit Channel: Aggregate and Bank Level US Evidence Over Several Decades. Journal of Financial Stability, 26, 90-106.
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  • Browne M. J., Kim K. (1993). An International Analysis of Life Insurance Demand. Journal of Risk and Insurance, 616-634.
  • Buric M. N., Smolovic J. C., Bozovic M. L., Filipovic L. (2017). Impact of Economic Factorson Life Insurance Development in Western Balkan Countries. Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu, 35(2), 331-352.
  • Canh N. P., Wongchoti U., Thanh S. D. (2021). Does Economic Policy Uncertainty Matter For Insurance Development? Evidence From 16 OECD Countries. The Geneva Papers on Risk and Insurance-Issues and Practice, 46(4), 614-648.
  • Canol, S. (2018). Türk Sigorta Sektöründe Hayat Sigortası Branşında Müşteri Memnuniyetini Arttırmak İçin Stratejik Öneriler. Ekonomi İşletme ve Maliye Araştırmaları Dergisi, 1(1), 39-55.
  • Chuang, C. C., Tang, Y. C. (2015). Asymmetric dependence between efficiency and market power in the Taiwanese life insurance industry. Panoeconomicus, 62(4), 511-525.
  • Çiftçi H. (2004). Türk Sigorta Sektörünün Sorunları, Dea Analizi İle Türk Sigorta Şirketlerinin Etkinlik Düzeylerinin Belirlenmesi. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi,13 (1), 121-149.
  • Davino C., Furno M., Vistocco D. (2014). Quantile Regression Theory and Applications. United Kingdom: John Wiley&Sons.
  • Demirci, Ş. D., Zeren, F. (2017). Sigorta Primi ve Ekonomik Büyüme: OECD Ülkeleri üzerine bir araştırma. İşletme Bilimi Dergisi, 5(1), 1-11.
  • Dragos S. L. (2014). Life and Non-life Insurance Demand: The Different Effects of Influence Factors in Emerging Countries from Europe and Asia. Economic research-Ekonomska istraživanja, 27(1), 169-180.
  • Dragoş S. L., Mare C., Dragoş C. M. (2019). Institutional Drivers of Life Insurance Consumption: A Dynamic Panel Approach for European Countries. The Geneva Papers on Risk and Insurance-Issues and Practice, 44(1), 36-66.
  • Ege I., Bahadir, T. (2011). The Relationship Between Insurance Sector And Economic Growth: An Econometric Analysis. International Journal of Economic Research, 2(2), 1-9.
  • Field A. (2000). Discovering Statistics using SPSS for Windows. London, Thousand Oaks, Sage Publications, New Delhi.
  • Gaies B., Nabi M. S. (2021). Banking Crises and Economic Growth in Developing Countries: Why Privileging Foreign Direct Investment Over External Debt?. Bulletin of Economic Research, 73(4), 736-761.
  • Gong, L., Chen, J. (2023). Disparities in Social Insurance Participation and Urban Identification Among In-situ Urbanized Residents in China. Applied Research in Quality of Life, 1-21.
  • Gupta R, Lahiani A., Lee C. C., Lee C. C. (2019). Asymmetric Dynamics of Insurance Premium: The Impacts of Output and Economic Policy Uncertainty. Empirical Economics, 57(6), 1959-1978.
  • Gwartney J., Lawson R. (2009). Economic Freedom of the World: Annual report 2009.
  • Hawksworth J., Cookson G. (2006). The world in 2050. How big will the major emerging market economies get and how can the OECD compete.
  • Humanicki M., Olszewski K. (2020). The Heterogeneous Nature of FDI in Central and Eastern Europe. Impact of the Entry Mode on the Host Country's Economic Growth. Finance a Uver: Czech Journal of Economics & Finance, 70(6).
  • Kaufmann D., Kraay A., Mastruzzi M. (2007). Governance Matters VII: Aggregate and Individual Governance Indicators. World Bank Policy Research Working Paper, 4280.
  • Kaufmann D., Kraay A., Mastruzzi M. (2010). The Worldwide Governance Indicators: Methodology and Analytical Issues. World Bank policy research working paper, (5430).
  • Kjosevski J. (2012). The Determinants of Life Insurance Demand in Central and Southeastern Europe. International Journal of Economics and Finance, 4: 237–247.
  • Kmenta J. (1986). Elements of Econometrics. New York: Macmillan, 302–320.
  • Kugler, M., Ofoghi, R. (2005, September). Does Insurance Promote Economic Growth? Evidence From The UK. In Money Macro and Finance (MMF) Research Group Conference (Vol. 8).
  • Laura D. S., Coduta M., Maria A. (2016). Overall Governance Index for Developed and Emerging European Life Insurance Markets. International Journal of Academic Research in Business and Social Sciences, 6(10), 381-392.
  • Lee C. C., Chiu Y. B., Chang C. H. (2013). Insurance Demand and Country Risks: A Nonlinear Panel Data Analysis. Journal of International Money and Finance, 36, 68-85.
  • Lee C. C., Lee C. C., Zeng J. H., Hsu Y. L. (2017). Peer Bank Behavior, Economic Policy Uncertainty, and Leverage Decision of Financial Institutions. Journal of Financial Stability, 30, 79-91.
  • Lee H. S., Cheng F. F., Chong S. C., Sia B. K. (2018). Influence of Macroeconomics Factors and Legal Stability to the Insurance Growth in the ASEAN-5 Countries. J. Ekon. Malaysia, 52(2), 219-229.
  • Lee K. (2007). Wealth, Income, and Optimal Insurance. Journal of Risk and Insurance, 74(1), 175-184.
  • Lewis F. D. (1989). Dependents and the Demand for Life Insurance. American Economic Review, 79: 452-466.
  • Lim C., Haberman S. (2003). Macroeconomic Variables and the Demand for Life İnsurance in Malaysia. Faculty of Actuarial Science and Statistics, FASS Business School, City University, London.
  • Lin Y. J., Tian W. H., Chen C. C. (2011). Urbanization and the Utilization of Outpatient Services Under National Health Insurance in Taiwan. Health policy, 103(2-3), 236-243.
  • Maddala G. S., Wu S. (1999). A Comparative Study of Unit Root Tests With Panel Data and A New Simple Test. Oxford Bulletin of Economics and statistics, 61(S1), 631-652.
  • McMillen P. D. (2013). Quantile Regression for Spatial Data Springer. New York: Springer Melnychuk Y., Chvertko L., Kordiienko T., Vinnytska O., Garmatiuk O. (2019). Analysis of the Factors Influencing the Market of Insurance Services in Life Insurance. TEM Journal, 8(1).
  • Muhtar O. F., Agboola I. (2021). Determinants Of Non-life Insurance Sector Development in Nigeria. UNILAG Journal of Business, 7(2), 118-138.
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There are 80 citations in total.

Details

Primary Language English
Subjects Banking and Insurance (Other)
Journal Section Original Research Articles
Authors

Emrah Doğan 0000-0001-9870-5719

Berna Doğan Başar 0000-0001-7134-3930

İbrahim Halil Ekşi 0000-0002-0239-3253

Early Pub Date November 30, 2023
Publication Date November 30, 2023
Submission Date August 14, 2023
Published in Issue Year 2023 Volume: 26 Issue: 2

Cite

APA Doğan, E., Doğan Başar, B., & Ekşi, İ. H. (2023). Unpacking the Role of Socioeconomic Factors in Insurance Inclusion: Evidence from The E-7 Countries. Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 26(2), 436-450. https://doi.org/10.29249/selcuksbmyd.1342860

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