Determinants of non-life insurance expenditure in developed and developing countries: an empirical investigation

The determinants of non-life insurance expenditure in a panel data set covering 36 developed countries and 31 developing countries for the period 2000–2011 are analysed. Results of our instrumental variable analysis indicate that economic freedom, income, bank development, urbanization, culture and law systems are the key drivers of the non-life insurance expenditure across countries. However, their impacts differ significantly between the groups of developed and developing countries, suggesting that the heterogeneity among countries in terms of the level of development plays an important role. The global financial crisis is also found to influence the direction of those effects, especially in developed countries. The article yields useful policy and economic implications for governments and multinational non-life insurance companies with regard to the development of the non-life insurance sector, an important engine for economic growth and prosperity.

Aid, growth, policies and fragility

The impact of aid on per capita income growth has been a particularly controversial topic among researchers and policy-makers alike. Most studies agree that growth would be lower in the absence of aid. This is evident from comprehensive literature surveys of aid and growth studies, including Hansen and Tarp (2000), Morrissey (2001), McGillivray et al. (2006), Mekasha and Tarp (2011) and Clemens et al. (2012). There is no such agreement in this literature regarding what might be described as the contingencies on which the impact of aid on growth is partially dependent. Debate over this topic is intensive and a failure to reach agreement over it is arguably the principal failing of the aid–growth literature owing to the potential guidance such agreement could provide for the selection of interventions aimed at improving aid effectiveness. Debate on aid–growth contingencies commenced after publication of the pioneering econometric investigation of Burnside and Dollar (1997, 2000). Burnside and Dollar multiplicatively interacted aid with a measure of policy, and found that aid only had a positive impact on growth in developing countries with good fiscal, monetary, and trade policies. Subsequent studies have sought to test the robustness of the Burnside and Dollar result, test for the relevance of different contingencies, or both. No study has been able to replicate the Burnside and Dollar result, and as such there is widespread concern in the research community over its robustness.

The impact of gender inequality in education on income in Africa and the Middle East

We use data for a group of sub-Saharan African, North African and Middle Eastern countries to explore the impact of gender inequality in education on levels of income per capita. Two gender inequality indicators are used: the gap in female to male primary education enrolment ratios and the gap in female to male secondary education enrolment ratios. Estimation results indicate that gender inequality in primary and secondary education has a statistically significant negative effect on income, especially in North African and Middle Eastern countries. In relatively open economies, gender inequality in education seems to have an additional effect, but this effect is consistently positive, suggesting that while trade contributes to higher income it may be accompanied by greater inequality. Overall, the results in this paper provide further evidence that the international development community's focus on reducing gender inequality and achieving universal primary education is well founded.

Delegation to workers across countries and industries : social capital and coordination needs matter

The degree of delegating authority to non-managerial and non-supervisory workers substantially varies across countries and industries. By examining worker-level data from 14 countries, I empirically explain this variation by region-specific social capital that proxies workers' degree of self-centeredness and the industry-specific need for coordination. The empirical results of this study confirm the theoretical predictions by Alonso et al. (2008) for the first time: the negative association between coordination needs and decentralization is mitigated in regions with lower self-centeredness of workers. In particular, when self-centeredness of workers (respectively, need for coordination) is very low, the degree of delegation is always high regardless of the level of the need for coordination (self-centeredness of workers). Positive associations between delegation and its benefits, including job satisfaction, wages (proxy for higher productivity), and skill upgrading of workers, are also found. These results imply that people's degree of self-centeredness affects a country's economic development patterns by changing the degree of decentralization and its benefits.

The impact of culture and corporate governance in dividend policy: evidence from emerging and developed countries

The present research aims to analyse the impact of corporate governance and cultural dimensions in dividend policy. The corporate governance and dividend policy have a close relationship, in that both are evidenced in literature to mitigate agency problems. Cultural factors are also related to agency problems. The existence of agency problems and their solutions differs across countries and it is related to the implementation of the mechanisms of governance. So, cultural factors may have influence on corporate governance and dividend policy. Our sample consists in 1 232 companies belonging to the main indices of 38 countries classified as emerging or developed. To measure the quality of firm level corporate governance, we use the ASSET4 Corporate Governance Performance Index, developed by Thomson Reuters, and as proxy of culture we use three cultural dimensions developed by Geert Hofstede, namely uncertainty avoidance, masculinity and indulgence. We obtained significant empirical evidence that firms with high quality of corporate governance pay higher dividends. With regard to cultural factors, we confirm that in countries with high levels of masculinity and uncertainty avoidance, the dividend payout ratio is lower. On the other hand, countries with high level of indulgence have higher dividend payout ratio. However, we verify that the impact of cultural effects is minimized when the firms have a high quality level of corporate governance. Additionally, we found that the impact of corporate governance and cultural factors in dividend policy differs when dealing with emerging or developed countries.

Mobility and satisfaction with lower-limb prostheses and orthoses among users in Sierra Leone: A cross-sectional study

Objectives: To investigate patients' mobility and satisfaction with their lower-limb prosthetic or orthotic device and related service delivery in Sierra Leone; to compare groups of patients regarding type and level of assistive device, gender, area of residence, income; and to identify factors associated with satisfaction with the assistive device and service. Methods: A total of 139 patients answered questionnaires, including the Quebec User Evaluation of Satisfaction with Assistive Technology questionnaire (QUEST 2.0). Results: Eighty-six percent of assistive devices were in use, but half needed repair. Thirty-three percent of patients reported pain when using their assistive device. Patients had difficulties or could not walk at all on: uneven ground (65%); hills (75%); and stairs (66%). Patients were quite satisfied with their assistive device and the service (mean 3.7 out of 5 in QUEST), but reported 886 problems. Approximately half of the patients could not access services. In relation to mobility and service delivery, women, orthotic patients and patients using above-knee assistive devices had the poorest results. The general condition of the assistive device and patients' ability to walk on uneven ground were associated with satisfaction with the assistive devices and service. Conclusion: Patients reported high levels of mobility while using their device although they experienced pain and difficulties walking on challenging surfaces. Limitations in the effectiveness of assistive devices and limited access to follow-up services and repairs were issues desired to be addressed.