Abstracts
Résumé
La théorie classique de l’agence n’intègre pas l’intervention de l’État en faveur d’une partie sur l’autre dans le rapport entre principal / agent. Or au Maroc, nous avons observé que les normes de solvabilité dans le secteur des assurances, basées sur une formule standard, se traduisent par une mobilisation excessive des flux de trésorerie disponibles entre les mains des managers. Ce faisant, elle déséquilibre la relation d’agence au détriment des actionnaires. Nos travaux de recherche ont permis d’identifier quantitativement ce biais, d’observer la réaction des actionnaires qui en résulte et de proposer des retraitements à la formule standard de nature à l’éliminer. Nous avons ensuite appliqué ces retraitements au cas réel d’une compagnie d’assurances au Maroc et constaté que ces retraitements permettaient effectivement d’éliminer ce biais.
Mots-clés :
- Biais d’agence,
- capitaux propres réels ajustés,
- marge de solvabilité,
- retraitements financiers,
- actifs stratégiques
Abstract
The classical agency theory does not include any government intervention in favor of one party over the other in the relation between principal / agent. In Morocco, we observed that the solvency standards in the insurance sector, based on a standard formula, result in an excessive mobilization of the free cash-flows for the managers, which disrupts the traditional agency relationship at the expense of shareholders. In this article we quantitatively identified this agency bias, observed the resulting shareholder reaction and proposed a series of restatements to the standard formula to eliminate this bias. In a later section, we applied these adjustments to the real case of an insurance company in Morocco and found that the proposed restatements result in the elimination of observed bias.
Keywords:
- Agency bias,
- adjusted shareholders equity,
- solvency margin,
- financial restatements,
- strategic assets
Download the article in PDF to read it.
Download
Appendices
Bibliographie
- [1]. Assem, J. (2010). La liquidation de cinq compagnies d’assurances analysée quinze ans après sa survenance : Un bon exemple de socialisation des pertes et privatisation des bénéfices. Journal Libération du 05 novembre 2010.
- [2]. Axa,. Befec-Price Waterhouse. (1999). Gestion et analyse financière. Editions Largus.
- [3]. BarNiv R., McDonald J.B., (1992). Identifying Financial Distress in the Insurance Industry : A Synthesis of Methodological and Empirical Issues. The Journal of Risk and Insurance Vol. 59, No. 4, Symposium on Insurance Futures, 543-573
- [4]. Benjouid, Z. (2006). Quelle politique industrielle pour le secteur des assurances au Maroc. Mémoire de Licence. Université Hassan 1e
- [5]. Berjaoui, A. (2014). Le régime prudentiel des placements des compagnies d’assurances marocaines. Revue Marocaine de Recherche en Management et Marketing. Vol. 9-10, 439 - 455
- [6]. Bohn, J.G., Brian, H. (1998). The Costs of Insurance Company Failures. Chapter in NBER book The Economics of Property-Casualty Insurance, 139 - 166. University of Chicago Press
- [7]. Bulletin Officiel du Royaume du Maroc. n°4326 du 27 septembre 1995. Imprimerie officielle
- [8]. Cummins, J.D., Harrington, S.E., and Klein, R.W. (1995). Insolvency experience, risk-based capital, and prompt corrective action in property-liability insurance. Journal of Banking and Finance, Volume 19, Issues 3–4, June 1995, 511-527
- [9]. Cummins, J.D., Harrington, S.E., and Niehaus, G. (1994). An economic overview of risk-based capital requirements for the property-liability industry. Journal of Insurance Regulation 11, 427–447
- [10]. De Larosière, J. (2011). L’aléa moral. Commentaire, Volume 134, no. 2, 389-396
- [11]. De Mori, B. (1965). Possibilité d’établir des bases techniques acceptables pour le calcul d’une marge minimum de solvabilité des entreprises d’assurances contre les dommages. ASTIN Bulletin, (3), 286-313.
- [12]. El Habbouli, H. (2015). Le contrat d’assurance vie en droit comparé franco – marocain. Thèse de Doctorat en Droit sous la direction de Casson P., Université de Rennes, 14
- [13]. Eling, M., Schmeiser, H., and Schmit, J. (2007). The Solvency II process : Overview and critical analysis. Risk Management and Insurance Review 10, 69–85
- [14]. Erickson S., Rothberg H.N., (2016). Intangible dynamics in financial services. Journal of Service Theory and Practice, Volume 26, Issue 5, 642-656
- [15]. Grace, M., Harrington, S., and Klein, R. (1998). Risk-Based Capital and Solvency Screening in Property-Liability Insurance : Hypotheses and Empirical Tests. The Journal of Risk and Insurance, 65(2), 213-243
- [16]. Harrington, S.E., (1992). Prices and Profits in the Liability Insurance Market. In : Dionne G., Harrington S.E. Foundations of Insurance Economics. Huebner International Series on Risk, Insurance and Economic Security, Volume 14
- [17]. Harrington, S.E., and Nelson, J. (1986). A Regression-Based Methodology for Solvency Surveillance in the Property-Liability Insurance Industry. The Journal of Risk and Insurance, 53(4), 583-605
- [18]. International Association of Insurance Supervisors (IAIS) (2003). Insurance core principles and methodology. IAIS, Basel
- [19]. Kim, Y-D., Anderson, D.R., Amburgey, T.L. and Hickman, J.C. (1995). The Use of event history analysis to examine Insurer insolvencies. The Journal of Risk and Insurance, Volume 62, (1), 94-110
- [20]. Klein, R.W. (1995). Insurance regulation in transition. The Journal of Risk and Insurance 62, 363–404
- [21]. KPMG. (2002), Study into the methodologies to assess the overall financial position of an insurance undertaking from the perspective of prudential supervision. European Commission
- [22]. Leadbetter, D., and Dibra, S. (2008). Why Insurers Fail : The Dynamics of Property and Casualty Insurance Insolvency in Canada. The Geneva Papers on Risk and Insurance. Issues and Practice, 33(3), 464-488
- [23]. Munch, P., Smallwood, D.E. (1980). Solvency Regulation in the Property and Liability Insurance Industry : Empirical Evidence. The Bell Journal of Economics, Volume 11 (1)
- [24]. Munch, P., Smallwood, D.E. (1981). Theory of solvency regulation in the property and casualty insurance industry. Studies in public regulation, National Bureau of Economic Research, 119-180
- [25]. Ocqueteau F., (1995). État, compagnies d’assurances et marché de la protection des biens. Déviance et société, Volume 19 (2), 151-158
- [26]. Redman, T.M. Scudellari, C.E. (1992). A new look at evaluating the financial conditions of property and casualty insurance and reinsurance companies. Casualty Actuarial Society. Discussion Paper Program (Insurer Financial Solvency) 10–13, 867–917.
- [27]. Ryan, J.P., Archer-Lock, P.R., Czernuszewicz, A.J., Gillott, N.R., Hinton, P.H., Ibeson, D., Malde, S.A., Paul, D. and Shah, N., (2001). Financial Condition Assessment. Institute of Actuaries and Faculty of Actuaries.
- [28]. The Müller Group Report (1997). Solvency of insurance undertakings. Conference of Insurance Supervisory Authorities of The Member States of The European Union
- [29]. Vilain, D. (1989). La réglementation des placements est-elle vraiment contraignante ? Revue D’économie Financière, Volume 11, 151-174