OEit
efficiency score derived using the input-oriented DSBM model under variable returns to scale.
HCEit
an indicator of human capital, which is measured as the ratio of value added to human capital.
SCEit
an indicator of structural capital, which is measured as the ratio of structural capital to value added.
CEEit
an indicator of financial capital, which is measured as the ratio of value added to capital employed.
DOMit
a dummy variable equal to 1 if the capital source is local, and equal to zero otherwise.
GPit
a dummy variable equal to 1 if a Chinese life insurer is group-affiliated, and equal to zero otherwise.
DISTit
the ratio of the number of distribution channels used to the total available channels.
SOLVit
the adequacy of solvency or the ability of a Chinese life insurer to repay debt.
LEVit
the ratio of total debt to total assets.
AGEit
the natural logarithm of the number of years since an insurer was established.