University of Piraeus. International Strategic Management Association
Abstract
This paper uses the Luenberger productivity index to evaluate the productivity
changes of Greek Life insurance companies between 1994 and 2003, combining operational
and financial variables. It is found that the average annual productivity change was about
19% and was due to technological progress, whereas the impact of efficiency was minimal. It
seems that deregulation, established by the Third Insurance Directive in 1994, provoked
investments in new technologies which were not matched by superior managerial practices.
For comparative purposes, a Malmquist productivity index is estimated.peer-reviewe
