On Corporate Insurance Demand, Finance Theory and Empirical Evidence

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SMEs (Small and medium-sized enterprises) make up a significant proportion of economic activities in Japan. In our research project, we shed light on risk management activities of SMEs and try to provide useful empirical evidence for policy making. In particular, we conducted a survey of SMEs in manufacturing industry to investigate risk management against large earthquakes and relationship with banks. The results show that risks regarding business interruption and general liability are not covered with insurance among SMEs while risks regarding fire and auto accident are fully covered with insurance. Some results obtained from the survey are already published from several articles like General Insurance Research in Japanese. Also, other results will be published from International Journals.