Does the Protection of Directors' Liability Insurance Lead to Overinvestment?

董事責任險與過度投資行為之相關性研究

10.6545/JFS.2014.22(1).3

詹家昌(Chia-Chung Chan)；陳家偉(Chia-Wei Chen)

董事責任險 ； 過度投資 ； Directors' liability insurance ； overinvestment

財務金融學刊

22卷1期（2014 / 03 / 31）

61 - 80

英文

本文乃試圖探討董事責任險與企業過度投資行為的相關性；藉由觀察國內的上市櫃企業，實證結果顯示有投保董事責任險的企業似乎存在明顯的過度投資。該結果一方面透露了存在於責任險市場中的道德危險，另一方面國內投保與未投保約各半的樣本及市場特性亦佐證了主要倚賴歐美市場樣本的相關研究，並間接支持了各國近年來所推動強制企業揭露責任險投保情形的政策。

In this study, we examine the linkage between directors' liability insurance and overinvestment behavior. Based on observations in Taiwan, our findings indicate that firms covered by this insurance tend to have a higher degree of overinvestment. This supports the notion that moral hazard seems to exist in the market of directors' liability insurance. As similar proportions of firms in Taiwan with and without this insurance, unlike observations in western countries, may enrich related studies with alternative market characteristics, revealing the dark side of this insurance also confirms the necessity for nations to disclose which firms are covered by this insurance.

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