企業生命週期對董監事暨重要職員責任保險需求之影響

The Influence of Life Cycle on the Demand for Directors' and Officers' Liability Insurance

10.29416/JMS.201704_24(2).0003

張文武(Wen-Wu Chang)；賴靜美(Jing-Mai Lai)

董監事暨重要職員責任保險 ； 生命週期 ； 公司治理 ； D&O insurance ； Life Cycle ； Corporate Governance

管理與系統

24卷2期（2017 / 04 / 01）

215 - 257

繁體中文

本文以2008年至2013年台灣上市櫃公司為研究對象，主要目的在探討董監事暨重要職員責任保險（簡稱D&O保險）與企業生命週期之影響性。同時，我們檢驗不同生命階段下的公司治理對於D&O保險需求之影響。本文參考Anthony and Ramesh (1992)之方法，將資本支出率、銷貨成長率與公司成立年度做為生命週期判斷因子。實證結果發現，首先，企業生命週期是企業購買D&O保險與決定保險金額的因素；其次，公司治理因素在不同的企業生命週期，對於企業購買D&O保險與決定保險金額，有不同程度的影響。

By using publicly available director and officer (D&O) insurance data for public companies in Taiwan from 2008 to 2013, we examine the effect of corporate life cycle on D&O liability insurance (hereafter denoted as D&O insurance). Additionally, we investigate the impact of D&O insurance demand and corporate governance at different life cycle stages. We refer to the methods of a previous study and assign firms to various life cycle portfolios according to capital expenditure, sales growth, and firm age. On the basis of the empirical analysis, we first determine that corporate life cycle influences companies' decisions to purchase D&O insurance and that it determines the amount of insurance that companies purchase. Moreover, corporate governance at different life cycle stages has various degrees of impact on D&O insurance demand and the amount of insurance purchased.

1. 林有志、傅鍾仁、陳筱平(2013)。資訊透明度、生命週期階段與價值攸關性關聯性之研究。會計審計論叢，3(1)，49-80。
   連結：
2. 林美鳳、吳琮璠、吳青松(2008)。資訊科技投資與企業績效之關係：從企業生命週期論析。資訊管理學報，15(2)，155-184。
   連結：
3. 林瑞青、卓佳慶、賴筠婷、鄭栢岳(2012)。再探策略聯盟資訊內涵之研究：生命週期觀點。會計審計叢論，2(1)，31-60。
   連結：
4. 邱垂昌、洪福讚(2008)。在不同企業生命週期下智慧資本與企業價值關聯性之研究。當代會計，9(2)，201-236。
   連結：
5. 金成隆、林修、邱煒恒(2005)。研究發展支出與資本支出的價值攸關性：以企業生命週期論析。中山管理評論，13(2)，617-643。
   連結：
6. 金成隆、林修葳、紀信義(2004)。專利權的價值攸關性：從企業生命週期論析。管理學報，21(2)，175-197。
   連結：
7. 曹壽民、連威豪、劉奕孜(2010)。從企業生命週期探討應計項目異常現象。會計評論，51，107-142。
   連結：
8. 陳彩稚、龐嘉慧(2008)。董監事暨重要職員責任保險之需求因素分析。台大管理叢論，18(2)，171-196。
   連結：
9. 湯麗芬、廖秀梅、李建然(2014)。董監事暨重要職員責任保險對管理階層盈餘管理行為之影響。經濟論文，42(3)，331-368。
   連結：
10. 詹素嬌、蘇淑慧、劉政淮(2014)。投保董監事責任險與保險金額於審計公費之影響。會計審計論叢，4(1)，25-51。
    連結：
11. 劉政淮、許永聲、金凱雯(2013)。企業生命週期、董事會組成特性對資訊透明度之影響。台灣管理學刊，5(2)，139-158。
    連結：
12. 劉若蘭、許永聲、劉力維(2014)。在不同生命週期下董事會組成特性對公司經營績效之影響。會計評論，58，133-165。
    連結：
13. 劉若蘭、劉政淮、簡溥銘(2015)。董監事暨重要職員責任險與保險與資訊揭露品質及企業舞弊關係之研究。中華會計學刊，11(1)，79-114。
    連結：
14. 劉俊儒、劉若蘭、許佳新(2014)。企業生命週期與私募股票溢折價關係之研究。商管科技季刊，15(2)，185-222。
    連結：
15. Boyer, M., “Directors' and Officers' Insurance and Shareholder' Protection,” CIRANO Working paper, Canada, 2005.
16. Boubakri, N., Ghalleb, N., and Boyer, M. M., “Managerial Opportunism in Accounting Choice: Evidence from Directors' and Officer' Liability Insurance Purchases,” Working paper, University of Montreal, 2008.
17. Black, E. L., “Which is More Value Relevant: Earnings or Cash Flows? A Life Cycle Examination,” Working Paper, University of Arkansas, Fayetteville, AR, 1998a.
18. Adizes, I.(1988).Corporate Lifecycles: How and Why Corporations Grow and Die and What to Do about It.Englewood Cliffs, New Jersey:Prentice Hall.
19. Adizes, I.(1979).Organizational Passages: Diagnosing and Treating Lifecycle Problems of Organizations.Organizational Dynamics,8(1),3-25.
20. Anthony, J. H.,Ramesh, K.(1992).Association between Accounting Performance Measures and Stock Prices: A Test of the Life Cycle Hypothesis.Journal of Accounting and Economics,15,203-277.
21. Baker, T.,Griffith, S. J.(2007).The Missing Monitor in Corporate Governance: The D&O Liability Insurer.Georgetown Law Journal,95,1795-1842.
22. Beasley, M. S.(1996).An Empirical Analysis of the Relation between the Board of Director: Performance Effects of Changes in Board Composition.Journal of Law, Economics and Organization,1,101-134.
23. Beekes, W.,Pope, P.,Young, S.(2004).The Link between Earnings Timeliness, Earnings Conservatism and Board Composition: Evidence from the UK.Corporate Governance: An International Review,12(1),47-59.
24. Bhagat, S.,Brickley, J. A.,Coles, J. L.(1987).Managerial Indemnification and Liability Insurance: The Effect on Shareholder Wealth.Journal of Risk and Insurance,54(4),721-736.
25. Black, E. L.(1998).Life-Cycle Impacts on the Increment Value-Relevance of Earnings and Cash Flow Measure.Journal of Financial Statement Analysis,4(1),40-56.
26. Brook, Y.,Rao, R.(1994).Shareholder Wealth Effects of Directors' Liability Limitation Provisions.Journal of Financial and Quantitative Analysis,29(3),481-497.
27. Bulan, L.,Subramanian, N.,Tanlu, L.(2007).On the Timing of Dividend Initiations.Financial Management,36(4),3-31.
28. Chen, C. J.,Jaggi, B.(2000).Association between Independent Non-Executive Directors, Family Control and Financial Disclosure in Hong Kong.Journal of Accounting and Public Policy,19,285-310.
29. Chen, C. W.,Yi, B.,Lin, J. B.(2013).Directors' and Officers' Liability Insurance and Managerial Compensation.Journal of International Finance Studies,13(1),29-42.
30. Cheung, J. K.(1991).A Review of Option-Pricing Theory in Accounting Research.Journal of Accounting Literature,10,51-84.
31. Chung, H. H.,Wynn, J. P.(2008).Managerial Legal Liability Coverage and Earnings Conservatism.Journal of Accounting and Economics,46(1),135-153.
32. Core, J. E.(2001).A Review of the Empirical Disclosure Literature: Discussion.Journal of Accounting and Economics,31(1-3),441-456.
33. Core, J. E.(1997).On the Corporate Demand for Directors' and Officers' Insurance.Journal of Risk and Insurance,64(1),63-87.
34. Core, J. E.(2000).The Directors' and Officers' Insurance Premium: An Outside Assessment of the Quality of Corporate Governance.Journal of Law, Economics and Organization,16(2),449-477.
35. Daniels, R. J.,Hutton, S. M.(1993).The Capricious Cushion: The Implications of the Directors' and Officers' Liability Insurance Crisis on Canadian Corporate Governance.Canadian Business Law Journal,22(2),182-230.
36. Dechow, P. M.,Sloan, R. G.,Sweeney, A. P.(1996).Causes and Consequences of Earnings Manipulation: An Analysis of Firm Subject to Enforcement Actions by the SEC.Contemporary Accounting Research,13,1-36.
37. Fama, E.,Jensen, M.(1983).Separation of Ownership and Control.Journal of Law and Economics,26,301-326.
38. Farber, D. B.(2005).Restoring Trust after Fraud: Does Corporate Governance Matter?.The Accounting Review,80(2),539-561.
39. Frielinghaus, A.,Mostert, B.,Firer, C.(2005).Capital Structure and the Firm's Life Stage.South African Journal of Business Management,36(4),9-18.
40. Garcia Lara, J. M.,Garcia Osma, B.,Penalva, F.(2009).Accounting Conservatism and Corporate Governance.Review of Accounting Studies,14(1),161-201.
41. Greene, W. H.(2003).Econometric Analysis.Pearson Education.
42. Gutierrez, M.(2003).An Economic Analysis of Corporate Directors' Fiduciary Duties.The RAND Journal of Economics,34(3),516-535.
43. Hampel, R.(1998).Committee on Corporate Governance.London:Gee and Co. Ltd.
44. Heckman, J. J.(1979).Sample Selection Bias as a Specification Error.Econometrica,47(1),153-161.
45. Hill, R. C.,Griffiths, W. E.,Lim, G. C.(2009).Principles of Econometrics.John Wiley & Sons.
46. Holderness, O. G.(1990).Liability Insurers as Corporate Monitors.International Review of Law and Economics,10(2),115-129.
47. Jawahar, I. M.,McLaughlin, L.(2001).Toward a Descriptive Stakeholder Theory: An Organizational Life Cycle Approach.Academy of Management Review,26(3),397-414.
48. Jensen, M. C.,Meckling, W. H.(1976).Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure.Journal of Financial Economics,3,305-360.
49. Jensen, M. C.,Ruback, R.(1983).The Market for Corporate Control: The Scientific Evidence.Journal of Financial Economics,11,5-50.
50. John, K.,Senbet, L.W.(1998).Corporate Governance and Board Effectiveness.Journal of Banking and Finance,22,371-403.
51. Kazanjian, R.,Drazin, R.(1989).An Empirical Test of a Stage of Growth Progression Model.Management Science,35(12),1489-1503.
52. Kesner, I. F.(1987).Directors Stock Ownership and Organization Performance: An Investigation of Fortune 500 Companies.Journal of Business Research,16,235-249.
53. La Porta, R.,Lopez-de-Silanes, F.,Shleifer, A.,Vishny, A.(2002).Investor Protection and Corporate Valuation.Journal of Finance,57,1147-1170.
54. Lynall, M. D.,Golden, B. R.,Hillman, A. J.(2003).Board Composition from Adolescence to Maturity: A Multitheoretic View.The Academy of Management Review,28(3),416-431.
55. Maddala, G. S.(1983).Limited Dependent and Qualitative Variables in Econometrics.New York:Cambridge University Press.
56. Mayers, D.,Smith, C. W.(1990).On the Corporate Demand for Insurance: Evidence from the Reinsurance Market.Journal of Business,63(1),19-40.
57. McConnell, J. J.,Servaes, H.(1990).Additional Evidence on Equity Ownership and Corporate Value.Journal of Financial Economics,27(2),595-612.
58. O'Sullivan, N.(2002).The Demand for Directors' and Officers' Insurance by Large UK Companies.European Management Journal,20(5),574-583.
59. Priest, G. L.(1987).The Current Insurance Crisis and Modern Tort Law.Yale Law Journal,96(7),1521-1590.
60. Ramaswamy, V.,Ueng, C. J.,Carl, L.(2008).Corporate Governance Characteristics of Growth Companies: An Empirical Study.Academy of Strategic Management Journal,7,21-33.
61. Sharma, V. D.(2004).Board of Director Characteristics, Institutional Ownership, and Fraud: Evidence from Australia.Auditing: A Journal of Practice & Theory,23(2),105-117.
62. Wynn. J. P.(2008).Legal Liability Coverage and Voluntary Disclosure.The Accounting Review,83(6),1639-1669.
63. Zou, H.,Wong, S.,Shum, C.,Xiong, J.,Yan, J.(2008).Controlling-Minority Shareholder Incentive Conflicts and Director' and Officers' Liability Insurance: Evidence from China.Journal of Banking & Finance,32(12),2636-2645.
64. 李明玉(2007)。企業生命週期各階段的風險與規避。商業時代，11，39-40。
65. 李偉(2008)。對 “企業生命週期理論” 的回顧和思考。當代經濟管理，9，36-39。
66. 李曉非、金春華(2012)。基於企業生命週期的高技術企業風險特徵分析。中國管理信息化，4，67-68。
67. 周雅紋(2012)。碩士論文(碩士論文)。國立高雄第一科技大學。
68. 侯運神(1994)。碩士論文(碩士論文)。政治大學。
69. 原芷蘭(2010)。碩士論文(碩士論文)。銘傳大學。
70. 張慶(2009)。基於企業生命週期的風險管理策略。經濟論壇，449(1)，94-96。
71. 許明雄(2001)。碩士論文(碩士論文)。政治大學。
72. 陳尚琦(2007)。碩士論文(碩士論文)。銘傳大學。
73. 單寶立(2012)。基於企業生命週期各階段經營風險的財務風險逆向搭配。中國外資，22，105-106。
74. 黃長安(2011)。碩士論文(碩士論文)。彰化師範大學。
75. 楊朝旭、黃潔(2004)。企業生命週期、資產組合與企業未來績效關連性之研究。商管科技季刊，5(1)，49-71。
76. 雷舰(2013)。中小高科技企業風險特徵及風險規避機制研究。經濟研究導刊，21，18-21。
77. 盧盈芳(2014)。碩士論文(碩士論文)。高雄應用科技大學。
78. 謝映羽(2014)。碩士論文(碩士論文)。高雄第一科技大學。
79. 蘇彥中(2015)。碩士論文(碩士論文)。雲林科技大學。

1. 黃劭彥(Shaio-Yan Huang);鍾宇軒(Yu-Hsuan Chung);黃郁婷(Yu-Ting Huang);蕭又菁(Yu-Ching Hsiao)(2024)。審計委員會席次、出席率對公司財報品質影響－以董監事責任險的調節效果。中山管理評論。32(1)。99-147。