题名

全球金融危機、董監事責任險和投資不足－來自臺灣公司的研究

并列篇名

Global Financial Crisis, Directors and Officers Liability Insurance and Underinvestment-Evidence from Taiwanese Companies

作者

李明德(Ming-Te, Lee)

关键词

D&O保險 ； 全球金融風暴 ； 投資效率 ； 經理人機會主義 ； 投資不足 ； D&O Insurance ； Global Financial Crisis ； Investment Efficiency ； Managerial Opportunism ； Underinvestment

期刊名称

真理財經學報

卷期/出版年月

29期（2019 / 12 / 01）

页次

1 - 30

内容语文

繁體中文
中文摘要

本研究為首次探討全球金融危機（GFC）對D&O保險與公司投資效率關聯性影響的研究。實證結果顯示，D&O保險在GFC期間或之後對公司過度投資無顯著影響，亦在於GFC期間對公司投資不足沒有明顯影響。然而，D&O保險在GFC之後顯著地緩和了公司投資不足。這些發現對於政策制定者、公司與投資者在推動D&O保險政策，追求投資效率具有重要的投資及管理決策意涵。
英文摘要

This study is the first to explore the effect of the global financial crisis (GFC) on the relationship between directors and officers (D&O) insurance and investment efficiency. The empirical results show that D&O insurance did not have a significant impact on the level of overinvestment during or after the GFC, nor did D&O insurance have a significant impact on the level of underinvestment during the GFC. However, D&O insurance significantly mitigated underinvestment after the GFC. These findings have valuable implications for policymakers, corporations, and investors in terms of promoting D&O insurance policies, seeking investment efficiency, and making informed decisions.
主题分类 社會科學 > 經濟學
参考文献
  1. Chen, C. W.(2014).Does D&O insurance enhance target shareholder wealth during M&As?.Academia Economic Papers,42(3),305-329.
    連結：
  2. Lee, M. T.(2015).Corporate Governance, Global Financial Crisis, and Firm Leverage: Does Board Size Affect Firm Leverage?.Taiwan Academy of Management Journal,15(2),25-47.
    連結：
  3. Lee, S. P.,Chuang, T. H.(2007).An empirical study between the corporate governance mechanisms and firm performance. Soochow.Journal of Economics of Business,57,1-27.
    連結：
  4. Tang, L. F.,Liao, H. M.,Lee, J. Z.(2014).The effect of directors and officers liability insurance on earnings management behavior of managers.Academia Economic Papers,42,331-368.
    連結：
  5. 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：
  6. Aebi, V.,Sabato, G.,Schmid, M.(2012).Risk management, corporate governance, and bank performance in the financial crisis.Journal of Banking and Finance,36(12),3213-3226.
  7. Arellano, M.,Bond, S.(1991).Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations.Review of Economic Studies,58(2),277-297.
  8. Arrow, K. J.(1963).Uncertainty and the welfare economics of medical care.American Economic Review,53(5),941-973.
  9. Baker, T.,Griffith, S. J.(2007).The missing monitor in corporate governance: the D&O liability insurer.Georgetown Law Journal,95,1795-1842.
  10. Bebchuk, L.,Cohen, A.,Ferrell, A.(2009).What matters in corporate governance?.Review of Financial Studies,22(2),783-827.
  11. Benlemlih, M.,Bitar, M.(2016).Corporate social responsibility and investment efficiency.Journal of Business Ethics,20,1-25.
  12. Bertrand, M.,Mullainathan, S.(2003).Enjoying the quiet life? Corporate governance and managerial preferences.Journal of Political Economy,111(5),1043-1075.
  13. 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.
  14. Biddle, G. C.,Hilary, G.,Verdi, R. S.(2009).How does financial reporting quality relate to investment efficiency?.Journal of Accounting and Economics,48(2–3),112-131.
  15. Biddle, G.C.,Hilary, G.(2006).Accounting quality and firm-level capital investment.The Accounting Review,81(5),963-982.
  16. Bizjak, J. M.,Brickley, J. A.,Coles, J. L.(1993).Stock-based incentive compensation and investment behavior.Journal of Accounting and Economics,16(1–3),349-372.
  17. Brook, Y.,Rao, R. K. S.(1994).Shareholder wealth effects of directors’ liability limitation provisions.Journal of Financial and Quantitative Analysis,29(3),481-497.
  18. Chalmers, J. M. R.,Dann, L.Y.,Harford, J.(2002).Managerial opportunism? Evidence from directors.The Journal of Finance,57(2),609-636.
  19. Chen, A.,Kao, L.,Tsao, M.,Wu, C.(2007).Building a corporate governance index from the perspectives of ownership and leadership for firms in Taiwan.Corporate Governance: An International Review,15(2),251-261.
  20. Chen, F.,Hope, O.,Li, Q.,Wang, X.(2011).Financial reporting quality and investment efficiency of private firms in emerging markets.The Accounting Review,86(4),1255-1288.
  21. Chen, R.,El Ghoul, S.,Guedhami, O.,Wang, H.(2017).“Do state and foreign ownership affect investment efficiency?” Evidence from privatizations.Journal of Corporate Finance,42,408-421.
  22. Chen, S. S.,Chen, I. J.(2012).Corporate governance and Capital allocations of diversified firms.Journal of Banking and Finance,36(2),395-409.
  23. Chen, T. J.,Li, S. H.(2010).Directors’ & officers’ insurance, corporate governance and firm performance.International Journal of Disclosure and Governance,7(3),244-261.
  24. Chen, X. Y.,Zhu, K.,Li, N.(2015).D&O insurance and corporate investment efficiency.China Accounting and Finance Review,17(3),1-40.
  25. Chen, Z.,Li, O. Z.,Zou, H.(2016).Directors׳ and officers׳ liability insurance and the cost of equity.Journal of Accounting and Economics,61(1),100-120.
  26. Chung, H. H.,Wynn, J. P.(2008).Managerial legal liability coverage and earnings conservatism.Journal of Accounting and Economics,46(1),135-153.
  27. Chung, H. H.,Wynn, J. P. ,Yi, H.(2013).Litigation risk, accounting quality, and investment efficiency.Advances in Accounting,29(2),180-185.
  28. Conyon, M. J.,Murphy, K. J.(2000).The prince and the pauper? CEO pay in the United States and United Kingdom.The Economic Journal,110(467),640-671.
  29. Core, J. E.(1997).On the corporate demand for directors’ and officers’ insurance.The Journal of Risk and Insurance,64(1),63-87.
  30. 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,22,182-230.
  31. Datta, S.,Iskandar-Datta, M.,Raman, K.(2001).Executive compensation and corporate acquisition decisions.Journal of Finance,56(6),2299-2336.
  32. Dement’ev, V. E.(2011).Investment problems of an innovation pause in the economy.Studies on Russian Economic Development,22(4),354-364.
  33. Gompers, P.,Ishii, J.,Metrick, A.(2003).Corporate governance and equity prices.Quarterly Journal of Economics,118(1),107-155.
  34. Gujarati, D. N.,Porter. D. C.(2009).Basic Econometrics.New York, NY:McGraw-Hill.
  35. Gutiérrez, M.,Gutierrez, M.(2003).An economic analysis of corporate directors’ fiduciary duties.The RAND Journal of Economics,34(3),516-535.
  36. Hausman, J. A.(1978).Specification tests in econometrics.Econometrica,46(6),1251-1272.
  37. Hayashi, F.(1982).Tobin's marginal q and average q: A neoclassical interpretation.Econometrica,50(1),213-224.
  38. Healy, P. M.,Palepu, K. G.(2001).Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature.Journal of Accounting and Economics,31(1–3),405-440.
  39. Heckman, J. J.(1979).Sample selection bias as a specification error.Econometrica,47(1),153-161.
  40. Holderness, C. G.(1990).Liability insurers as corporate monitors.International Review of Law and Economics,10(2),115-129.
  41. Holmstrom, B(1979).Moral hazard and observability.Bell Journal of Economics,10(1),74-91.
  42. Hubbard, R. G.(1998).Capital-market imperfections and investment.Journal of Economic Literature,36(1),193-225.
  43. IBP, Inc.(2015).Liechtenstein Company Laws and Regulations Handbook, Strategic Information and Basic Laws. 1.Washington:International Business Publications.
  44. Jensen, M. C.(1986).Agency cost of free cash flow, corporate finance, and takeovers.The American Economic Review,76(2),323-329.
  45. Jia, N.,Tang, X.(2016).Directors’and officers’liability insurance, independent director behaviorand governance effect.Journal of Risk and Insurance,12,1-42.
  46. Kaplan, S. N.,Zingales, L.(1997).Do investment-cash flow sensitivities provide useful measures of financing constraints?.Quarterly Journal of Economics,112(1),169-215.
  47. Kirkpatrick, G.(2009).The corporate governance lessons from the financial crisis.OECD Journal: Financial Market Trends,2009(1),61-87.
  48. Kuo, C.J.(2009).An examination of the causes of the global financial storm, its impact on Taiwan and Taiwan’s policy response.Economic Research,9,59-89.
  49. Lee, W. C., 2015, Scholar's Point of View- assist in the development of industry and promote investment momentum, Chinatimes.com, Available athttp://www.chinatimes.com/newspapers/20151020000066-260202
  50. Lin, C.,Officer, M. S.,Wang, R.,Zou, H.(2013).Directors’ and officers’ liability insurance and loan spreads.Journal of Financial Economics,110(1),37-60.
  51. Lin, C.,Officer, M. S.,Zou, H.(2011).Directors’ and officers’ liability insurance and acquisition outcomes.Journal of Financial Economics,102(3),507-525.
  52. Mayers, D.,Smith, C. W.(1982).On the corporate demand for insurance.Journal of Business,55(2),281-296.
  53. Modigliani, F.,Miller, M. H.(1958)."The cost of capital, corporation finance, and the theory of investment.American Economic Review,48,261-297.
  54. Mohammadi, S. M.(2014).The relationship between financial reporting quality and investment efficiency in Tehran Stock Exchange.International Journal of Academic Research in Business and Social Sciences,4(6),104-113.
  55. Petersen, M.A.(2009).Estimating standard errors in finance panel data sets: Comparing approaches.Review of Financial Studies,22(1),435-480.
  56. Priest, G. L.(1987).The current insurance crisis and modern tort law.The Yale Law Journal,96(7),1521-1590.
  57. Sargan, J. D.(1958).The estimation of economic relationships using instrumental variables.Econometrica,26(3),393-415.
  58. Staiger, D.,Stock, J. H.(1997).Instrumental variables regression with weak Instruments.Econometrica,65(3),557-586.
  59. Stein, J. C.(2003).Agency, information and corporate investment.Handbook of the Economics of Finance. 1: Part A
  60. Stock, J,Yogo, M.(2005).Testing for weak instruments in linear regression.Identification and Inference for Econometric Models: Essays in Honor of Thomas Rothenberg, IV,Cambridge:
  61. Sullivan, N.(2002).The demand for directors’ and officers’ insurance by large UK companies.European Management Journal,20(5),574-583.
  62. Sullivan, N.(1997).Insuring the agents: The role of directors’ and officers’ insurance in corporate governance.The Journal of Risk and Insurance,64(3),545-556.
  63. Thompson, S.B.(2011).Simple formulas for standard errors that cluster by both firm and time.Journal of Financial Economics,99(1),1-10.
  64. Wooldridge, J. M.(2002).Economic Analysis of Cross Section and Panel Data.Cambridge, MA:MIT Press.
  65. Wynn, J. P.(2008).Legal liability coverage and voluntary disclosure.Accounting Review,83(6),1639-1669.
  66. Yuan, R.,Sun, J.,Cao, F.(2016).Directors’ and officers’ liability insurance and stock price crash risk.Journal of Corporate Finance,37,173-192.
  67. Zou, H.,Wong, S.,Shum, C.,Xiong, J.,Yan, J.(2008).Controlling-minority shareholder incentive conflicts and directors’ and officers’ liability insurance: evidence from China.Journal of Banking and Finance,32(12),2636-2645.
  68. 許杏宜(2017)。「樂陞之後─談董監責任保險」會計研究月刊。會計研究月刊，381，110-113。
被引用次数
  1. (2020)。審計公費對台灣上市櫃公司舉債之影響。樹德科技大學學報，22(2)，19-39。
print cancel