• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>The journal of risk and insurance >Directors' and Officers' Liability Insurance and Firm Value
【24h】

Directors' and Officers' Liability Insurance and Firm Value

机译：董事和高级职员责任保险与公司价值

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

This study examines the effect of directors' and officers' liability (D&O) insurance on firm value. Previous studies are divided on the value implication of D&O insurance: some argue for various benefits of being covered by D&O insurance, whereas others focus on the managerial opportunism stemming from being insured. In order to address whether D&O insurance increases firm value, we utilize a sample of quoted Korean companies from a period in which the disclosure of D&O insurance information was mandatory and there was a significant cross-sectional variation in the firms' coverage of D&O insurance. We find that controlling for the endogeneity of D&O insurance coverage, D&O insurance increases firm value compared to noninsured firms. We also find evidence that the increase in firm value is pronounced for firms with greater growth opportunities, which suggests that D&O insurance can help firms to better convert growth opportunities into higher firm value.
机译：这项研究考察了董事和高级职员责任险（D＆O）对公司价值的影响。先前的研究围绕D＆O保险的价值含义进行了分歧：有些人争辩说D＆O保险涵盖了各种好处，而另一些人则关注被保险人带来的管理机会主义。为了解决D＆O保险是否增加公司价值的问题，我们从D＆O保险信息的披露是强制性的，且公司D＆O保险覆盖面存在显着横断面的时期中抽取了一家韩国上市公司作为样本。我们发现，控制D＆O保险的内生性，与非保险公司相比，D＆O保险增加了公司价值。我们还发现有证据表明，具有更大增长机会的公司会明显提高公司价值，这表明D＆O保险可以帮助公司更好地将增长机会转化为更高的公司价值。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号