The Effects of Corporate Governance Structure and Information Disclosureon the Directors' and Officers' Liability Insurance
| Autor: | Ya-wen Chou, 周雅紋 |
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| Rok vydání: | 2012 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 100 In response to the financial scandals of firms such as Enron and Procomp. The risk of the board facing lawsuit is increasing, which can be mitigated by purchasing Directors and Officers Liability Insurance. This paper is attempting to empirically investigate the effect factors for Directors and Officers Liability Insurance using panel data （2009-2010）for all companies which are listed in stock in Taiwan, and emphasizes on the decision to purchase D&O liability insurance and its insurance amount. We use with Heckman''s sample selection correction to insurance volume. Our results indicate that the managerial decision to purchase D&O insurance is relative to the information disclosure. The purchased is positively related to Disclosure Ranking and the four major accounting firms, and it will be an advantageous selection to the insurance company. The CPA review is negatively related to it, and it will be an adverse selection. The amount of D&O insurance is negatively related to the insider ownership, manager ownership, major ownership and Family-based Company’s but it negatively related to the divergence between voting-rights and cash-flow-rights. The evidence implies that corporate governance mechanism will affect the purchase more D&O insurance. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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