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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/115522


    Title: The Effect of D&O Liability Insurance on Corporate Risk-Taking Strategies (WITHDRAWN)
    Authors: 陳彩稚
    Chen, Tsai-Jyh;Chang, Jui-I
    Contributors: 風險管理與保險學系
    Keywords: corporate governance;D&O insurance;risk-taking strategies
    Date: 2016-01
    Issue Date: 2018-01-08 12:35:38 (UTC+8)
    Abstract: This paper studies firm risk-taking strategies when the top management is covered by directors?? and officers?? (D&O) insurance. By way of 3SLS simultaneous equations models and eight risk-taking strategies, we test whether insured firms perform better risk-taking strategies. The findings show that D&O insurance has a positive impact on board independence. The empirical evidence also indicates that risk-taking strategies are significantly related to board independence and D&O insurance coverage. D&O insurance presents a substitution effect for board independence on risk-taking strategies. The firms with more independent directors perform better risk-taking strategies, which aligns with stakeholders?? interests and mitigate litigation risk, and thus demand less D&O insurance. Additionally, the influential power of the board independence and D&O insurance on risk-taking strategies may vary with the corporate ownership structure and macroeconomic environment.
    Relation: Academy of Management Proceedings, 2016 (Meeting Abstract Supplement) 11378
    Data Type: conference
    DOI link: http://dx.doi.org/10.5465/AMBPP.2016.11378abstract
    DOI: 10.5465/AMBPP.2016.11378abstract
    Appears in Collections:[Department of Business Administation] Proceedings

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