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

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

李明德(Ming-Te, Lee)

《真理財經學報》 29期 (2019/12) Pp. 1-30

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。

關鍵字

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

並列摘要

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.

並列關鍵字

D&O Insurance ； Global Financial Crisis ； Investment Efficiency ； Managerial Opportunism ； Underinvestment

參考文獻

許杏宜(2017)，「樂陞之後─談董監責任保險」會計研究月刊，第381期，110-113.

湯麗芬、廖秀梅和李建然(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，第42卷期第3期，331-368。

Aebi, V., G. Sabato, and M. Schmid (2012), “Risk management, corporate governance, and bank performance in the financial crisis,” Journal of Banking and Finance, 36(12): 3213-3226.

Arellano, M. and S. Bond (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.

Arrow, K. J. (1963), “Uncertainty and the welfare economics of medical care,” American Economic Review, 53(5): 941-973.