自願性揭露企業社會責任報告書對董監事暨重要職員責任保險之影響

本研究探討自願性揭露企業社會責任報告書對於董監事暨重要職員責任保險及保險金額之需求。資料來源以台灣2014至2017年之上市、櫃公司為研究樣本，有效樣本為3,946筆，研究方法採用Heckman二階段估計法。實證結果顯示，針對編製企業社會責任報告書之公司發現購買D&O保險及保險金額均呈現顯著負相關，故有編製企業社會責任報告書之公司愈不願意購買D&O保險且保險金額較低。其次，自願性揭露企業社會責任報告書之公司發現購買D&O保險及保險金額均呈現顯著正相關。換言之，相較於非自願性揭露企業社會責任報告書之公司，自願性揭露企業社會責任報告書之公司更願意投保D&O保險。

關鍵字

董監事暨重要職員責任保險；企業社會責任報告書；自願性揭露；自我選擇

並列摘要

This article examines Voluntary CSR Reporting demand for Directors’ and Officers’ Liability Insurance (hereafter, D&O insurance) and D&O insurance amount. We employ the Heckman’s two-step sample selection correction to examine the corporate demand for D&O insurance, and use a sample of 3,946 Taiwan listed companies in the period 2014-2017. The empirical results show that compile CSR reports are significantly and negatively associated with the demand for D&O insurance and the insurance amount, so the company that prepared the CSR reports was less willing to buy D&O insurance and the amount of insurance was lower. Second, Companies that Voluntary CSR Reporting are significantly and positive correlation associated with the demand for D&O insurance and the insurance amount. In other words, Companies that Voluntary CSR Reporting are more likely to insure in D&O insurance than companies that non-voluntarily CSR Reporting. Finally, our findings also indicate that self-selection exists in the decision of participating D&O insurance and the decision of insured amount.