Directors' and Officers' Liability Insurance, Debt Contracting, and Earnings Conservatism

董監事責任險、債務契約與盈餘保守性

許文馨(Audrey Wen-Hsin Hsu) ； 林玟君(Wen-Chun Lin)

《臺大管理論叢》 24卷1期 (2013/12) Pp. 1-42

https://doi.org/10.6226/NTURM2013.APR.R13004

摘要

本文探討董監事責任保險是否影響我國企業會計盈餘保守性，並進一步研究債務契約的影響是否得以解釋董監事責任保險對於企業會計盈餘保守程度的差異。本研究假設，當公司購買董監事責任保險時，代理衝突的增加會產生更多的會計盈餘保守性。實證研究結果顯示，購買董監事責任保險的企業中，承受較高外部融資壓力的公司報導更顯著的會計盈餘保守特性。本研究結果支持債務契約需求導致盈餘保守性假說，亦即會計盈餘保守性的實務需求主要來自於債權人對於降低代理衝突與促進契約效率有關。

關鍵字

董監事責任保險 ； 債務契約 ； 盈餘保守性

並列摘要

This study evaluates whether earnings conservatism increases when firms with high debt contracting demands purchase directors' and officers' insurance (D&O). We expect that the purchase of D&O insurance is positively associated with earnings conservatism only when firms have higher debt-based contracting demands. We find that firms having D&O insurance and higher external demand for debts report more earnings conservatism. These results are consistent with prior studies (Ahmed, Billings, Morton, & Stanford-Harris, 2002; Watts, 2003) that debtholders demand greater earnings conservatism as a means of addressing agency problems. This study also provides evidence that debtholders appear to be the primary driver of the demand for earnings conservatism.

並列關鍵字

D&O insurance ； debt contracting ； earnings conservatism

參考文獻

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Ahmed, A., & Duellman, S. 2011. Evidence on the role of accounting conservatism in monitoring managers' investment decisions. Accounting and Finance, 51 (3): 609-633.

Anderson, R. C., Mansi, S. A., & Reeb, D. M. 2003. Founding family ownership and the agency cost of debt. Journal of Financial Economics, 68 (2): 263-285.

Baker, T., & Griffith, S. J. 2007. The missing monitor in corporate governance: The directors' & officers' liability insurer. The Georgetown Law Journal, 95: 1795- 1842.

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