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دسته بندی:
مدیریت بیمه - Insurance Management
سال انتشار:
2016
عنوان انگلیسی مقاله:
Directors and officers liability insurance and stock price crash risk
ترجمه فارسی عنوان مقاله:
بیمه مسئولیت مدیران و کارمندان و خطر سقوط قیمت سهام
منبع:
Sciencedirect - Elsevier - Journal of Corporate Finance, Accepted manuscript. doi:10.1016/j.jcorpfin.2015.12.015
نویسنده:
Rongli Yuan
چکیده انگلیسی:
We investigate the impact of directors’ and officers’ insurance (D&O insurance) on stock
price crash risk. We find that D&O insurance in China is negatively associated with stock price
crash risk. This association is robust to a series of robustness checks including the use of
alternative sample, Heckman two-step sample selection model, propensity score matching
procedure, fixed effects model, the inclusion of some possibly omitted variables, and bootstrap
method. Further analyses show that the impact of D&O insurance on crash risk is more
pronounced in firms with lower board independence, non-Big 4 auditors, lower institutional
shareholdings, and weaker investor protection; and the negative relationship between D&O
insurance and crash risk is not driven by the eyeball effect. Moreover, we find that D&O insurance
purchase is associated with less financial restatements and more disclosure of corporate social
responsibility reports. Our findings provide support to the notion that D&O insurance appears to
improve corporate governance.
Key terms: Directors’ and officers’ liability insurance | Stock price crash risk | Corporate governance | Financial restatements | Corporate social responsibility
قیمت: رایگان
توضیحات اضافی:
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