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題名:董監事責任保險與策略聯盟宣告的股東價值:台灣實證研究
作者:阮氏寶玉
作者(外文):Nguyen Thi Bao Ngoc
校院名稱:國立高雄科技大學
系所名稱:財務金融學院博士班
指導教授:蘇玄啟
學位類別:博士
出版日期:2021
主題關鍵詞:董監事責任保險策略聯盟監督假說公司治理機會 主義D&O insurancestrategic alliancemonitoring hypothesiscorporate governanceopportunism
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本文以監督假說與訴訟風險假說為理論基礎,研究董監事責任保險 如何影響策略聯盟宣告的股東價值。本文以 2009 年至 2019 年的台 灣上市櫃公司之策略聯盟宣告為樣本,研究發現董監事責任保險愈 多的公司,其策略聯盟宣告異常報酬率較高且正向。再深入研究後, 本文發現此正向關係更顯見於跨國合作、水平類型、行銷目的之策 略聯盟類別子樣本。整體而言,本文研究支持監督假說:主張董監 事責任保險愈多的公司,較體現公司治理的健全程度,並監督管理 階層進行較為價值提升的策略聯盟決策,因此促進公司在策略聯盟 宣告期間,獲得較為正向顯著的異常報酬率 (股東價值)。
In this research, I examine the impact of directors’ and officers’ insurance (D&O insurance) on the shareholder value of strategic alliance through testing two competitive hypothesis: the monitoring hypothesis versus litigation risk hypothesis. Based on a specific sample of Taiwanese publicly firm from 2009 to 2019, my findings reveal that D&O insurance is significantly positively associated with firms’ stockholder wealth in collaborative agreements, which implies that D&O insurance enhances market reaction for alliance platform. Such a positive relation is clarified when I classify strategic alliance into structure and objective alliance. Specifically, I explore that firms carrying more D&O insurance have a forceful and favorable influence to firm entering into international, horizontal and marketing alliance. My overall explorations are strongly supported by the monitoring hypothesis, positing that firm holding highly D&O insurance tend to better-governance, which leads to experience healthy corporate governance system as well as reduce the adverse effect of opportunism in an effective manner throughout the process of strategic alliance and thus provide a positive signal to stockowner value.
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