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題名：Directors' and Officers' Liability Insurance, Debt Contracting, and Earnings Conservatism
書刊名：臺大管理論叢
作者：許文馨 引用關係／林玟君
作者(外文)：Hsu, Audrey Wen-hsin／Lin, Wen-chun
出版日期：2013
卷期：24:1
頁次：頁1-42
主題關鍵詞：董監事責任保險；債務契約；盈餘保守性；D&O insurance；Debt contracting；Earnings conservatism
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(6) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:6
  • 共同引用共同引用:0
  • 點閱點閱:27
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。
This study evaluates whether earnings conservatism increases when firms with high debtcontracting demands purchase directors’ and officers’ insurance (D&O). We expect that thepurchase of D&O insurance is positively associated with earnings conservatism only whenfirms have higher debt-based contracting demands. We find that firms having D&Oinsurance and higher external demand for debts report more earnings conservatism. Theseresults are consistent with prior studies (Ahmed, Billings, Morton, & Stanford-Harris, 2002;Watts, 2003) that debtholders demand greater earnings conservatism as a means ofaddressing agency problems. This study also provides evidence that debtholders appear to bethe primary driver of the demand for earnings conservatism.
期刊論文
1.Chen, T.、Pang, C.(2008)。An analysis of determinants of the corporate demand for directors' and officers' liability insurance。National Taiwan University Management Review，18(2)，171-196。  new window
2.Guay, W. R.(2008)。Conservative financial reporting, debt covenants, and the agency costs of debt。Journal of Accounting and Economics，45(2/3)，175-180。  new window
3.Hsu, A. W. H.、O'Hanlon, J.、Peasnell, K.(2011)。Financial distress and the earnings-sensitivity-difference measure of conservatism。ABACUS，47(3)，284-314。  new window
4.Jayaraman, S.、Shivakumar, L.(2013)。Agency-based demand for conservatism: Evidence from state adoption of antitakeover laws。Review of Accounting Studies，18，95-134。  new window
5.Klock, M. S.、Mansi, S. A.、Maxwell, W. F.(2005)。Does corporate governance matter to bondholders?。Journal of Financial and Quantitative Analysis，40(4)，693-719。  new window
6.Lehn, K.、Poulsen, A.(1991)。Contractual resolution of bondholder-stockholder conflicts in leveraged buyouts。Journal of Law and Economics，34(2)，645-673。  new window
7.Roychowdhury, Sugata、Watts, Ross L.(2007)。Asymmetric timeliness of earnings, market-to-book and conservatism in financial reporting。Journal of Accounting and Economics，44(1/2)，2-31。  new window
8.Baker, Tom、Griffith, Sean J.(2007)。The Missing Monitor in Corporate Governance: The Directors' & Officers' Liability Insurer。Georgetown Law Journal，95(6)，1795-1842。  new window
9.Ball, Ray、Robin, Ashok、Sadka, Gil(2008)。Is Financial Reporting Shaped by Equity Markets or by Debt Markets? An International Study of Timeliness and Conservatism。Review of Accounting Studies，13(2/3)，168-205。  new window
10.Ahmed, Anwer S.、Billings, Bruce K.、Morton, Richard M.、Stanford-Harris, Mary(2002)。The Role of Accounting Conservatism in Mitigating Bondholder-Shareholder Conflicts over Dividend Policy and in Reducing Debt Costs。The Accounting Review，77(4)，867-890。  new window
11.LaFond, Ryan、Roychowdhury, Sugata(2008)。Managerial Ownership and Accounting Conservatism。Journal of Accounting Research，46(1)，101-135。  new window
12.Watts, Ross L.(2003)。Conservatism in Accounting Part 2: Evidence and Research Opportunities。Accounting Horizons，17(4)，287-301。  new window
13.Zhang, Jieying(2008)。The Contracting Benefits of Accounting Conservatism to Lenders and Borrowers。Journal of Accounting and Economics，45(1)，27-54。  new window
14.Fama, Eugene F.、French, Kenneth R.(1995)。Size and Book-to-Market Factors in Earnings and Returns。The Journal of Finance，50(1)，131-155。  new window
15.Ball, Ray、Shivakumar, Lakshmanan(2005)。Earnings Quality in UK Private Firms: Comparative Loss Recognition Timeliness。Journal of Accounting & Economics，39(1)，83-128。  new window
16.Basu, Sudipta(1997)。The conservatism principle and the asymmetric timeliness of earnings。Journal of Accounting and Economics，24(1)，3-37。  new window
17.Givoly, Dan、Hayn, Carla K.(2000)。The changing time-series properties of earnings, cash flows and accruals: Has financial reporting become more conservative?。Journal of Accounting & Economics，29(3)，287-320。  new window
18.Chalmers, John M. R.、Dann, Larry Y.、Harford, Jarrad(2002)。Managerial Opportunism? Evidence from Directors' and Officers' Insurance Purchases。The Journal of Finance，57(2)，609-636。  new window
19.Chung, Hyeesoo H.、Wynn, Jinyoung P.(2008)。Managerial legal liability coverage and earnings conservatism。Journal of Accounting and Economics，46(1)，135-153。  new window
20.Core, John E.(1997)。On the corporate demand for directors' and officers' insurance。Journal of Risk and Insurance，64(1)，63-87。  new window
21.Holderness, Clifford G.(1990)。Liability insurers as corporate monitors。International Review of Law and Economics，10(2)，115-129。  new window
22.Lin, C.、Officer, M. S.、Zou, H.(2011)。Directors' and Officers' Liability Insurance and Acquisition Outcomes。Journal of Financial Economics，102(3)，507-525。  new window
23.Wynn, Jinyoung Park(2008)。Legal liability coverage and voluntary disclosure。The Accounting Review，83(6)，1639-1669。  new window
24.O'Sullivan, Noel(1997)。Insuring the Agents: The Role of Directors' and Officers' Insurance in Corporate Governance。Journal of Risk and Insurance，64(3)，545-556。  new window
25.Ahmed, A. S.、Duellman, S.(2011)。Evidence on the role of accounting conservatism in monitoring managers' investment decisions。Accounting & Finance，51(3)，609-633。  new window
26.Heckman, James Joseph(1979)。Sample Selection Bias as a Specification Error。Econometrica: Journal of the Econometric Society，47(1)，153-162。  new window
27.Anderson, Ronald C.、Mansi, Sattar A.、Reeb, David M.(2003)。Founding Family Ownership and the Agency Cost of Debt。Journal of Financial Economics，68(2)，263-285。  new window
28.Jensen, Michael C.、Meckling, William H.(1976)。Theory of the firm: Managerial behavior, agency costs and ownership structure。Journal of Financial Economics，3(4)，305-360。  new window
29.Beatty, A.、Weber, J.、Yu, J. J.(2008)。Conservatism and debt。Journal of Accounting and Economics，45(2/3)，154-174。  new window
30.Francis, J. R.、Martin, X.(2010)。Acquisition profitability and timely loss recognition。Journal of Accounting and Economics，49(1/2)，161-178。  new window
研究報告
1.Boubakri, N.、Boyer, M. M.、Ghalleb, N.(2008)。Managerial opportunism in accounting choice: Evidence from directors' and officers' liability insurance purchases。University of Montreal。  new window
2.Boyer, M. M.(2005)。Directors’ and officers’ insurance and shareholder protection。University of Montreal。  new window
3.Chen, Z.、Li, O.、Zou, H.(2011)。Directors’ and officers’ liability insurance and the cost of equity capital。National University of Singapore & City University of Hong Kong。  new window
4.Huang, C. A.(2011)。The independence and competence of directors, directors’ and officers’ liability insurance and restated financial statement。National Changhua University of Education。  new window
5.Khan, M.、Watts, R. L.(2007)。Estimation and validation of a firm-year measure of conservatism。Cambridge：MIT Sloan School of Management。  new window
6.Kim, I. Y.(2006)。Directors’ and officers’ insurance and opportunism in accounting choice。Duke University。  new window
7.Kothari, S.、Ramanna, K.、Skinner, D.(2009)。What should GAAP look like? A survey and economic analysis。MIT Sloan School of Management, Harvard Business School, & University of Chicago Booth School of Business。  new window
8.Lai, J. F.(2011)。The Association among agency problem of controlling shareholders, directors’ and officers’ liability insurance, and earnings persistence。National Changhua University of Education。  new window
9.Li, X.(2010)。Accounting conservatism and the cost of capital: International analysis。London Business School。  new window
10.Lin, C.、Officer, M.、Wang, R.、Zou, H.(2012)。Directors’ and officers’ liability insurance and loan spreads。Chinese University of Hong Kong, Loyola Marymount University, & City University of Hong Kong。  new window
11.Lin, H. L.(2010)。Influence factors of directors and officers liability insurance: Ownership structure and personnel changes。National Kaohsiung First University of Science and Technology。  new window
12.Wei, M. Y.(2010)。A study of the relationship among directors’ and officer’s liability insurance, corporate governance, and capital market。National Taichung University of Science and Technology。  new window
圖書
1.Fama, E. F.、Miller, M. R.(1972)。The Theory of Finance。New York：Holt, Rinehart and Winston。  new window
 
 
 
 
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