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引文資料
題名:
Managerial Liability Coverage, Controlling Shareholders, and Ownership Structure
書刊名:
管理與系統
作者:
劉政淮
/
紀信義
/
翁慈青
作者(外文):
Liou, Cheng-hwai
/
Chi, Hsin-yi
/
Weng, Tzu-ching
出版日期:
2016
卷期:
23:3
頁次:
頁397-424
主題關鍵詞:
控制股東
;
管理當局利益掠奪
;
管理當局責任保險
;
Controlling shareholder
;
Managerial entrenchment
;
Managerial legal liability coverage
原始連結:
連回原系統網址
相關次數:
被引用次數:期刊(0) 博士論文(0) 專書(0) 專書論文(0)
排除自我引用:0
共同引用:0
點閱:17
本研究在探討管理當局利益掠奪 (以控制權和現金流量權來衡量)與董監責任保險約定承保程度之關聯性。實證結果發現當公司控制股東與小股東存在較大代理問題時,則較會購買董監事責任保險。此外,我們進一步發現,若控制股東面臨較大訴訟風險時,將傾向購買相對異常較高額度的董監事責任保險承保額度。本文的結果指出當公司傾向透過購買董監事責任保險,來緩和控制股東與外部股東間代理衝突所引起的訴訟風險。
以文找文
This study investigates whether controlling shareholders with managerial entrenchment, as measured by greater deviation in cash flow and control rights, are associated with managerial liability coverage. Using a sample of director and officer (D&O) liability insurance data, we find that firms with more serious agency conflicts between controlling and outside shareholders are more likely to purchase D&O liability insurance. We also find that controlling shareholders who face greater litigation risk have an incentive to carry abnormally high D&O liability insurance coverage. Our results indicate that an incentive exists to acquire managerial liability coverage against litigation risks arising from incentive conflicts between controlling and outside shareholders.
以文找文
期刊論文
1.
Rogers, W. H.(1993)。Regression Standard Errors in Clustered Samples。Stata Technical Bulletin,13(3),19-23。
2.
Rajgopal, S.、Venkatachalam, M.、Jiambalvo, J.(2002)。Is Institutional Ownership Associated with Earnings Management and the Extent to which Stock Prices Reflect Future Earnings?。Contemporary Accounting research,19(3),117-136。
3.
Peng, L.、Roell, A.(2008)。Executive Pay and Share Holder Litigation。Review of Finance,12(4),141-184。
4.
Parry, M. E.、Parry, A. E.(1991)。The Purchase of Insurance by a Risk-neutral Firm for a Risk-averse Agents。Journal of Risk and Insurance,58(1),31-46。
5.
O'Sullivan, N.(2009)。The Impact of Directors' and Officers' Insurance on Audit Pricing: Evidence from UK Companies。Accounting Forum,33(2),146-161。
6.
MacMinn, R.、Ren, Y.、Han, L. M.(2012)。Directors, Directors and Officers Insurance, and Corporate Governance。Journal of Insurance Issues,35(2),159-179。
7.
Lu, J. H.、Horng, D. J.(2007)。The Role of Directors' and Officers' Insurance in Corporate Governance: Evidence from the High-tech Industry in Taiwan。International Journal of Technology Management,40(1-3),229-247。
8.
Johnson, M.、Nelson, K.、Pritchard, A.(2007)。Do the Merits Matter More? The Impact of the Private Securities Litigation Reform Act。Journal of Law, Economics and Organization,23(3),627-652。
9.
Ferris, S. P.、Jandik, T.、Lawless, R. M.、Makhija, A.(2007)。Derivative Lawsuits as a Corporate Governance Mechanism: Empirical Evidence on Board Changes Surrounding Filings。Journal of Financial and Quantitative Analysis,42(1),143-166。
10.
Chen, T. J.、Li, S. H.(2010)。Directors' & Officers' Insurance, Corporate Governance and Firm Performance。International Journal of Disclosure and Governance,7(3),244-261。
11.
Bradley, M.、Chen, D.(2011)。Corporate governance and the Cost of Debt: Evidence from Director Limited Liability and Indemnification Provisions。Journal of corporate finance,17(1),83-107。
12.
Baker, Tom、Griffith, Sean J.(2007)。The Missing Monitor in Corporate Governance: The Directors' and Officers' Liability Insurer。The Georgetown Law Journal,95(6),1795-1842。
13.
Jaggi, Bikki、Chin, Chen-Lung、Lin, Hsiou-Wei Willian、Lee, Picheng(2006)。Earnings Forecast Disclosure Regulation and Earnings Management: Evidence from Taiwan IPO Firms。Review of Quantitative Finance and Accounting,26(3),275-299。
14.
La Porta, Rafael、López-de-Silanes, Florencio、Shleifer, Andrei(1999)。Corporate ownership around the world。Journal of Finance,54(2),471-517。
15.
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。
16.
Chung, Hyeesoo H.、Wynn, Jinyoung P.(2008)。Managerial legal liability coverage and earnings conservatism。Journal of Accounting and Economics,46(1),135-153。
17.
Core, John E.(1997)。On the corporate demand for directors' and officers' insurance。Journal of Risk and Insurance,64(1),63-87。
18.
Holderness, Clifford G.(1990)。Liability insurers as corporate monitors。International Review of Law and Economics,10(2),115-129。
19.
Lin, C.、Officer, M. S.、Zou, H.(2011)。Directors' and Officers' Liability Insurance and Acquisition Outcomes。Journal of Financial Economics,102(3),507-525。
20.
Wynn, Jinyoung Park(2008)。Legal liability coverage and voluntary disclosure。The Accounting Review,83(6),1639-1669。
21.
Core, John E.(2000)。The directors' and officers' insurance premium: An outside assessment of the quality of corporate governance。Journal of Law, Economics, and Organization,16(2),449-477。
22.
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。
23.
Yeh, Yin-Hua(2005)。Do Controlling Shareholders Enhance Corporate Value?。Corporate Governance: An International Review,13(2),313-325。
24.
Claessens, Stijn、Djankov, Simeon、Fan, Joseph P. H.、Lang, Larry H. P.(2002)。Disentangling the Incentive and Entrenchment Effects of Large Shareholdings。The Journal of Finance,57(6),2741-2771。
25.
Rosenstein, Stuart、Wyatt, Jeffrey G.(1990)。Outside Directors, Board Independence, and Shareholder Wealth。Journal of Financial Economics,26(2),175-191。
26.
Fan, Joseph P. H.、Wong, Tak-Jun(2002)。Corporate ownership structure and the informativeness of accounting earnings in East Asia。Journal of Accounting and Economics,33(3),401-425。
27.
Fan, J. P. H.、Wong, T. J.(2005)。Do External Auditors Perform a Corporate Governance Role in Emerging Markets? Evidence from East Asia。Journal of Accounting Research,43(1),35-72。
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。
會議論文
1.
Lu, Y.(2006)。Earnings Management and Securities Litigation。American Accounting Association 2006 Annual Meeting。
研究報告
1.
(2008)。Securities Class Action Settlements--2007 Review and Analysis。Cornerstone Research。
2.
Scott, K.(1999)。Corporate Governance and East Asia。
3.
Liu, L. S.(2001)。Chinese Characteristics Compared: A Legal and Policy Perspective of Corporate Finance and Governance in Taiwan and China。China Development Financial Holding Corporation。
圖書
1.
Towers, P.(2004)。Directors and Officers Liability Survey: Executive Summary of U.S. and Canadian Results。
2.
Towers, P.(2003)。Directors and Officers Liability Survey: Executive Summary of U.S. and Canadian Results。
3.
Towers, P.(2002)。Directors and Officers Liability Survey: Executive Summary of U.S. and Canadian Results。
4.
Roe, M. J.(1994)。Strong Managers, Weak Owner: The Political Roots of American Corporate Finance。Princeton, NJ:Princeton University Press。
其他
1.
Tsai, E.(2002)。A Legal Perspective on Corporate Governance in Taiwan,http://www.iflr.com/Artide/2027070/A-legal-perspective-on-corporate-governance-in-Taiwan.html, 2002/10/10。
2.
Taiwan Insurance Institute。2011 Statistical Report: L/R for Liability Insurance,http://www.tii.org.tw/econtent/statistics/statistics0101.asp。
3.
Securities and Futures Investors Protection Center(2013)。2013 Annual Report,http://www.popbuzz.me/tw/p/1039208/。
4.
Black, J. E.,Skarzynski, B. Walsh and Black LLC(2009)。D&O Litigation Trends in 2007-2008,www.irmi.com/expert/topics/professionalfiduciaryliability.aspx。
圖書論文
1.
Bebchuk, L. A.、Kraakman, R.、Trianis, G.(2000)。Stock Pyramids, Cross-ownership and Dual Class Equity: the Mechanisms and Agency Costs of Separating Control from Cash-flow rights。Concentrated Corporate Ownership。Chicago:University of Chicago Press。
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