Directors' Liability Insurance and the Value of Cash__臺灣人文及社會科學引文索引資料庫

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題名：	Directors' Liability Insurance and the Value of Cash
書刊名：	會計審計論叢
作者：	張哲嘉／陳家偉／陳珮瀅／王有惟
作者(外文)：	Chang, Che-chia／Chen, Chia-wei／Chen, Pei-ying／Wang, Yuwei
出版日期：	2016
卷期：	6:2
頁次：	頁81-113
主題關鍵詞：	董事責任險；現金持有價值；公司治理；Directors' liability insurance；Value of cash holdings；Corporate governance
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:4 點閱:12

有別於美國公司，臺灣公司需揭露董事責任險相關資訊，本文以臺灣公司為研究對象，探討公司投保董事責任險對其現金持有價值之影響。研究結果顯示，投保較高董事責任險保額的公司，其持有現金的邊際價值較高。研究結果進一步指出，此正相關主要存在於持有超額現金的公司中；若公司未持有超額現金，則董事責任險保額與持有現金之邊際價值無顯著關係。雖然過去文獻指出董事責任險可能削弱公司治理機制，本文研究結果隱含董事責任險的正面效果。

以文找文

We examine the effect of directors’ liability insurance on the value of firms’ cash holdings. Our sample is consisted of listed firms in Taiwan because they are required to disclose information regarding their directors’ liability insurance status. Our results show that the higher the directors’ liability insurance coverage, the higher the marginal value of cash holdings. This positive relationship between directors’ liability insurance coverage and marginal value of cash holdings particularly exists in firms with excess cash holdings. Despite the possibility that directors’ liability insurance may weaken corporate governance mechanism due to moral hazard, our findings actually document a positive effect associated with directors’ liability insurance.

以文找文

期刊論文
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