淡江大學覺生紀念圖書館 (TKU Library)
進階搜尋


下載電子全文限經由淡江IP使用) 
系統識別號 U0002-2206201713360100
中文論文名稱 董監事責任險與風險承擔-公司治理的角色
英文論文名稱 Directors’ and Officers’ Liability Insurance and Risk Taking – The Role of Corporate Governance
校院名稱 淡江大學
系所名稱(中) 保險學系保險經營碩士班
系所名稱(英) Department of Insurance
學年度 105
學期 2
出版年 106
研究生中文姓名 盧怡臻
研究生英文姓名 I-Chen Lu
學號 604560150
學位類別 碩士
語文別 中文
口試日期 2017-06-02
論文頁數 60頁
口試委員 指導教授-湯惠雯
委員-王朝仕
委員-何佳玲
中文關鍵字 董監事責任險  風險承擔  公司治理  兩階段最小平方法 
英文關鍵字 Directors’ and Officers’ Liability Insurance  risk taking  corporate governance  2SLS 
學科別分類
中文摘要 本研究旨在探討台灣上市櫃公司董監事責任險與風險承擔的關聯性,並以公司治理的角色進行研究及分析。由於過去文獻指出公司對董監事責任險的需求會受到許多因素影響,例如,公司治理特性。為解決此內生性問題,本文採用兩階段最小平方法(two-stage least square method, 2SLS)估計迴歸模型,第一階段模型驗證董監事責任保險需求與公司治理關聯性,第二階段探討風險承擔與董監事責任險之關聯性。實證結果顯示,董監事責任險的投保需求會受到公司治理因素影響;董事長兼任總經理、董事會獨立性及經理人持股均對董監事責任險投保需求有正向顯著影響,而董事會規模及大股東持股對董監事責任險投保需求有負向顯著影響,且董監事責任險對公司風險承擔呈現顯著的正向影響,表示投保董監事責任險會使企業擴大風險承擔。此外,本研究以董監事責任險投保金額進行驗證,實證結果亦支持董監事責任險投保金額與風險承擔呈現顯著的正向影響。
英文摘要 The purpose of this paper is to explore the relationship between directors’ and officers’ liability insurance (D&O insurance) and risk taking in Taiwan listed companies from the role of corporate governance. Prior literatures suggest that the demand of D&O insurance is likely affected by many factors, such as corporate governance characteristics. To solve this endogenous problem, we adopted two-stage least square method (2SLS) to estimate our empirical models. The first stage model is to examine the relationship between the demand of D&O insurance and corporate governance. The second stage model is to examine the relationship between risk taking and the demand of D&O insurance. The empirical results show that the demand of D&O insurance will be influenced by corporate governance factors. CEO duality, board independence and manager shares have significant positive impact on the demand of D&O insurance; whereas board size and block shares have significant negative impact on the demand of D&O Insurance. D&O insurance has a significant positive impact on corporate risk taking indicating that the purchase of D&O insurance will lead to greater risk taking. In addition, we testified our models by the amount of D&O insurance. The results also support the significant positive impact on corporate risk taking.
論文目次 目錄
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究架構 5
第二章 文獻探討 7
第一節 董監事責任險需求與公司治理 7
第二節 風險承擔與公司治理 11
第三章 研究方法 13
第一節 研究假說 13
第二節 研究樣本與資料來源 18
第三節 研究變數與模型設定 19
第四章 實證結果分析 24
第一節 敘述性統計分析 24
第二節 相關性分析 30
第三節 平均數差異檢定 35
第四節 實證結果分析 37
第五章 結論與建議 51
第一節 結論 51
第二節 研究限制及建議 53
參考文獻 54

圖目錄
圖1-1:研究流程圖 6

表目錄
表4-1:研究樣本產業分布狀況 25
表4-2:研究樣本年度分布狀況 27
表4-3:研究變數敘述性統計 29
表4-4:PEARSON相關係數-董監事責任險投保與否 31
表4-5:PEARSON相關係數-董監事責任險投保金額 33
表4-6:董監事責任險投保與否兩母體平均數差異性檢定 36
表4-7-1:多元共線性診斷-DO 38
表4-7-2:多元共線性診斷-Amt 39
表4-8-1:第一階段迴歸結果-DO 44
表4-8-2:第二階段迴歸結果-DO 45
表4-9-1:第一階段迴歸結果-Amt 49
表4-9-2:第二階段迴歸結果-Amt 50




參考文獻 中文部分
1. 二十國集團/經合組織,2016,二十國集團/經合組織公司治理原則,巴黎:經濟合作暨發展組織出版。
2. 李書行、韓建婷、劉俐萱、李柏霖,2007,「訴訟風險,董監事責任險,與公司經營績效」,行政院國家科學委員會專題研究計畫成果報告。
3. 陳彩稚、龐嘉惠,2008,董監事暨重要職員責任保險之需求因素分析,「臺大管理論叢」,第18卷,第2期,頁171-196。
4. 陳麗如、彭金隆、王儷玲,2010,「台灣保險業公司治理結構對風險決策行為的影響」,管理評論,第29卷 第4期,頁1-18。

英文部分
1. Bhagat, S., Brickley, J. A., and Coles, J. L. (1987). Managerial indemnification and liability insurance: The effect on shareholder eealth. Journal of Risk and Insurance, 54(4), pp. 721-736.
2. Boyer, M. M., and Stern, L. H. (2012). Is corporate governance risk valued? Evidence from directors' and officers' insurance. Journal of Corporate Finance, 18, pp. 349–372.
3. Boyer, M. M., and Tennyson, S. (2015). Directors' and officers' liability insurance, corporate risk and risk taking : New panel data evidence on the role of directors' and officers' liability insurance. Journal of Risk and Insurance, 82(4), pp. 753-791.
4. Bozec, Y., and Laurin, C. (2008). Large shareholder entrenchment and performance : Empirical evidence from Canada. Jornal of Business Finance & Accounting, 35(1&2), pp. 25-49.
5. Bricicley, J. A., Lease, R. C., and Smitii, C. W. (1988). Ownership structure and voting on antitakeover amendments. Journal of Financial Economics, 20, pp. 267-291.
6. Byrd, J. W., and Hickman, K. A. (1992). Do outside directors monitor managers? Evidence from tender offer bids. Journal of Financial Economics, 32(2), pp. 195-221.
7. Chalmers, J. M., Dann, L. Y., and Harford, J. (2002). Managerial opportunism? Evidence from directors' and officers' insurance purchases. The Journal of Finance, 57(2), pp. 609-636.
8. Cheng , S. (2008). Board size and the variability of corporate performance. Journal of Financial Economics, 87, pp. 157–176.
9. Coles, J. L., Naveen, D. D., and Naveen, L. (2006). Managerial incentives and risk-taking. Journal of Financial Economics, 79, pp. 431-468.
10. Core, J. E. (1997). On the corporate demand for directors' and officers' insurance. The Journal of Risk and Insurance, 64(1), pp. 63-87.
11. Core, J. E. (2000). The directors' and officers' insurance premium: An outside assessment of the quality of corporate governance. Journal of Law, Economics, & Organization, 16(2), pp. 449-477.
12. Dalton, D. R., Daily, C. M., Johnson, J. L., and Ellstrand, A. E. (1999). Number of directors and financial performance : A meta-analysis. Academy of Management Journal, 42(6), pp. 674-686.
13. Dong, J., and Gou, Y. (2010). Corporate governance structure, managerial discretion, and the R&D investment in China. International Rewiew of Economics and Finance, 19, pp. 180-188.
14. Eling, M., and Marek, S. D. (2013). Corporate governance and risk taking : Evidence from the U.K. and German insurance markets. Journal of Risk and Insurance, 81(3), pp. 653-682.
15. Fama, E. F., and Jensen, M. C. (1983). Seperation of ownership and control. Journal of Law and Economics, 26(2), pp. 301-325.
16. Gillan, S. L., and Panasian, C. A. (2015). On lawsuits, corporate governance, and directors' and officers' liability insurance. Journal of Risk and Insurance, 82(4), pp. 793-822.
17. Guldiken, O., and Darendeli, I. S. (2016). Too much of a good thing : Board monitoring and R&D investment. Journal of Business Research, 69, pp. 2931-2938.
18. Heckman, J. J. (1979). Sample selection bias as a specification error. Econometrica, 47(1), pp. 153-161.
19. Hermalin, B. E., and Weisbach, M. S. (1988). The determinants of board composition. The RAND Journal of Economics, 19(4), pp. 589-606.
20. Ho, C. L., Lai, G. C., and Lee, J. P. (2013). Organization structure, board composition, and risk taking in the U.S. property casualty insurance industry. Journal of Risk and Insurance, 80(1), pp. 169-203.
21. Holderness, C. G. (1990). Liability insurers as corporate monitors. International Review of Law and Economics, 10, pp. 115-129.
22. Jensen, M. C. (1993). Failure of internal control systems. Journal of Finance, 48(3), pp. 831-880.
23. Jensen, M. C., and Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, pp. 305-360.
24. King, T. H. D., and Wen, M. M. (2011). Shareholder governance, bondholder governance, and managerial risk-taking. Journal of Banking & Finance, 35, pp. 512-531.
25. Lee, S. (2012). Financial determinants of corporate R&D investment in Korea. Asian Economic Journal, 26(2), pp. 119-135.
26. Lin, C., Officer, M. S., Wang, R., and Zou, H. (2013). Directors' and officers' liability insurance and loan spreads. Journal of Financial Economics, 110, pp. 37-60.
27. Miller, K. D., and Bromiley, P. (1990). Strategic risk and corporate performance: An analysis of alternative risk measures. Academy of Management Journal, 33(4), pp. 756-779.
28. Morck, R., Shleifer, A., and Vishny, R. W. (1988). Management ownership and market valuation : An empirical analysis. Journal of Financial Economics, 20, pp. 293-315.
29. Nguyen, P. (2011). Corporate governance and risk-taking: Evidence from Japanese firms. Pacific-Basin Finance Journal, 19, pp. 278-297.
30. O'Sullivan, N. (1997). Insuring the agents: The role of directors' and officers' insurance in corporate governance. Journal of Risk and Insurance, 64(3), pp. 545-556.
31. O'Sullivan, N. (2002). The demand for directors' and officers' insurance by large UK companies. European Management Journal, 20(5), pp. 574-583.
32. Pfeffer, J. (1972). Size and composition of corporate boards of directors: The organization and its environment. Administrative Science Quarterly, 17(2), pp. 218-228.
33. Priest, G. L. (1987). The current insurance crisis and modern tort law. The Yale Law Journal, 96(7), pp. 1521-1590.
34. Shleifer, A., and Vishny, R. W. (1986). Large shareholders and corporate control. Journal of Political Economy, 94(3), pp. 461-488.
35. Stulz, R. M. (1988). Managerial control of voting rights : Financing policies and the market for corporate control. Journal of Financial Economics, 20, pp. 25-45.
36. Wang, Y., and Chen, C. (2016). Directors' and officers' liability insurance and the sensitivity of directors' compensation to firm performance. International Review of Economics and Finance, 45, pp. 286–297.
37. Wright, P., Ferris, S. P., Sarin, A., and Awasthi, V. (1996). Impact of corporate insider , blockholder , and institutional equity ownership on firm risk taking. The Academy of Management, 39(2), pp. 441-463.
38. Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Finance Economics, 40, pp. 185-211.
39. Zou , H., Wong, S., Shum, C., Xiong, J., and Yan, J. (2008). Controlling-minority shareholder incentive conflicts and directors’ and officers’ liability insurance : Evidence from China. Journal of Banking & Finance, 32, pp. 2636–2645.


論文使用權限
  • 同意紙本無償授權給館內讀者為學術之目的重製使用,於2017-06-26公開。
  • 同意授權瀏覽/列印電子全文服務,於2017-06-26起公開。


  • 若您有任何疑問,請與我們聯絡!
    圖書館: 請來電 (02)2621-5656 轉 2281 或 來信