DIRECTORS' AND OFFICERS' LIABILITY INSURANCE AND FIRM VALUE
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Hwang, Joon Ho | - |
dc.contributor.author | Kim, Byungmo | - |
dc.date.accessioned | 2021-09-02T10:43:04Z | - |
dc.date.available | 2021-09-02T10:43:04Z | - |
dc.date.created | 2021-06-19 | - |
dc.date.issued | 2018-06 | - |
dc.identifier.issn | 0022-4367 | - |
dc.identifier.uri | https://scholar.korea.ac.kr/handle/2021.sw.korea/75085 | - |
dc.description.abstract | This study examines the effect of directors' and officers' liability (D&O) insurance on firm value. Previous studies are divided on the value implication of D&O insurance: some argue for various benefits of being covered by D&O insurance, whereas others focus on the managerial opportunism stemming from being insured. In order to address whether D&O insurance increases firm value, we utilize a sample of quoted Korean companies from a period in which the disclosure of D&O insurance information was mandatory and there was a significant cross-sectional variation in the firms' coverage of D&O insurance. We find that controlling for the endogeneity of D&O insurance coverage, D&O insurance increases firm value compared to noninsured firms. We also find evidence that the increase in firm value is pronounced for firms with greater growth opportunities, which suggests that D&O insurance can help firms to better convert growth opportunities into higher firm value. | - |
dc.language | English | - |
dc.language.iso | en | - |
dc.publisher | WILEY | - |
dc.subject | CREDIT DEFAULT SWAPS | - |
dc.subject | CORPORATE GOVERNANCE | - |
dc.subject | CEO OVERCONFIDENCE | - |
dc.subject | CAPITAL STRUCTURE | - |
dc.subject | RISK-TAKING | - |
dc.subject | PANEL-DATA | - |
dc.subject | INVESTOR PROTECTION | - |
dc.subject | EMPIRICAL-ANALYSIS | - |
dc.subject | EQUITY OWNERSHIP | - |
dc.subject | MARKET VALUATION | - |
dc.title | DIRECTORS' AND OFFICERS' LIABILITY INSURANCE AND FIRM VALUE | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Hwang, Joon Ho | - |
dc.identifier.doi | 10.1111/jori.12136 | - |
dc.identifier.scopusid | 2-s2.0-84992453946 | - |
dc.identifier.wosid | 000434137200009 | - |
dc.identifier.bibliographicCitation | JOURNAL OF RISK AND INSURANCE, v.85, no.2, pp.447 - 482 | - |
dc.relation.isPartOf | JOURNAL OF RISK AND INSURANCE | - |
dc.citation.title | JOURNAL OF RISK AND INSURANCE | - |
dc.citation.volume | 85 | - |
dc.citation.number | 2 | - |
dc.citation.startPage | 447 | - |
dc.citation.endPage | 482 | - |
dc.type.rims | ART | - |
dc.type.docType | Article | - |
dc.description.journalClass | 1 | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Business, Finance | - |
dc.relation.journalWebOfScienceCategory | Economics | - |
dc.subject.keywordPlus | CREDIT DEFAULT SWAPS | - |
dc.subject.keywordPlus | CORPORATE GOVERNANCE | - |
dc.subject.keywordPlus | CEO OVERCONFIDENCE | - |
dc.subject.keywordPlus | CAPITAL STRUCTURE | - |
dc.subject.keywordPlus | RISK-TAKING | - |
dc.subject.keywordPlus | PANEL-DATA | - |
dc.subject.keywordPlus | INVESTOR PROTECTION | - |
dc.subject.keywordPlus | EMPIRICAL-ANALYSIS | - |
dc.subject.keywordPlus | EQUITY OWNERSHIP | - |
dc.subject.keywordPlus | MARKET VALUATION | - |
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