Directors' and officers' liability insurance and firm value

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<rdf:Description>
<dc:creator>Ho Hwang, Joon</dc:creator>
<dc:creator>Kim, Byungmo</dc:creator>
<dc:date>2018-06-01</dc:date>
<dc:description xml:lang="es">Sumario: 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:description>
<dc:identifier>https://documentacion.fundacionmapfre.org/documentacion/publico/es/bib/164979.do</dc:identifier>
<dc:language>eng</dc:language>
<dc:rights xml:lang="es">InC - http://rightsstatements.org/vocab/InC/1.0/</dc:rights>
<dc:subject xml:lang="es">Seguro D&O</dc:subject>
<dc:subject xml:lang="es">Seguro de responsabilidad civil patronal</dc:subject>
<dc:subject xml:lang="es">Responsabilidad de los administradores</dc:subject>
<dc:subject xml:lang="es">Valoración de empresas</dc:subject>
<dc:subject xml:lang="es">Creación de valor en la empresa</dc:subject>
<dc:type xml:lang="es">Artículos y capítulos</dc:type>
<dc:title xml:lang="es">Directors' and officers' liability insurance and firm value</dc:title>
<dc:relation xml:lang="es">En: The Journal of risk and insurance. - Nueva York : The American Risk and Insurance Association, 1964- = ISSN 0022-4367. - 01/06/2018 Volumen 85 Número 2 - junio 2018 , p. 447-482</dc:relation>
</rdf:Description>
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