Directors' and officers' liability insurance and firm value

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      <subfield code="a">Ho Hwang, Joon</subfield>
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      <subfield code="a">Directors' and officers' liability insurance and firm value</subfield>
      <subfield code="c">Joon Ho Hwang, Byungmo Kim</subfield>
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      <subfield code="a">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.</subfield>
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      <subfield code="0">MAPA20080556402</subfield>
      <subfield code="a">Seguro D&O</subfield>
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      <subfield code="0">MAPA20080633790</subfield>
      <subfield code="a">Seguro de responsabilidad civil patronal</subfield>
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      <subfield code="0">MAPA20080632908</subfield>
      <subfield code="a">Responsabilidad de los administradores</subfield>
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      <subfield code="0">MAPA20080609184</subfield>
      <subfield code="a">Valoración de empresas</subfield>
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      <subfield code="a">Creación de valor en la empresa</subfield>
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      <subfield code="a">Kim, Byungmo</subfield>
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      <subfield code="w">MAP20077000727</subfield>
      <subfield code="t">The Journal of risk and insurance</subfield>
      <subfield code="d">Nueva York : The American Risk and Insurance Association, 1964-</subfield>
      <subfield code="x">0022-4367</subfield>
      <subfield code="g">01/06/2018 Volumen 85 Número 2 - junio 2018 , p. 447-482</subfield>
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