Directors' and officers' liability insurance and firm value

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<title>Directors' and officers' liability insurance and firm value</title>
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<namePart>Kim, Byungmo</namePart>
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<dateIssued encoding="marc">2018</dateIssued>
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<abstract displayLabel="Summary">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.</abstract>
<note type="statement of responsibility">Joon Ho Hwang, Byungmo Kim</note>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080556402">
<topic>Seguro D&O</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080633790">
<topic>Seguro de responsabilidad civil patronal</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080632908">
<topic>Responsabilidad de los administradores</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080609184">
<topic>Valoración de empresas</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080626822">
<topic>Creación de valor en la empresa</topic>
</subject>
<classification authority="">332</classification>
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<title>The Journal of risk and insurance</title>
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<publisher>Nueva York : The American Risk and Insurance Association, 1964-</publisher>
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<identifier type="issn">0022-4367</identifier>
<identifier type="local">MAP20077000727</identifier>
<part>
<text>01/06/2018 Volumen 85 Número 2 - junio 2018 , p. 447-482</text>
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