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Directors' and officers' liability insurance, independent directors behavior, and governance effect

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<title>Directors' and officers' liability insurance, independent directors behavior, and governance effect</title>
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<name type="personal" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20190000093">
<namePart>Tang, Xuesong</namePart>
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<abstract displayLabel="Summary">We examine the effect of directors' and officers' liability insurance (D&O insurance) on the behavior of independent directors and the effectiveness of their governance role. Using a unique data set, we find a negative relation between D&O insurance and personal board meeting attendance by independent directors and a positive relation between D&O insurance and meeting attendance by authorized representatives. Content analysis of independent director opinion reports indicates that D&O insurance encourages independent directors to behave less responsibly. Insured independent directors are also more likely to be busy. Collectively, D&O insurance reduces the effectiveness of independent directors in corporate governance</abstract>
<note type="statement of responsibility">Ning Jia, Xuesong Tang</note>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080633790">
<topic>Seguro de responsabilidad civil patronal</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080556402">
<topic>Seguro D&O</topic>
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<topic>Directors and officers (insurance)</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080605742">
<topic>Directivos de empresas</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080616380">
<topic>Consejo de Administración</topic>
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<topic>Litigios</topic>
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<topic>Mercado de seguros</topic>
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<topic>Estadísticas</topic>
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<classification authority="">333</classification>
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<title>The Journal of risk and insurance</title>
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<originInfo>
<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>03/12/2018 Volumen 85 Número 4 - diciembre 2018 , p. 1013-1054</text>
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<recordCreationDate encoding="marc">190103</recordCreationDate>
<recordChangeDate encoding="iso8601">20190103112909.0</recordChangeDate>
<recordIdentifier source="MAP">MAP20190000154</recordIdentifier>
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