篇名 | 追尋優秀獨立董事:董監事責任險之角色 |
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卷期 | 73 |
並列篇名 | The Quest for Talented Independent Directors: The Role of Directors’ and Officers’ Liability Insurance |
作者 | 李貴富 、 廖懿屏 |
頁次 | 101-132 |
關鍵字 | 董監事責任險 、 獨立董事 、 聘任 、 辭職 、 Directors’ and officers’ liability insurance 、 Independent directors 、 Recruit 、 Resignation 、 TSSCI |
出刊日期 | 202107 |
DOI | 10.6552/JOAR.202107_(73).0003 |
本研究探討董監事責任險是否能在公司尋求優秀獨立董事時,作為有效的工具,而優秀獨立董事係指符合下列三條件之一者:(1)具備碩士或以上學歷,或(2)身兼三間或以上之董事職位,或(3)符合財務或會計專業人員資格。本研究發現,「購買董監事責任險」與「優秀獨立董事百分比」為顯著正相關,而「購買董監事責任險」與「獨立董事自願離職」為顯著負相關。整體而言,本研究的實證結果支持董監事責任險有助於公司聘任優秀獨立董事、並維持董事會穩定性,此應亦為董監事責任險持續普及的原因之一。
This study explores whether directors’ and officers’ liability insurance (D&O insurance) is an effective tool in firms’ quest for talented independent directors, that is, those who are highly educated, well-connected, or financial experts. We find that firms with D&O insurance are better able to recruit talented independent directors, supporting that the protection provided by D&O insurance is determinative when talented individuals are deciding whether to join a board. We also show that D&O insurance reduces the incidence of independent directors’ resignation. Collectively, our evidence suggests that D&O insurance helps firms maintain a board with superior competence and greater stability, which also explains the wide prevalence of D&O insurance in practice.