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題名 董監事責任保險和併購表現：以台灣上市櫃公司為例
Directors’ and Officers’ Liability Insurance and Acquisition Performance: Evidence from Publicly Traded Firms in Taiwan
作者 鄔函靜
Wu, Han-Ching
貢獻者 鄭士卿
Jeng, Shih-Ching
鄔函靜
Wu, Han-Ching
關鍵詞 董監事責任保險
併購
D&O Insurance
Acquisition
日期 2019
上傳時間 7-Aug-2019 16:15:25 (UTC+8)
摘要 We link the idea of directors’ and officers’ liability insurance (D&O insurance) with mergers and acquisitions (M&As) and examine how the purchase of directors’ and officers’ liability insurance may affect acquisition performance of firms in Taiwan. Using publicly-traded firms data in Taiwan from 2009 to 2016, we investigate both short-term and long-term buy and hold returns as well as announcement-period stock returns. We find that acquirers whose managers are protected by D&O insurance or carry higher policy limits experience higher announcement abnormal stock returns than do acquirers without D&O insurance or lower policy limits. We also find that acquirers with D&O insurance or higher coverage experience higher one-year buy and hold abnormal returns but lower three-year buy and hold abnormal returns. Our results show that examining long-term performance of the firm, specifically three-year performance, provides different perspectives to the current D&O insurance literatures.
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Aguir, I., N. Burns, S.A. Mansi and J.K. Wald (2014), ‘Liability Protection, Director Compensation, and Incentives’, Journal of Financial Intermediation, 23: 570-589.
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Amihud, Y. and B. Lev (1981), ‘Risk Reduction as a Managerial Motive for Conglomerate Mergers, The Bell Journal of Economics, 12: 605–618.
Aras, G. and M.K. Yilmaz (2008), ‘Price-Earnings Ratio, Dividend Yield, and Market-to-Book Ratio to Predict Return on Stock Market: Evidence from the Emerging Markets’, Journal of Global Business and Technology, 4: 18-30.
Asquith, P., R.F. Bruner and D.V. Mullins (1983), ‘The Gains to Bidding Firms from Merger’, Journal of Financial Economics, 11: 121–139.
Baker, T. and S.J. Griffith (2007), ‘Predicting Corporate Governance Risk: Evidence from the Directors’ and Officers’ Liability Insurance Market’, University of Chicago Law Review, 74: 487-544.
Baird, D.G. and R.K. Rasmussen (2001), ‘Control Rights, Priority Rights and the Conceptual Foundations of Corporate Reorganizations, Virginia Law Review, 87: 921–959.
Bhagat, S., J. Brickley and J. Coles (1987), ‘Managerial Indemnification and Liability Insurance: The Effect on Shareholder Wealth’, Journal of Risk and Insurance, 54: 721-736.
Boubakri, N., N. Ghalleb and M. Boyer (2008), ‘Managerial Opportunism in Accounting Choice: Evidence from Directors’ and Officers’ Liability Insurance Purchases’, Working Paper, HEC Montreal, pp.1-50.
Boyer, M.M. (2007), ‘Directors’ and Officers’ Insurance in Canada’, Corporate Ownership and Control, 4: 141-145.
Boyer, M.M. and L.H. Stern (2014), ‘D&O Insurance and IPO Performance: What Can We Learn from Insurers?’, Journal of Financial Intermediation, 23: 504-40.
Boyer, M.M. and S.L. Tennyson (2015), ‘Directors` and Officers` Liability Insurance, Corporate Risk and Risk Taking: New Panel Data Evidence on the Role of Directors` and Officers` Liability Insurance’, Journal of Risk and Insurance, 82: 753-791.
Brook, Y. and R. Rao (1994), ‘Shareholder wealth effects of directors` liability limitation provisions’, Journal of Financial and Quantitative Analysis, 29 (3): 481-497.
Campa, J.M. and S. Kedia (2002), ‘Explaining the Diversification Discount’, Journal of Finance, 57: 1731–1762.
Chakrabarti, A.K. (1990), ‘Organizational Factors in Post-Acquisition Performance’, IEEE Transactions on Engineering Management, 37: 259-268.
Chalmers, J.M.R., L.Y. Dann and J. Harford (2002), ‘Managerial Opportunism? Evidence from Directors’ and Officers’ Insurance Purchases’, Journal of Finance, 57: 609-636.
Chang, S.C., Y. Ren and J. Yeh (2018), ‘The role of information: When is Directors’ and Officers’ insurance value-added?’, Journal of Banking and Finance, 97: 189-197.
Chen, C.Y. (2017), ‘Functions of Directors` and Officers` (D&O) Liability Insurance and Litigation Risk: An Empirical Legal Study of Taiwan’, National Taiwan University Law Review, 12: 1-52.
Chen, S.J. and J.M. Dempere (2011), ‘Does Corporate Governance Affect Target IPO Bank Returns Surrounding M&A Announcements’, International Journal of Trade, Economics and Finance, 2: 72-77.
Chung, H.H. and J.P. Wynn (2008), ‘Managerial Legal Liability Coverage and Earnings Conservatism’, Journal of Accounting and Economics, 46: 135-153.
Core, J.E. (1997), ‘On the Corporate Demand for Directors’ and Officers’ Insurance’, Journal of Risk and Insurance, 64: 63-88.
Core, J.E. (2000), ‘The Directors’ and Officers’ Insurance Premium: an Outside Assessment of the Quality of Corporate Governance’, Journal of Law, Economics and Organization, 16: 449–477.
Fang, T., C. Fridh and S. Schultzberg (2004), ‘Why Did the Telia–Telenor Merger Fail?’, International Business Review, 13(5): 573-594.
Fuller, K., J. Netter, and M. Stegemoller (2002), ‘What Do Returns to Acquiring Firms Tell Us? Evidence from Firms that Make Many Acquisitions’, Journal of Finance, 57: 1763–1794.
Gillan, S. and C. Panasian (2010), ‘What Matters in Corporate Governance?: Evidence from the Market for Directors’ and Officers’ Liability Insurance’, Working Paper, Texas Tech University, pp.1-36.
Gilson, S.C. and M.R. Vetsuypens (1994), ‘Creditor Control in Financially Distressed Firms: The Empirical Evidence’, Washington University Law Quarterly, 72: 1005–1025.
Gutiérrez, M. (2003), ‘An Economic Analysis of Corporate Directors` Fiduciary Duties’, The RAND Journal of Economics, 34(3): 516-535.
Grinstein, Y. and R. Michaely (2005), ‘Institutional Holdings and Payout Policy’, Journal of Finance, 60: 1389–1426.
Healy, P., K. Palepu and R. Ruback (1992), ‘Does Corporate Performance Improve After Mergers?’, Journal of Finance Economics, 31: 135–175.
Holderness, C.G. (1990), ‘Liability Insurers as Corporate Monitors’, International Review of Law and Economics, 10: 115-29.
Hwang, J.H. and B. Kim (2018), ‘Directors’ and Officers’ Liability Insurance and Firm Value’, Journal of Risk and Insurance, 85: 447-482.
Ikeda, K. and N. Doi (1983), ‘The Performance of Merging Firms in Japanese Manufacturing Industry: 1964-75’, Journal of Industrial Economics, 31: 257-266.
Ivancevich, J.M., D.M. Schweiger and F.R. Power (1987), ‘Strategies for Managing Human Resources during Mergers and Acquisitions’, Human Resource Planning, 10(1): 19-35.
Jensen, M.C. (1986), ‘Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers’, American Economic Review, 76: 323–329.
Jensen, M.C. (1993), ‘The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems’, Journal of Finance, 48: 831-880.
Jou, J.B. and T. Lee (2004), ‘The Agency Problem, Investment Decision, and Optimal Financial Structure’, European Journal of Finance, 10: 489-509.
Kang, J., A. Shivdasani, and T. Yamada (2000), ‘The Effect of Bank Relations on Investment Decisions: An Investigation of Japanese Takeover Bids’, Journal of Finance, 55: 2197-2218.
Kester, W.C. (1991), ‘Japanese Takeovers: The Global Contest for Corporate Control’, Journal of International Business Studies, 22: 528-530.
Kim, I. (2015), ‘Directors’ and Officers’ Insurance and Opportunism in Accounting Choice’, Accounting and Taxation, 7(1): 51-65.
Lamoreaux, P.T., L.P. Litov and L.M. Mauler (2018), ‘Lead Independent Directors: Good Governance or Window Dressing’, SSRN.
Larsson, R. and S. Finkelstein (1999), ‘Integrating Strategic, Organizational, and Human Resources Perspectives on Mergers and Acquisitions: A Case Study of Synergy Realization’, Organization Science, 10:1-26.
Li, K.F. and Y.P. Liao (2014), ‘Directors’ and Officers’ Liability Insurance and Investment Efficiency: Evidence from Taiwan’, Pacific-Basin Finance Journal, 29: 18-34.
Lin, C.Y. and H.T. Lee (2014), ‘The Bigger the Better? Merger and Acquisition Performance of Financial Holding Corporations: Empirical Evidence from Taiwan’, Journal of Emerging Markets Finance and Trade, 46: 96-107.
Lin, C., M.S. Officer and H. Zou (2011), ‘Directors’ and Officers’ Liability Insurance and Acquisition Outcomes’, Journal of Financial Economics, 102: 507-525.
Lin, C., M.S. Officer, R. Wang and H. Zou (2013), ‘Directors’ and Officers’ Liability Insurance and Loan Spreads’, Journal of Financial Economics, 110: 37-60.
Lin, C., Y. Ma, P. Malatesta and Y. Xuan (2011), ‘Ownership Structure and the Cost of Corporate Borrowing’, Journal of Financial Economics, 100: 1–23.
Lubatkin, M. (1983), ‘Mergers and the Performance of the Acquiring Firm’, Academy of Management Review, 8: 218-226.
Masulis, R.W., C. Wang and F. Xie (2007), ‘Corporate Governance and Acquirer Returns’, Journal of Finance, 62: 1851-1889.
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描述 碩士
國立政治大學
風險管理與保險學系
106358004
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106358004
資料類型 thesis
dc.contributor.advisor 鄭士卿zh_TW
dc.contributor.advisor Jeng, Shih-Chingen_US
dc.contributor.author (Authors) 鄔函靜zh_TW
dc.contributor.author (Authors) Wu, Han-Chingen_US
dc.creator (作者) 鄔函靜zh_TW
dc.creator (作者) Wu, Han-Chingen_US
dc.date (日期) 2019en_US
dc.date.accessioned 7-Aug-2019 16:15:25 (UTC+8)-
dc.date.available 7-Aug-2019 16:15:25 (UTC+8)-
dc.date.issued (上傳時間) 7-Aug-2019 16:15:25 (UTC+8)-
dc.identifier (Other Identifiers) G0106358004en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/124753-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 風險管理與保險學系zh_TW
dc.description (描述) 106358004zh_TW
dc.description.abstract (摘要) We link the idea of directors’ and officers’ liability insurance (D&O insurance) with mergers and acquisitions (M&As) and examine how the purchase of directors’ and officers’ liability insurance may affect acquisition performance of firms in Taiwan. Using publicly-traded firms data in Taiwan from 2009 to 2016, we investigate both short-term and long-term buy and hold returns as well as announcement-period stock returns. We find that acquirers whose managers are protected by D&O insurance or carry higher policy limits experience higher announcement abnormal stock returns than do acquirers without D&O insurance or lower policy limits. We also find that acquirers with D&O insurance or higher coverage experience higher one-year buy and hold abnormal returns but lower three-year buy and hold abnormal returns. Our results show that examining long-term performance of the firm, specifically three-year performance, provides different perspectives to the current D&O insurance literatures.en_US
dc.description.tableofcontents List of Tables IV
Chapter 1 Introduction 1
Chapter 2 Literature Review 5
2.1 Literature Review in D&O Insurance 5
2.2 Literature Review in M&As 9
Chapter 3 Data and Sample Selection 13
Chapter 4 Methodology and Variable Descriptioin 16
4.1 Methodology 16
4.2 Variable Description 16
4.2.1 Key Variables 16
4.2.2 Deal Characteristics 17
4.2.3 Acquirer Financial Characteristics 18
4.2.4 Corporate Governance 19
Chapter 5 Empirical Results and Analysis 22
5.1 Descriptive Statistics 22
5.2 Regression Results 24
5.2.1 D&O Insurance and Acquirer Returns: All Firms in Our Sample 27
Chapter 6 Robustness Checks 33
6.1 D&O Insurance and Acquirer Returns: Firms with D&O Insurance Only 33
6.2 D&O Insurance and Acquirer Returns: Firms without Financial Industry 36
6.3 D&O Insurance and Acquirer Returns: Instrumental Variables 38
Chapter 7 Conclusion 44
Reference 45		zh_TW
dc.format.extent 1025832 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106358004en_US
dc.subject (關鍵詞) 董監事責任保險zh_TW
dc.subject (關鍵詞) 併購zh_TW
dc.subject (關鍵詞) D&O Insuranceen_US
dc.subject (關鍵詞) Acquisitionen_US
dc.title (題名) 董監事責任保險和併購表現：以台灣上市櫃公司為例zh_TW
dc.title (題名) Directors’ and Officers’ Liability Insurance and Acquisition Performance: Evidence from Publicly Traded Firms in Taiwanen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Adams, M., C. Lin and H. Zou (2011), ‘Chief Executive Officer Incentives, Monitoring, and Corporate Risk Management: Evidence from Insurance Use’, Journal of Risk and Insurance, 78: 551–582.
Aguir, I., N. Burns, S.A. Mansi and J.K. Wald (2014), ‘Liability Protection, Director Compensation, and Incentives’, Journal of Financial Intermediation, 23: 570-589.
Allianz Global Corporate & Specialty (2010), ‘Introduction to D&O Insurance’.
Amihud, Y. and B. Lev (1981), ‘Risk Reduction as a Managerial Motive for Conglomerate Mergers, The Bell Journal of Economics, 12: 605–618.
Aras, G. and M.K. Yilmaz (2008), ‘Price-Earnings Ratio, Dividend Yield, and Market-to-Book Ratio to Predict Return on Stock Market: Evidence from the Emerging Markets’, Journal of Global Business and Technology, 4: 18-30.
Asquith, P., R.F. Bruner and D.V. Mullins (1983), ‘The Gains to Bidding Firms from Merger’, Journal of Financial Economics, 11: 121–139.
Baker, T. and S.J. Griffith (2007), ‘Predicting Corporate Governance Risk: Evidence from the Directors’ and Officers’ Liability Insurance Market’, University of Chicago Law Review, 74: 487-544.
Baird, D.G. and R.K. Rasmussen (2001), ‘Control Rights, Priority Rights and the Conceptual Foundations of Corporate Reorganizations, Virginia Law Review, 87: 921–959.
Bhagat, S., J. Brickley and J. Coles (1987), ‘Managerial Indemnification and Liability Insurance: The Effect on Shareholder Wealth’, Journal of Risk and Insurance, 54: 721-736.
Boubakri, N., N. Ghalleb and M. Boyer (2008), ‘Managerial Opportunism in Accounting Choice: Evidence from Directors’ and Officers’ Liability Insurance Purchases’, Working Paper, HEC Montreal, pp.1-50.
Boyer, M.M. (2007), ‘Directors’ and Officers’ Insurance in Canada’, Corporate Ownership and Control, 4: 141-145.
Boyer, M.M. and L.H. Stern (2014), ‘D&O Insurance and IPO Performance: What Can We Learn from Insurers?’, Journal of Financial Intermediation, 23: 504-40.
Boyer, M.M. and S.L. Tennyson (2015), ‘Directors` and Officers` Liability Insurance, Corporate Risk and Risk Taking: New Panel Data Evidence on the Role of Directors` and Officers` Liability Insurance’, Journal of Risk and Insurance, 82: 753-791.
Brook, Y. and R. Rao (1994), ‘Shareholder wealth effects of directors` liability limitation provisions’, Journal of Financial and Quantitative Analysis, 29 (3): 481-497.
Campa, J.M. and S. Kedia (2002), ‘Explaining the Diversification Discount’, Journal of Finance, 57: 1731–1762.
Chakrabarti, A.K. (1990), ‘Organizational Factors in Post-Acquisition Performance’, IEEE Transactions on Engineering Management, 37: 259-268.
Chalmers, J.M.R., L.Y. Dann and J. Harford (2002), ‘Managerial Opportunism? Evidence from Directors’ and Officers’ Insurance Purchases’, Journal of Finance, 57: 609-636.
Chang, S.C., Y. Ren and J. Yeh (2018), ‘The role of information: When is Directors’ and Officers’ insurance value-added?’, Journal of Banking and Finance, 97: 189-197.
Chen, C.Y. (2017), ‘Functions of Directors` and Officers` (D&O) Liability Insurance and Litigation Risk: An Empirical Legal Study of Taiwan’, National Taiwan University Law Review, 12: 1-52.
Chen, S.J. and J.M. Dempere (2011), ‘Does Corporate Governance Affect Target IPO Bank Returns Surrounding M&A Announcements’, International Journal of Trade, Economics and Finance, 2: 72-77.
Chung, H.H. and J.P. Wynn (2008), ‘Managerial Legal Liability Coverage and Earnings Conservatism’, Journal of Accounting and Economics, 46: 135-153.
Core, J.E. (1997), ‘On the Corporate Demand for Directors’ and Officers’ Insurance’, Journal of Risk and Insurance, 64: 63-88.
Core, J.E. (2000), ‘The Directors’ and Officers’ Insurance Premium: an Outside Assessment of the Quality of Corporate Governance’, Journal of Law, Economics and Organization, 16: 449–477.
Fang, T., C. Fridh and S. Schultzberg (2004), ‘Why Did the Telia–Telenor Merger Fail?’, International Business Review, 13(5): 573-594.
Fuller, K., J. Netter, and M. Stegemoller (2002), ‘What Do Returns to Acquiring Firms Tell Us? Evidence from Firms that Make Many Acquisitions’, Journal of Finance, 57: 1763–1794.
Gillan, S. and C. Panasian (2010), ‘What Matters in Corporate Governance?: Evidence from the Market for Directors’ and Officers’ Liability Insurance’, Working Paper, Texas Tech University, pp.1-36.
Gilson, S.C. and M.R. Vetsuypens (1994), ‘Creditor Control in Financially Distressed Firms: The Empirical Evidence’, Washington University Law Quarterly, 72: 1005–1025.
Gutiérrez, M. (2003), ‘An Economic Analysis of Corporate Directors` Fiduciary Duties’, The RAND Journal of Economics, 34(3): 516-535.
Grinstein, Y. and R. Michaely (2005), ‘Institutional Holdings and Payout Policy’, Journal of Finance, 60: 1389–1426.
Healy, P., K. Palepu and R. Ruback (1992), ‘Does Corporate Performance Improve After Mergers?’, Journal of Finance Economics, 31: 135–175.
Holderness, C.G. (1990), ‘Liability Insurers as Corporate Monitors’, International Review of Law and Economics, 10: 115-29.
Hwang, J.H. and B. Kim (2018), ‘Directors’ and Officers’ Liability Insurance and Firm Value’, Journal of Risk and Insurance, 85: 447-482.
Ikeda, K. and N. Doi (1983), ‘The Performance of Merging Firms in Japanese Manufacturing Industry: 1964-75’, Journal of Industrial Economics, 31: 257-266.
Ivancevich, J.M., D.M. Schweiger and F.R. Power (1987), ‘Strategies for Managing Human Resources during Mergers and Acquisitions’, Human Resource Planning, 10(1): 19-35.
Jensen, M.C. (1986), ‘Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers’, American Economic Review, 76: 323–329.
Jensen, M.C. (1993), ‘The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems’, Journal of Finance, 48: 831-880.
Jou, J.B. and T. Lee (2004), ‘The Agency Problem, Investment Decision, and Optimal Financial Structure’, European Journal of Finance, 10: 489-509.
Kang, J., A. Shivdasani, and T. Yamada (2000), ‘The Effect of Bank Relations on Investment Decisions: An Investigation of Japanese Takeover Bids’, Journal of Finance, 55: 2197-2218.
Kester, W.C. (1991), ‘Japanese Takeovers: The Global Contest for Corporate Control’, Journal of International Business Studies, 22: 528-530.
Kim, I. (2015), ‘Directors’ and Officers’ Insurance and Opportunism in Accounting Choice’, Accounting and Taxation, 7(1): 51-65.
Lamoreaux, P.T., L.P. Litov and L.M. Mauler (2018), ‘Lead Independent Directors: Good Governance or Window Dressing’, SSRN.
Larsson, R. and S. Finkelstein (1999), ‘Integrating Strategic, Organizational, and Human Resources Perspectives on Mergers and Acquisitions: A Case Study of Synergy Realization’, Organization Science, 10:1-26.
Li, K.F. and Y.P. Liao (2014), ‘Directors’ and Officers’ Liability Insurance and Investment Efficiency: Evidence from Taiwan’, Pacific-Basin Finance Journal, 29: 18-34.
Lin, C.Y. and H.T. Lee (2014), ‘The Bigger the Better? Merger and Acquisition Performance of Financial Holding Corporations: Empirical Evidence from Taiwan’, Journal of Emerging Markets Finance and Trade, 46: 96-107.
Lin, C., M.S. Officer and H. Zou (2011), ‘Directors’ and Officers’ Liability Insurance and Acquisition Outcomes’, Journal of Financial Economics, 102: 507-525.
Lin, C., M.S. Officer, R. Wang and H. Zou (2013), ‘Directors’ and Officers’ Liability Insurance and Loan Spreads’, Journal of Financial Economics, 110: 37-60.
Lin, C., Y. Ma, P. Malatesta and Y. Xuan (2011), ‘Ownership Structure and the Cost of Corporate Borrowing’, Journal of Financial Economics, 100: 1–23.
Lubatkin, M. (1983), ‘Mergers and the Performance of the Acquiring Firm’, Academy of Management Review, 8: 218-226.
Masulis, R.W., C. Wang and F. Xie (2007), ‘Corporate Governance and Acquirer Returns’, Journal of Finance, 62: 1851-1889.
Masulis, R.W., C. Wang and F. Xie (2017), ‘Employee-Manager Alliances and Shareholder Returns from Acquisitions’, Journal of Financial and Quantitative Analysis (JFQA), Forthcoming; European Corporate Governance Institute (ECGI) - Finance Working Paper No. 583/2018.
Mayers, D. and C. Smith (1982), ‘On the Corporate Demand for Insurance’, Journal of Business, 55: 281-296.
Moeller, S.B., F.P. Schlingemann and R.M. Stulz (2004), ‘Firm Size and the Gains from Acquisitions’, Journal of Financial Economics, 73: 201–228.
Morck, R., A. Shleifer and R. Vishny (1990), ‘Do Managerial Objectives Drive Bad Acquisitions?’, Journal of Finance, 45: 31–48.
Morck, R., D. Stangeland and B. Yeung (2000), ‘Inherited Wealth, Corporate Control, and Economic Growth.In: Morck, R.(Ed.), Concentrated Corporate Ownership’, University of Chicago Press, 319–369.
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dc.identifier.doi (DOI) 10.6814/NCCU201900391en_US