The Relationship between Information Transparency and Directors’ and Officers’ Insurance

• Main Authors: HUANG,YU-WEI, 黃昱瑋
• Other Authors: CHANG,WEN-WU
• Format: Others
• Language: zh-TW
• Published: 2013
• Online Access: http://ndltd.ncl.edu.tw/handle/59811818125946150264

碩士 === 真理大學 === 經濟學系財經碩士班 === 101 === This study attempted to investigate whether there is a relationship between information transparency and Directors’ and Officers’ (D&O) insurance by using Logistic model and Tobit model. The data was collected from the published Information Disclosure Ranking results of 2,458 public corporations from 2008 to 2011. The results showed that 1). The better results of the Ranking, the higher demand for required insurance. This revealed that Transparency of Information has a positive effect toward the D&O insurance requirement; 2). Profitability variables have no influence on the company’s D&O insurance requirement; 3). From the perspective of financial variable, Debt ratio has significant positive effect on D&O insurance; 4). For the part of corporate governance, Seats in Board, Board, Main Shareholders, Seats of Ind. Dir, are either positively or negatively correlated with corporate D&O insurance demand; the relationship between Outside Persional Dir and D&O insurance requirement was statistically insignificant; Diff Voting-Cashflow was influential only on D&O insurance amount；and 5). By industry category, the result supported that Electronics industry apt to insure D&O.