English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 110944/141864 (78%)
Visitors : 48032581      Online Users : 640
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/124753


    Title: 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
    Authors: 鄔函靜
    Wu, Han-Ching
    Contributors: 鄭士卿
    Jeng, Shih-Ching
    鄔函靜
    Wu, Han-Ching
    Keywords: 董監事責任保險
    併購
    D&O Insurance
    Acquisition
    Date: 2019
    Issue Date: 2019-08-07 16:15:25 (UTC+8)
    Abstract: 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.
    Reference: 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.
    Nahavandi, A., and A.R. Malekzadeh (1988), ‘Acculturation in Mergers and Acquisitions’, Academy of Management Review, 13(1): 79-90.
    Odagiri, H. (1992), ‘Growth through Competition, Competition through Growth: Strategic Management and the Economy in Japan’, Oxford University Press
    O’Sullivan, N. (1997), ‘Insuring the Agents: The Role of Directors’ and Officers’ Insurance in Corporate Governance’, Journal of Risk and Insurance, 64 (3): 545-556.
    O’Sullivan, N. (2002), ‘The Demand for Directors’ and Officers’ Insurance by Large UK Companies’, European Management Journal, 20 (5): 574-583.
    Pangarkar, N. and H. Lim (2003), ‘Performance of Foreign Direct Investment from Singapore’, International Business Review, 12: 601-624.
    Papadakis, V.M. and I.C. Thanos (2010), ‘Measuring the Performance of Acquisitions: An Empirical Investigation Using Multiple Criteria’, British Journal of Management, 21: 859–873.
    Pettway, R.H. and T. Yamada (1986), ‘Mergers in Japan and Their Impacts upon Stockholders` Wealth’, Financial Management, 15: 43-52.
    PwC (2016), ‘Taiwan M&A Review and Outlook’.
    Richardson, S. (2006), ‘Over-Investment of Free Cash Flow’, Review of Accounting Studies, 11: 159-189.
    Roll, R. (1986), ‘The Hubris Hypothesis of Corporate Takeovers’, Journal of Business, 59: 197–216
    Rosenstein, S. and J.G. Wyatt (1990), ‘Outside Directors, Board Independence, and Shareholder Wealth’, Journal of Financial Economics, 26: 175-191.
    Schoenberg, R. (2006), ‘Measuring the Performance of Corporate Acquisitions: An Empirical Comparison of Alternative Metrics’, British Journal of Management, 17: 361-370.
    Schweiger, D.M. and A.S. Denisi (1991), ‘Communication with Employees Following a Merger: A Longitudinal Field Experiment’, Academy of Management Journal, 34(1): 110-135.
    Seth, A. (1990), ‘Sources of Value Creation in Acquisitions: An Empirical Investigation’, Strategic Management Journal, 11: 431–446.
    Sharma, D.S. and J. Ho (2002), ‘The Impact of Acquisitions on Operating Performance: Some Australian Evidence’, Journal of Business, Finance and Accounting, 29: 155-200.
    Shleifer, A. and R. Vishny (1997), ‘A Survey of Corporate Governance’, Journal of Finance 52: 737–783.
    Slangen, A.H. (2006), ‘National Cultural Distance and Initial Foreign Acquisition Performance: the Moderating Effect of Integration’, Journal of World Business, 41: 161–170.
    Stulz, R.M. (1990), ‘Managerial Discretion and Optimal Financing Policies’, Journal of Financial Economics, 26: 3–27.
    Thanos, I.C., and V.M. Papadakis (2012a), ‘Unbundling Acquisition Performance: How Do They Perform and How Can This Be Measured? In: Faulkner, D.,Teerikangas, S., Joseph, R.J. (Eds.)’, Handbook of Mergers and Acquisitions, Oxford University Press, Oxford UK.
    Thanos, I.C., and V.M. Papadakis (2012b), ‘The Use of Accounting-Based Measures for Measuring M&A Performance: A Review of Five Decades of Research’, Advances Mergers and Acquisition, 10: 103–120.
    Tuch, C. and N. O’Sullivan (2007), ‘The Impact of Acquisitions on Firm Performance: A Review of the Evidence’, International Journal of Management Reviews, 9: 141–170.
    Van Schaik, D. and O.W. Steenbeek (2004), ‘Price and Volume Effects of Merger Bids in Japan’, SSRN Electronic Journal.
    Very, P. and D.M. Schweiger (2001), ‘The Acquisition Process as a Learning Process: Evidence from A Study of Critical Problems and Solutions in Domestic and Cross- Border Deals’, Journal of World Business, 36: 11–31.
    Villalonga, B. (2004a), ‘Diversification Discount or Premium? New Evidence from the Business Information Tracking Series’, Journal of Finance, 59: 479–506.
    Villalonga, B. (2004b), ‘Does Diversification Cause the “Diversification Discount”?’, Financial Management, 33: 5–27.
    Wang, C. and F. Xie (2009), ‘Corporate Governance Transfer and Synergistic Gains from Mergers and Acquisitions’, Review of Financial Studies, 22: 829–858.
    Yermack, D. (1996), ‘Higher Market Valuation of Companies with a Small Board of Directors’, Journal of Financial Economics, 40: 185-211.
    Zollo, M. and D. Meier (2008), ‘What is M&A Performance?’, Academy of Management Perspectives, 22: 55–77.
    Zou, H., S. Wong, C. Shum, J. Xiong and J. Yan (2008), ‘Controlling-Minority Shareholder Incentive Conflicts and Directors’ and Officers’ Liability Insurance: Evidence from China’, Journal of Banking and Finance, 32: 2636-2645.
    Description: 碩士
    國立政治大學
    風險管理與保險學系
    106358004
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0106358004
    Data Type: thesis
    DOI: 10.6814/NCCU201900391
    Appears in Collections:[風險管理與保險學系] 學位論文

    Files in This Item:

    File SizeFormat
    800401.pdf1001KbAdobe PDF267View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback