Directors' and officers' liability insurance and firm innovation

被引：43

作者：

Wang, Jialong ^{[1
]}

Zhang, Jian ^{[2
]}

Huang, Haoyue ^{[1
]}

Zhang, Fan ^{[3
]}

机构：

[1] Southwestern Univ Finance & Econ, Sch Finance, 555 Liutai Ave, Chengdu 611130, Sichuan, Peoples R China

[2] Shanghai Int Studies Univ, Sch Business & Management, 550 Dalian West Rd, Shanghai 200083, Peoples R China

[3] Zhejiang Univ Finance & Econ, Sch Publ Finance & Taxat, 18 Xueyuan Ave, Hangzhou 310018, Zhejiang, Peoples R China

来源：

ECONOMIC MODELLING | 2020年 / 89卷

基金：

中国国家自然科学基金;

关键词：

D&O insurance; Firm innovation; INTELLECTUAL PROPERTY-RIGHTS; CORPORATE GOVERNANCE; OWNERSHIP STRUCTURE; INVESTMENT; CONSTRAINTS; PERFORMANCE; LITIGATION; LIQUIDITY; DEMAND; IMPACT;

D O I：

10.1016/j.econmod.2019.11.011

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In this paper, we investigate the impact of directors' and officers' insurance (D&O insurance) on firm innovation in China. We find that D&O insurance is significantly positively associated with firm innovation, which indicates that D&O insurance enhances managers' tolerance for failure. To address endogeneity concerns, we adopt the propensity score matching method and difference-in-differences approach. We find that firms with D&O insurance have a stronger risk bearing capacity. Further analyses show that the impact of D&O insurance on firm innovation is more pronounced in firms with a better legal environment, male executives, and stronger external supervision.

引用

页码：414 / 426

页数：13

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