企業生命週期對董監事暨重要職員責任保險需求之影響

Abstract

本文以2008年至2013年台灣上市櫃公司為研究對象，主要目的在探討董監事暨重要職員責任保險（簡稱D&O保險）與企業生命週期之影響性。同時，我們檢驗不同生命階段下的公司治理對於D&O保險需求之影響。本文參考Anthony and Ramesh (1992)之方法，將資本支出率、銷貨成長率與公司成立年度做為生命週期判斷因子。實證結果發現，首先，企業生命週期是企業購買D&O保險與決定保險金額的因素；其次，公司治理因素在不同的企業生命週期，對於企業購買D&O保險與決定保險金額，有不同程度的影響。

By using publicly available director and officer (D&O) insurance data for public companies in Taiwan from 2008 to 2013, we examine the effect of corporate life cycle on D&O liability insurance (hereafter denoted as D&O insurance). Additionally, we investigate the impact of D&O insurance demand and corporate governance at different life cycle stages. We refer to the methods of a previous study and assign firms to various life cycle portfolios according to capital expenditure, sales growth, and firm age. On the basis of the empirical analysis, we first determine that corporate life cycle influences companies' decisions to purchase D&O insurance and that it determines the amount of insurance that companies purchase. Moreover, corporate governance at different life cycle stages has various degrees of impact on D&O insurance demand and the amount of insurance purchased.