The impact of D&O insurance on excess corporate leverage

被引：0

作者：

Jiamin Liu ^{[1
]}

Yalin Jiang ^{[2
]}

Shengdao Gan ^{[3
]}

Ran Chen ^{[4
]}

机构：

[1] School of Economics and Management, Hubei University of Technology

[2] School of Social Audit, Nanjing Audit University

[3] Business School, Sichuan University

[4] Postdoctoral Research Workstation, Anhui Rural Credit Union

来源：

China Journal of Accounting Research | 2022年 / 15卷 / 04期

关键词：

D O I：

暂无

中图分类号：

F275 [企业财务管理]; F842.69 []; F832.51 [];

学科分类号：

020204 ; 1201 ; 1202 ; 120202 ; 120404 ;

摘要：

The governance effects of directors’ and officers’ liability insurance(D&O insurance), an important tool for risk diversification, are of strong concern in the capital market. Using a sample of Chinese A-share listed firms from2009 to 2018, we examine the impact of D&O insurance on excess corporate leverage. We find that D&O insurance is negatively associated with excess corporate leverage and that this result is consistent with a series of robustness tests. Further analyses show that D&O insurance impedes excess corporate leverage mainly because of its effect on external monitoring. The effect is more pronounced for firms that are state-owned, have political connections and are located in provinces with low marketization than for other firms.

引用

页码：66 / 88

页数：23

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