Directors and officers liability insurance placement, financial innovation, and the dynamic capabilities of listed companies

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2025-12-05 DOI:10.1016/j.irfa.2025.104873

Shuiqing Lan , Lufei Yang

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引用次数: 0

Abstract

Utilizing panel data of Chinese listed companies from 2009 to 2023, this paper systematically examines the relationships among directors and officers (D&O) liability insurance placement, financial innovation, and the dynamic capabilities of listed companies. The empirical results indicate that the purchase of D&O liability insurance placement can significantly enhance the dynamic capabilities of listed firms, and financial innovation likewise exerts a significant positive effect on these capabilities. Further analysis reveals a synergistic effect between D&O liability insurance placement and financial innovation, jointly promoting the enhancement of dynamic capabilities in listed companies. Mechanism testing shows that financial innovation plays a partial mediating role in the impact of D&O liability insurance placement on dynamic capabilities, and this mediating effect demonstrates pronounced heterogeneity between firms with high and low information transparency.

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董事、管理人员责任保险配售、金融创新与上市公司动态能力

本文利用2009 - 2023年中国上市公司的面板数据，系统考察了董事和高级管理人员（D&；O）责任保险配售、金融创新与上市公司动态能力之间的关系。实证结果表明，购买D&；O责任保险配售能够显著提升上市公司的动态能力，金融创新同样对这些能力产生显著的正向影响。进一步分析发现，责任保险配售与金融创新之间存在协同效应，共同促进上市公司动态能力的提升。机制检验表明，金融创新在责任保险投放对动态能力的影响中起部分中介作用，且这种中介作用在信息透明度高、低的企业间表现出显著的异质性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.