董事及高管责任保险能否改善企业的环境、社会和治理绩效?来自中国的证据

IF 2.8 3区 经济学 Q2 BUSINESS, FINANCE
Songlian Tang, Lingfei He, Fei Su, Xiaoyun Zhou
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引用次数: 0

摘要

我们研究了董事及高管责任保险(D&O 保险)对中国上市公司环境、社会和治理(ESG)绩效的因果影响。利用中国购买董监高责任险的独特数据集,我们记录了董监高责任险与环境、社会和治理绩效之间的正相关关系,这种关系经受住了一系列全面的稳健性检验,包括赫克曼两步样本选择模型、倾向得分匹配(PSM)模型、工具变量法和固定效应模型。进一步的分析表明,国有企业的正相关性更为突出。此外,路径分析还证明了非财务信息披露和公司治理质量对 D&O 保险与环境、社会和公司治理绩效之间关系的中介效应。总之,本研究提供了 D&O 保险似乎能加强公司治理和改善公司环境、社会和公司治理绩效的初步证据,为 D&O 保险经济效益方面的文献做出了贡献。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Does directors' and officers' liability insurance improve corporate ESG performance? Evidence from China

We examine the causal effect of directors' and officers' liability insurance (D&O insurance) on environmental, social and governance (ESG) performance in China's listed firms. Using a unique data set on D&O insurance purchases in China, we document a positive relationship between D&O insurance and ESG performance, which is robust to a comprehensive battery of robustness checks including Heckman two-step sample selection model, propensity score matching (PSM) model, instrumental variable approach, and fixed effects model. Further analyses suggest that the positive association is more salient for state-owned enterprises (SOEs). Moreover, the path analysis provides evidence for the mediating effect of non-financial information disclosure and corporate governance quality on the relationship between D&O insurance and ESG performance. Collectively, this study contributes to the literature on the economic benefit of D&O insurance by providing initial evidence that D&O insurance appears to enhance corporate governance and improve corporate ESG performance.

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来源期刊
CiteScore
5.70
自引率
6.90%
发文量
143
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