董事和高级管理人员的保险费:公司治理质量的外部评估

IF 2.8 Q2 BUSINESS

Corporate Communications Pub Date : 2000-05-01 DOI:10.2139/ssrn.229803

J. Core

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引用次数: 214

摘要

本文以加拿大公司委托书中的董事和高级职员(D&O)溢价为样本，考察了D&O溢价作为事前诉讼风险的衡量标准。我发现D&O溢价与代表公司治理结构质量的变量之间存在显著关联。治理结构质量和D&O溢价的代理之间的关联对于许多可选规范来说是健壮的。本文提供了验证性的证据，证明D&O溢价反映了公司治理的质量，表明D&O溢价暗示的治理薄弱指标与CEO薪酬过高呈正相关。总体结果表明，D&O溢价包含有关公司治理质量的有用信息。牛津大学出版社2000版权所有。

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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The Directors' and Officers' Insurance Premium: An Outside Assessment of the Quality of Corporate Governance

Using a sample of directors' and officers' (D&O) premiums gathered from the proxy statements of Canadian companies, this article examines the D&O premium as a measure of ex ante litigation risk. I find a significant association between D&O premiums and variables that proxy for the quality of firms' governance structures. The association between the proxies for governance structure quality and D&O premiums is robust to a number of alternative specifications. This article provides confirmatory evidence that the D&O premium reflects the quality of the firm's corporate governance by showing that measures of weak governance implied by the D&O premium are positively related to excess CEO compensation. The overall results suggest that D&O premiums contain useful information about the quality of firms' governance. Copyright 2000 by Oxford University Press.

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来源期刊

Corporate Communications BUSINESS-

CiteScore

3.90

自引率

20.00%

发文量

期刊介绍： Corporate Communications: An International Journal addresses the issues arising from the increased awareness that an organisation''s communications are part of the whole organisation, and that the relationship an organisation has with its external public requires careful management. The responsibility for communications is increasingly being seen as part of every employee''s role and not simply the function of the marketing/PR departments. This journal will illustrate why communications are important and how best to implement a strategic communications plan.