會計評論  2021/07
會計評論第七十三期 (Vol.73)     101-132
DOI:10.6552/JOAR.202107_(73).0003  
追尋優秀獨立董事: 董監事責任險之角色  
The Quest for Talented Independent Directors: The Role of Directors’ and Officers’ Liability Insurance
李貴富 / 國立屏東大學會計學系
Kuei-Fu Li, Department of Accounting, National Pingtung University

廖懿屏 / 天主教輔仁大學會計學系
Yi-Ping Liao, Department of Accounting, Fu Jen Catholic University

中文摘要
本研究探討董監事責任險是否能在公司尋求優秀獨立董事時,作為有效的工具,而優秀獨立董事係指符合下列三條件之一者:(1)具備碩士或以上學歷,或(2)身兼三間或以上之董事職位,或(3)符合財務或會計專業人員資格。本研究發現,「購買董監事責任險」與「優秀獨立董事百分比」為顯著正相關,而「購買董監事責任險」與「獨立董事自願離職」為顯著負相關。整體而言,本研究的實證結果支持董監事責任險有助於公司聘任優秀獨立董事、並維持董事會穩定性,此應亦為董監事責任險持續普及的原因之一。
中文關鍵字董監事責任險;獨立董事;聘任;辭職

英文摘要
This study explores whether directors’ and officers’ liability insurance (D&O insurance) is an effective tool in firms’ quest for talented independent directors, that is, those who are highly educated, well-connected, or financial experts. We find that firms with D&O insurance are better able to recruit talented independent directors, supporting that the protection provided by D&O insurance is determinative when talented individuals are deciding whether to join a board. We also show that D&O insurance reduces the incidence of independent directors’ resignation. Collectively, our evidence suggests that D&O insurance helps firms maintain a board with superior competence and greater stability, which also explains the wide prevalence of D&O insurance in practice.
英文關鍵字Directors’ and officers’ liability insurance;Independent directors;Recruit;Resignation