This study draws on data from firms listed on the Shanghai and Shenzhen A-share markets from 2006 to 2020 to explore the impact of Directors and Officers Liability Insurance(D&O Insurance)on corporate social responsibility(CSR)endeavors and its underlying mecha-nisms.The empirical evidence underscores a notable bolstering of CSR commitment within firms implementing D&O insurance.Moreover,a direct correlation emerges between the tenure of D&O insurance adoption and the depth of CSR commitment;similarly,a positive association is discerni-ble between the liability cap of the D&O insurance and the extent of CSR commitment.Upon dis-secting the mechanisms at play,it becomes evident that D&O insurance fosters CSR commitment by luring top-tier talent with a background in international experience to the board of directors.As D&O insurance is increasingly recognized as a vital governance tool in the contemporary cap-ital markets,it is recommended that regulatory bodies enthusiastically endorse D&O insurance to bolster corporate governance and spur listed companies toward more robust engagement in social responsibilities.
关键词
董责险/企业社会责任/利益相关者理论/监督激励/机会主义
Key words
D&O Insurance/corporate social responsibility/stakeholder theory/supervisory incentives/opportunism
维普
万方数据