基地研究员何恭政副教授与合作者（Xiaoran Kong, School of Finance, Shandong University of Finance and Economics; Siping Xu, School of Finance, Shandong University of Finance and Economics; Ming-Yu Liu, Department of Accounting, College of Management, Tunghai University）的论文"Confucianism and D&O Insurance Demand of Chinese Listed Companies"在重要学术期刊Pacific-Basin Finance Journal在线发表。

         Abstract:

       This study explores the relationship between Confucianism and business ethics and explains the reasons for the low coverage of directors' and officers' (D&O) insurance in emerging markets from the perspective of informal institutions. Using a sample of Chinese listed companies that issued A-shares from 2004 to 2020 and the index of jinshi degree holder density as the proxy variable for Confucianism, we empirically tested the impact of Confucianism on corporate D&O insurance demand. Our results demonstrated that ethical values such as integrity, honesty, and wisdom in Confucianism restrain the D&O insurance market. This result is robust to instrumental variables, propensity score matching, the Heckman two-step regression, and other methods. Our mechanism analysis revealed that corporate risk-taking is an important channel through which Confucianism inhibits the D&O insurance demand of listed companies. Further analysis showed that the external regulatory, legal, and natural environments are important factors affecting the negative correlation between them. The influence of Confucianism on D&O insurance demand is more significant if the corporate executive team lacks foreign experience or exhibits high decision-making myopia. Confucianism has a more significant inhibitory effect on D&O insurance in state-owned enterprises, non-foreign holding companies, and firms with small holdings by institutional investors. Litigation risk significantly enhances the inhibitory effect of Confucianism on D&O insurance.

Keywords: Confucianism; Moral hazard; Ethics; Directors and officers insurance

链接：https://doi.org/10.1016/j.pacfin.2023.101996

教师简介

何恭政，男，台湾元智大学博士，金融学硕士生导师，金融工程学硕士生导师。主要研究方向为公司金融、信用风险管理、企业社会责任、信息不对称风险与跨交叉学科研究，在Asia-Pacific Journal of Accounting & Economics, Corporate   Governance: An International Review, Emerging Markets Review, Energy   Economics, International Review of Economics & Finance, International   Review of Financial Analysis, Journal of Accounting, Auditing and Finance,   Journal of Business Research, Journal of Corporate Finance, Journal of   Forecasting, Pacific-Baisn Finance Journal, Review of Quantitative Finance   and Accounting等国际SSCI期刊发表40多篇，其中包含ABS商学院4星级期刊1篇，三星级期刊12篇，SSCI一区期刊17篇。此外，在国内外数十场重要学术会议进行论文宣讲，包含中国金融年会、中国金融工程年会、中国管理学年会、CICF, American Accounting Association, Asian Finance Association, European Finance Association, Europe Financial Management Association, Financial Management Association, Taiwan Management Institute, Western Economic Association International等。此外，为国内外二十多家期刊进行审稿，包含Asia Pacific Journal of Management, Corporate Governance: An International Review, Economic Modelling, Emerging Markets Finance and Trade, Financial Innovation, Investment Analysts Journal, International Journal of   Emerging Markets, International Review of Economics and Finance, Managerial   and Decision Economics等。