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

Topics:
Directors and Officers Coverage
Tags:
Business Operations,
Corporate Governance,
Corporate Law,
Insurance,
Premium,
University Of Oxford
Source:
Oxford University Press

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Overview: 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. It 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.

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Format: PDF | Size: 168KB | Date: Sep 2000 | Pages: 29

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