Cross-Listing of Korean Companies on Foreign Exchanges: Law and Policy

Kim, Hwa-Jin

doi:10.2139/ssrn.357760

Cited by 3 publications

(2 citation statements)

References 6 publications

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“…We also include an indicator variable for Korean companies cross‐listed on the London, New York, or Luxembourg exchanges, which are the three main stock exchanges for cross‐listing of Korean firms (Kim, ) . The effects of cross‐listing on the decision to purchase D&O insurance can be approached from different perspectives.…”

Section: Determinants Of Dando Insurancementioning

confidence: 99%

“…We also include an indicator variable for Korean companies cross-listed on the London, New York, or Luxembourg exchanges, which are the three main stock exchanges for cross-listing of Korean firms (Kim, 2003). 27 The effects of cross-listing on the decision to purchase D&O insurance can be approached from different 26 Because direct interlocking ownership (e.g., firm A owns firm B, and firm B owns firm A) is illegal, chaebol firms use complex pyramidal or multilayered patterns of interlocking ownership (Joh, 2003).…”

Section: Determinants Of Dando Insurancementioning

confidence: 99%

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DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE AND FIRM VALUE

Hwang¹,

Kim²

2016

J of Risk & Insurance

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This study examines the effect of directors' and officers' liability (D&O) insurance on firm value. Previous studies are divided on the value implication of D&O insurance: some argue for various benefits of being covered by D&O insurance, whereas others focus on the managerial opportunism stemming from being insured. In order to address whether D&O insurance increases firm value, we utilize a sample of quoted Korean companies from a period in which the disclosure of D&O insurance information was mandatory and there was a significant cross‐sectional variation in the firms' coverage of D&O insurance. We find that controlling for the endogeneity of D&O insurance coverage, D&O insurance increases firm value compared to noninsured firms. We also find evidence that the increase in firm value is pronounced for firms with greater growth opportunities, which suggests that D&O insurance can help firms to better convert growth opportunities into higher firm value.

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Section: Determinants Of Dando Insurancementioning

confidence: 99%

Section: Determinants Of Dando Insurancementioning

confidence: 99%