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Does board independence matter for corporate insurance hedging?

Zou, Hong, Adams, Mike and Xiao, Jason Zezhong ORCID: 2012. Does board independence matter for corporate insurance hedging? Journal of Financial Research 35 (3) , pp. 451-469. 10.1111/j.1475-6803.2012.01324.x

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We test the effect of board independence on corporate purchases of property insurance. We find that board independence increases the incidence of property insurance use but does not have a significant effect on the extent of property insurance use given that a firm decides to insure its assets. These findings are consistent with the argument that: (1) more independent boards view it necessary to have property insurance to manage asset-loss risks and (2) excessive insurance or insurance purchases induced by managerial risk aversion and/or self-interest does not benefit shareholders and so may not be supported by independent boards.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HJ Public Finance
Uncontrolled Keywords: G22; G30; G32
Publisher: Wiley
ISSN: 0270-2592
Last Modified: 24 Oct 2022 11:03

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