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Does board independence matter for corporate insurance hedging?

Zou, Hong, Adams, Mike and Xiao, Jason Zezhong 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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Abstract

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: 04 Jun 2017 04:57
URI: http://orca.cf.ac.uk/id/eprint/46804

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