董監事責任險與企業社會責任

Directors’and Officers’Liability Insurance and Corporate Social Responsibility

董監事及重要職員責任保險（董監事責任險）有助於降低董監事高管的訴訟風險，提高其承擔風險意願，也有助於公司留任優秀人才，以及增進外部監督以強化公司治理等優點。善盡社會責任則有助於使公司與利益關係人合諧，建立並維持社會聲譽以達到永續經營。董監事責任險是一種保險，既有學術研究亦證實社會責任就其可降低公司績效受損之功效，亦可視為一種保險。因此董監事責任險與企業社會責任可同等視為風險管理策略而呈正向關係。相對地，董監事高管亦有可能在董監事責任險的保障下有恃無恐地減低對利益關係人權益的關注，衍生投機行為並傷害利益關係人權益，使得董監事責任險與公司社會責任表現兩者成負向關係。本研究利用2008~2018年間臺灣上市上櫃非金融產業1,532家公司的資料，檢驗上述兩個對立觀點何者成立。實證結果顯示：董監事責任險保障程度與社會責任表現為顯著正向關係，顯示重視董監事訴訟風險的公司，傾向於亦會較關注利益關係人權益而有較佳的社會責任表現。

Directors’ and Officers’ Liability Insurance (DOLI) reduces the risk of litigation for directors and other senior management, and has the merit of increasing willingness to bearing risks, improving retention of talented personnel, and strengthening corporate governance due to external monitoring by the insurers. A corporate that fulfill social responsibilities can strengthen its relationships with stakeholders, enhance corporate reputation, and ensure the long-term sustainability. Prior studies have proved that Corporate Social Responsibility (CSR) can be viewed as a type of insurance in terms of corporate risk mitigation. Both DOLI and CSR can be regarded as firm’s risk management strategy, making DOLI and CSR a positive relationship. However, some other studies point out that management under the protection of DOLI may behave opportunistically and thus put the interest of stakeholders at risk. The relationship between DOLI and CSR turns to negative. In this research, to examine the above two seemingly conflicting viewpoints, we select samples from 1,532 non-financial firms listed on the Taiwan Stock Exchange (TWSE) and Taipei Exchange Market (TPEx) and analyze their data from 2008 to 2018. Our findings indicate that there is a significant and positive association between the DOLI coverage and CSR performance, proving that firms with greater DOLI coverage to protect litigation risk tend to devote greater resource in CSR to pursue sustainability.