Research on Directors’ and Officers’ Liability Insurance and Enterprise Green Innovation
DOI:
https://doi.org/10.54097/hbem.v9i.9232Keywords:
Directors’ and Officers’ Liability Insurance; Enterprise Green Innovation; Invention-type Green Innovation; Utility Model Green Innovation; Large-scale Enterprises; Risk Tolerance Level.Abstract
In the light of the fact that the current green wave is in vogue and the world is entering a “green” competition era, the green transformation of enterprises is to be found in urgent need. Taking China, A-share listed companies from 2011 to 2020 as the research sample, this paper empirically finds that Directors’ and Officers’ Liability Insurance (D&O Insurance) has a promoting effect on enterprise green innovation, and the longer the introduction time, the more obvious the effect is, which is still valid after alleviating endogenous problems and carrying out a robustness test. Through further research, this paper additionally discovers that D&O Insurance has a significant and relatively stable promoting effect on the invention-type green innovation and utility model green innovation; the promotion effect is more obvious in large-scale enterprises; it is the risk tolerance level that contributes to strengthening the effect. The research results play a role as a catalyst for the circulation of D&O Insurance, provide relevant suggestions for enterprises, regulators and the government to promote green innovation, and help China achieve a crucial position in the "green" competition era.
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