{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,29]],"date-time":"2026-04-29T08:58:21Z","timestamp":1777453101478,"version":"3.51.4"},"reference-count":122,"publisher":"SAGE Publications","issue":"3","license":[{"start":{"date-parts":[[2023,7,21]],"date-time":"2023-07-21T00:00:00Z","timestamp":1689897600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by-nc\/4.0\/"}],"funder":[{"name":"Huebner Foundation"},{"DOI":"10.13039\/501100000155","name":"social sciences and humanities research council of canada","doi-asserted-by":"publisher","id":[{"id":"10.13039\/501100000155","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":["journals.sagepub.com"],"crossmark-restriction":true},"short-container-title":["Business &amp; Society"],"published-print":{"date-parts":[[2024,3]]},"abstract":"<jats:p>Theoretical arguments regarding the effect of corporate social responsibility (CSR) on firm liability risk are abundant; however, empirical evidence about this relationship is scarce. We investigate the relationship between CSR and the personal liability risk of a firm\u2019s directors and officers. We argue that companies with better CSR performance represent a better underwriting risk for directors\u2019 and officers\u2019 (D&amp;O) insurance providers and, therefore, have a lower cost of insurance. Our results show that firms with better CSR performance are more likely to purchase D&amp;O insurance and have a lower premium-to-coverage ratio, known as the insurance rate-on-line. We also show that this risk-reduction effect is stronger for firms that operate in a high-risk environment and have higher sales growth. These results provide evidence that CSR can be used as a risk management tool to mitigate liability risk and suggest which firms benefit most from this effect.<\/jats:p>","DOI":"10.1177\/00076503231183690","type":"journal-article","created":{"date-parts":[[2023,7,22]],"date-time":"2023-07-22T02:23:28Z","timestamp":1689992608000},"page":"668-711","update-policy":"https:\/\/doi.org\/10.1177\/sage-journals-update-policy","source":"Crossref","is-referenced-by-count":6,"title":["Corporate Social Responsibility and Directors\u2019 and Officers\u2019 Liability Risk: The Moderating Effect of Risk Environment and Growth Potential"],"prefix":"10.1177","volume":"63","author":[{"ORCID":"https:\/\/orcid.org\/0000-0001-7032-1609","authenticated-orcid":false,"given":"Hao","family":"Lu","sequence":"first","affiliation":[{"name":"Saint Mary\u2019s University, Halifax, Nova Scotia, Canada"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"M. Martin","family":"Boyer","sequence":"additional","affiliation":[{"name":"HEC Montreal, Quebec, Canada"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Anne","family":"Kleffner","sequence":"additional","affiliation":[{"name":"University of Calgary, Alberta, Canada"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"179","published-online":{"date-parts":[[2023,7,21]]},"reference":[{"key":"bibr1-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1177\/0148558X0702200209"},{"key":"bibr2-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1093\/rcfs\/cfaa011"},{"key":"bibr3-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2018.3043"},{"key":"bibr4-00076503231183690","volume-title":"Aspects of the theory of risk-bearing","author":"Arrow K. J.","year":"1965"},{"issue":"2","key":"bibr5-00076503231183690","first-page":"487","volume":"74","author":"Baker T.","year":"2007","journal-title":"The University of Chicago Law Review"},{"issue":"20","key":"bibr6-00076503231183690","first-page":"755","volume":"157","author":"Baker T.","year":"2008","journal-title":"University of Pennsylvania Law Review"},{"key":"bibr7-00076503231183690","doi-asserted-by":"publisher","DOI":"10.5465\/amr.2007.25275520"},{"key":"bibr8-00076503231183690","doi-asserted-by":"publisher","DOI":"10.5465\/amd.2015.0030"},{"key":"bibr9-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/0165-4101(94)90026-4"},{"key":"bibr10-00076503231183690","unstructured":"Boettrich S., Starykh S. (2017, January 23). Recent trends in securities class action litigation: 2016 full-year review. National Economic Research Association. Retrieved November 15, 2019, from https:\/\/www.nera.com\/content\/dam\/nera\/publications\/2017\/PUB_2016_Securities_Year-End_Trends_Report_0117.pdf"},{"key":"bibr11-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/j.econmod.2020.05.012"},{"key":"bibr12-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2016.05.010"},{"key":"bibr13-00076503231183690","doi-asserted-by":"publisher","DOI":"10.3905\/joi.2004.391042"},{"key":"bibr14-00076503231183690","doi-asserted-by":"publisher","DOI":"10.22495\/cocv4i4p13"},{"issue":"1","key":"bibr15-00076503231183690","first-page":"1","volume":"2","author":"Boyer M. M.","year":"2014","journal-title":"Journal of Financial Perspectives"},{"key":"bibr16-00076503231183690","volume-title":"Directors\u2019 insurance and the expected cost of frivolous litigation when cross-listing into the US","author":"Boyer M. M.","year":"2014"},{"key":"bibr17-00076503231183690","doi-asserted-by":"publisher","DOI":"10.2139\/ssrn.3704572"},{"key":"bibr18-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/j.jcorpfin.2011.12.005"},{"key":"bibr19-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfi.2014.05.001"},{"key":"bibr20-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1111\/jori.12107"},{"key":"bibr21-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2013.10.013"},{"key":"bibr22-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1111\/joms.12550"},{"key":"bibr23-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6296.2001.tb00043.x"},{"key":"bibr24-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-014-2229-1"},{"issue":"3","key":"bibr25-00076503231183690","first-page":"1","volume":"30","author":"Chen T.-J.","year":"2011","journal-title":"Management Review"},{"key":"bibr26-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1057\/jdg.2010.9"},{"key":"bibr27-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1002\/smj.2131"},{"key":"bibr28-00076503231183690","doi-asserted-by":"publisher","DOI":"10.2307\/258888"},{"key":"bibr29-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/0165-4101(94)90010-8"},{"key":"bibr30-00076503231183690","unstructured":"Comolli R., Starykh S. (2014, January 21). Recent trends in securities class action litigation: 2013 full-year review. NERA Economic Consulting. Retrieved December 15, 2020, from https:\/\/www.nera.com\/content\/dam\/nera\/publications\/2014\/PUB_Year_End_Trends_1.2014.pdf"},{"key":"bibr31-00076503231183690","doi-asserted-by":"publisher","DOI":"10.2307\/253912"},{"key":"bibr32-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1093\/jleo\/16.2.449"},{"key":"bibr33-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1017\/S0266466600007519"},{"key":"bibr34-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/0304-4076(95)01790-9"},{"key":"bibr35-00076503231183690","doi-asserted-by":"publisher","DOI":"10.2307\/256988"},{"key":"bibr36-00076503231183690","doi-asserted-by":"publisher","DOI":"10.2307\/2696408"},{"key":"bibr37-00076503231183690","doi-asserted-by":"publisher","DOI":"10.2307\/258887"},{"key":"bibr38-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/j.adiac.2020.100499"},{"key":"bibr39-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1111\/jori.12082"},{"key":"bibr40-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1257\/jep.25.1.115"},{"key":"bibr41-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbankfin.2011.02.007"},{"issue":"5","key":"bibr42-00076503231183690","first-page":"761","volume":"23","author":"Evans J. L.","year":"1968","journal-title":"The Journal of Finance"},{"key":"bibr43-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1086\/587623"},{"key":"bibr44-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2006.05.012"},{"key":"bibr45-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2014.2038"},{"key":"bibr46-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1002\/smj.2767"},{"key":"bibr47-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1002\/smj.2492"},{"key":"bibr48-00076503231183690","volume-title":"Strategic management: A stakeholder approach","author":"Freeman R. E.","year":"1984"},{"key":"bibr49-00076503231183690","doi-asserted-by":"publisher","DOI":"10.2307\/3858020"},{"key":"bibr50-00076503231183690","first-page":"32","volume":"13","author":"Friedman M.","year":"1970","journal-title":"New York Times Magazine"},{"key":"bibr51-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/0378-4266(79)90021-9"},{"key":"bibr52-00076503231183690","doi-asserted-by":"publisher","DOI":"10.2307\/3666413"},{"key":"bibr53-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1111\/jori.12043"},{"key":"bibr54-00076503231183690","doi-asserted-by":"publisher","DOI":"10.5465\/amr.2005.18378878"},{"key":"bibr55-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1002\/smj.750"},{"key":"bibr56-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbankfin.2010.12.002"},{"key":"bibr57-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1177\/0007650316647951"},{"key":"bibr58-00076503231183690","doi-asserted-by":"publisher","DOI":"10.2307\/1593744"},{"key":"bibr59-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-014-2082-2"},{"key":"bibr60-00076503231183690","doi-asserted-by":"publisher","DOI":"10.2307\/256971"},{"key":"bibr61-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1057\/palgrave.gpp.2510037"},{"key":"bibr62-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1086\/505371"},{"key":"bibr63-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1023\/B:BUSI.0000020964.80208.c9"},{"key":"bibr64-00076503231183690","unstructured":"Heys B. A., Berenblut M. L., Dwhytie J. (2014, February 19). Trends in Canadian securities class actions: 2013 update; Filings steady, law in flux and settlements on the rise. National Economic Research Association. Retrieved December 15, 2014, from https:\/\/www.nera.com\/publications\/archive\/2014\/trends-in-canadian-securities-class-actions-2013-update-filing.html"},{"key":"bibr65-00076503231183690","unstructured":"Heys B. A., Patton R., Mao J. (2020, March 19, 2020). Trends in Canadian securities class actions: 2019 update; Canabis leads to new highs. National Economic Research Association. Retrieved December 15, 2020, from https:\/\/www.nera.com\/content\/dam\/nera\/publications\/2020\/PUB_2019_Recent_Trends_Canada_0320.pdf"},{"key":"bibr66-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1002\/1097-0266(200101)22:2<125::AID-SMJ150>3.0.CO;2-H"},{"key":"bibr67-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1057\/s41288-020-00197-0"},{"key":"bibr68-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1002\/smj.675"},{"key":"bibr69-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1111\/jori.12136"},{"key":"bibr70-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1002\/smj.2054"},{"issue":"2","key":"bibr71-00076503231183690","first-page":"323","volume":"76","author":"Jensen M. C.","year":"1986","journal-title":"The American Economic Review"},{"key":"bibr72-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1111\/jori.12193"},{"key":"bibr73-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1111\/fima.12044"},{"key":"bibr74-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-012-1492-2"},{"key":"bibr75-00076503231183690","doi-asserted-by":"publisher","DOI":"10.2307\/258852"},{"key":"bibr76-00076503231183690","doi-asserted-by":"publisher","DOI":"10.2307\/259075"},{"key":"bibr77-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2005.02.011"},{"key":"bibr78-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1002\/smj.2171"},{"key":"bibr79-00076503231183690","volume-title":"Corporate social responsibility as risk management: A model for multinationals","author":"Kytle B.","year":"2005"},{"key":"bibr80-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6288.2009.00216.x"},{"key":"bibr81-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2005.06.009"},{"key":"bibr82-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2013.04.005"},{"key":"bibr83-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2011.08.004"},{"key":"bibr84-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1111\/jifm.12135"},{"key":"bibr85-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1177\/0007650320928981"},{"key":"bibr86-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1177\/14761270221122428"},{"key":"bibr87-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbusres.2020.11.063"},{"key":"bibr88-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1111\/jifm.12126"},{"key":"bibr89-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1509\/jmkg.73.6.198"},{"key":"bibr90-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1111\/jifm.12154"},{"key":"bibr91-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/j.accfor.2007.05.001"},{"key":"bibr92-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-008-0007-7"},{"key":"bibr93-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhu082"},{"key":"bibr94-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1142\/S146433320800307X"},{"key":"bibr95-00076503231183690","doi-asserted-by":"publisher","DOI":"10.2307\/252881"},{"key":"bibr96-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/j.jcorpfin.2010.11.003"},{"key":"bibr97-00076503231183690","doi-asserted-by":"publisher","DOI":"10.2307\/259398"},{"key":"bibr98-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-012-1526-9"},{"key":"bibr99-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1002\/smj.917"},{"key":"bibr100-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-011-0861-6"},{"key":"bibr101-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1177\/000765030104000402"},{"key":"bibr102-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1002\/smj.2348"},{"key":"bibr103-00076503231183690","doi-asserted-by":"publisher","DOI":"10.2307\/1913738"},{"key":"bibr104-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1002\/smj.952"},{"issue":"1","key":"bibr105-00076503231183690","first-page":"55","volume":"7","author":"Romano R.","year":"1991","journal-title":"The Journal of Law, Economics, and Organization"},{"key":"bibr106-00076503231183690","doi-asserted-by":"publisher","DOI":"10.2307\/257052"},{"key":"bibr107-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-017-3464-z"},{"key":"bibr108-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1002\/smj.678"},{"key":"bibr109-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1002\/smj.2494"},{"key":"bibr110-00076503231183690","doi-asserted-by":"publisher","DOI":"10.2307\/2330757"},{"key":"bibr111-00076503231183690","doi-asserted-by":"publisher","DOI":"10.3386\/t0284"},{"key":"bibr112-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-018-3854-x"},{"key":"bibr113-00076503231183690","doi-asserted-by":"publisher","DOI":"10.5465\/ambpp.2013.158"},{"key":"bibr114-00076503231183690","unstructured":"Sustainalytics. (2016). Sustainalytics\u2019 research methodology. Sustainalytics. Retrieved June 17, 2017, from https:\/\/wrds-web.wharton.upenn.edu\/wrds\/support\/Data\/_001Manuals%20and%20Overviews\/_240Sustainalytics\/Sustainalytics%20Methodology.pdf"},{"key":"bibr115-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1108\/eb013437"},{"key":"bibr116-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-015-2799-6"},{"issue":"7","key":"bibr117-00076503231183690","first-page":"65","volume":"18","author":"Wang X. A.","year":"2016","journal-title":"The Journal of Applied Business and Economics"},{"key":"bibr118-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/j.iref.2017.02.010"},{"key":"bibr119-00076503231183690","unstructured":"Wharton Research Data Services. (2017). Sustainalytics: Company environmental, social and governance (ESG) data. University of Pennsylvania. Retrieved June 17, 2017, from http:\/\/www.whartonwrds.com\/wp-content\/uploads\/2017\/01\/Sustainalytics.pdf"},{"key":"bibr120-00076503231183690","unstructured":"Willis Towers Watson. (2018, July 18). Report: 2018 management liability (directors and officers) U.S. survey. Willis Towers Watson. Retrieved November 15, 2020, from https:\/\/www.wtwco.com\/-\/media\/wtw\/insights\/2018\/07\/2018-management-liability-d-o-us-survey-executive-summary.pdf"},{"key":"bibr121-00076503231183690","doi-asserted-by":"publisher","DOI":"10.2308\/accr.2008.83.6.1639"},{"key":"bibr122-00076503231183690","doi-asserted-by":"publisher","DOI":"10.1016\/j.jcorpfin.2015.12.015"}],"container-title":["Business &amp; Society"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/journals.sagepub.com\/doi\/pdf\/10.1177\/00076503231183690","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/journals.sagepub.com\/doi\/full-xml\/10.1177\/00076503231183690","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/journals.sagepub.com\/doi\/pdf\/10.1177\/00076503231183690","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,4,28]],"date-time":"2026-04-28T12:52:58Z","timestamp":1777380778000},"score":1,"resource":{"primary":{"URL":"https:\/\/journals.sagepub.com\/doi\/10.1177\/00076503231183690"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2023,7,21]]},"references-count":122,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2024,3]]}},"alternative-id":["10.1177\/00076503231183690"],"URL":"https:\/\/doi.org\/10.1177\/00076503231183690","relation":{},"ISSN":["0007-6503","1552-4205"],"issn-type":[{"value":"0007-6503","type":"print"},{"value":"1552-4205","type":"electronic"}],"subject":[],"published":{"date-parts":[[2023,7,21]]}}}