Corporate social responsibility and insider trading profitability: Evidence from an emerging market

被引：6

作者：

Li, Tao ^{[1
,3
]}

Wang, Yan ^{[2
,3
]}

Li, Haomin ^{[4
]}

机构：

[1] China Foreign Affairs Univ, Sch Int Econ, 24 Zhanlan Rd, Beijing 100037, Peoples R China

[2] Guangdong Univ Foreign Studies, Sch Accounting, Guangzhou, Peoples R China

[3] Guangdong Univ Foreign Studies, Res Ctr Accounting & Econ Dev Guangdong Hong Kong, 2 Baiyun Ave, Hong Kong 510420, Peoples R China

[4] China Inst Finance & Capital Markets, 26 Financial St, Beijing 100033, Peoples R China

来源：

PACIFIC-BASIN FINANCE JOURNAL | 2023年 / 77卷

基金：

美国国家科学基金会; 中国国家社会科学基金;

关键词：

Corporate social responsibility (CSR); Insider trading profitability; Self-serving motivation; Shareholder benefits; Emerging markets; INFORMATION ASYMMETRY; FIRM; EARNINGS; PERFORMANCE; GOVERNMENT; PROFITS; GROWTH; IMPACT; COSTS; STOCK;

D O I：

10.1016/j.pacfin.2022.101911

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this study, we examine whether and how corporate social responsibility (CSR) affects insider trading profitability by using a sample of Chinese listed firms from 2011 to 2018. We find that CSR is positively associated with insider trading profitability, especially insider sale profitability, which indicates that insiders tend to reap private benefits from CSR. Our findings are robust to the consideration of alternative proxies, sample bias, and endogeneity concerns. Moreover, we find that the positive relation between CSR and insider trading profitability is more significant before the regulator strengthens its supervision of insider trading, and that this positive relation is weakened by the nature of state-owned enterprises (SOEs), institutional ownership, and analyst coverage.

引用

页数：18

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