气候政策的不确定性和高管投机抛售股票

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-06 DOI:10.1016/j.frl.2025.107706

Haibo Sun , Xiaoman Xu , Zhonglu Liu

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引用次数: 0

摘要

本研究利用2007年至2022年中国a股上市公司的数据，实证检验了气候政策的不确定性如何影响高管的投机性抛售股票。结果表明，气候政策的不确定性增加了高管机会主义抛售股票行为的发生率，抛售股票的数量和价值都有所增加。机制分析表明，企业违约率、企业风险承担水平和信息披露质量是影响企业违约率的重要渠道。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Climate policy uncertainty and executives' opportunistic stock selling

This study empirically tests how climate policy uncertainty influences opportunistic stock selling by executives, using data from Chinese A-share listed companies between 2007 and 2022. The results indicate that climate policy uncertainty increases the incidences of executives' opportunistic stock-selling behavior, with increases in both the number and value of stocks being sold. The mechanism analysis reveals that important influencing channels include corporate default rates, level of corporate risk-taking, and information disclosure quality.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance