利益相关者导向与内幕交易

IF 2.1 Q2 BUSINESS, FINANCE
Mehmet E. Akbulut, Arsenio Staer, Erdem Ucar
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引用次数: 0

摘要

利用美国各州交错采用的选区法规作为对利益相关者取向的外生冲击,我们研究了其对机会主义内幕交易的影响。我们发现利益相关者导向对内幕交易具有较强的缓解作用。我们发现,在通过利益相关者选区法规的州注册的公司发生机会性内幕收购的可能性较低,特别是在信息高度不对称和监管薄弱的环境中。此外,我们发现利益相关者导向减轻了其他财务不当行为的措施,如证券集体诉讼和财务错报。我们的结果得到了各种稳健性和因果关系检验的支持。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Stakeholder orientation and insider trading

Using the staggered adoption of constituency statutes across US states as an exogenous shock to stakeholder orientation, we examine its impact on opportunistic insider trading. We show a strong mitigating effect of stakeholder orientation on insider trading. We find that firms incorporated in states that passed stakeholder constituency statutes have a lower likelihood of opportunistic insider purchases, particularly in environments characterized by high information asymmetry and weak monitoring. Additionally, we find that stakeholder orientation mitigates other measures of financial misconduct, like securities class action lawsuits and financial misstatements. Our results are supported by a variety of robustness and causality tests.

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来源期刊
FINANCIAL REVIEW
FINANCIAL REVIEW BUSINESS, FINANCE-
CiteScore
3.30
自引率
28.10%
发文量
39
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