{"title":"宏观经济政策的不确定性对机会主义内幕交易的影响","authors":"Chun Cai, Ruixue Bao, Peng Wang, Huiyan Yang","doi":"10.1016/j.cjar.2022.100270","DOIUrl":null,"url":null,"abstract":"<div><p>The macroeconomic policy environment affects the internal governance of microenterprises, which may provide opportunities for management to benefit from stock sales while decreasing its motivation to manipulate stock transactions. Using a sample of Chinese A-share listed companies from 2007 to 2018, we study the impact of macroeconomic policy uncertainty on opportunistic insider trading. The results show that macroeconomic policy uncertainty helps restrain the opportunistic trading of shares held by management. When macroeconomic policies are uncertain, enterprises improve their internal governance. Furthermore, strengthening equity governance helps reduce management’s opportunistic use of the uncertainty of the policy environment, highlighting the advantageous effect of macroeconomic policy uncertainty and helping regulators standardize managerial behavior and promote the governance effect of macroeconomic policy.</p></div>","PeriodicalId":45688,"journal":{"name":"China Journal of Accounting Research","volume":null,"pages":null},"PeriodicalIF":1.9000,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1755309122000508/pdfft?md5=f363d1866b0f25907f86f67997770728&pid=1-s2.0-S1755309122000508-main.pdf","citationCount":"3","resultStr":"{\"title\":\"Impact of macroeconomic policy uncertainty on opportunistic insider trading\",\"authors\":\"Chun Cai, Ruixue Bao, Peng Wang, Huiyan Yang\",\"doi\":\"10.1016/j.cjar.2022.100270\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>The macroeconomic policy environment affects the internal governance of microenterprises, which may provide opportunities for management to benefit from stock sales while decreasing its motivation to manipulate stock transactions. Using a sample of Chinese A-share listed companies from 2007 to 2018, we study the impact of macroeconomic policy uncertainty on opportunistic insider trading. The results show that macroeconomic policy uncertainty helps restrain the opportunistic trading of shares held by management. When macroeconomic policies are uncertain, enterprises improve their internal governance. Furthermore, strengthening equity governance helps reduce management’s opportunistic use of the uncertainty of the policy environment, highlighting the advantageous effect of macroeconomic policy uncertainty and helping regulators standardize managerial behavior and promote the governance effect of macroeconomic policy.</p></div>\",\"PeriodicalId\":45688,\"journal\":{\"name\":\"China Journal of Accounting Research\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":1.9000,\"publicationDate\":\"2022-12-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S1755309122000508/pdfft?md5=f363d1866b0f25907f86f67997770728&pid=1-s2.0-S1755309122000508-main.pdf\",\"citationCount\":\"3\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"China Journal of Accounting Research\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1755309122000508\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"China Journal of Accounting Research","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1755309122000508","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Impact of macroeconomic policy uncertainty on opportunistic insider trading
The macroeconomic policy environment affects the internal governance of microenterprises, which may provide opportunities for management to benefit from stock sales while decreasing its motivation to manipulate stock transactions. Using a sample of Chinese A-share listed companies from 2007 to 2018, we study the impact of macroeconomic policy uncertainty on opportunistic insider trading. The results show that macroeconomic policy uncertainty helps restrain the opportunistic trading of shares held by management. When macroeconomic policies are uncertain, enterprises improve their internal governance. Furthermore, strengthening equity governance helps reduce management’s opportunistic use of the uncertainty of the policy environment, highlighting the advantageous effect of macroeconomic policy uncertainty and helping regulators standardize managerial behavior and promote the governance effect of macroeconomic policy.
期刊介绍：
The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to investigate issues about accounting, corporate finance, auditing and corporate governance in the Greater China region, countries related to the Belt and Road Initiative, and other emerging and developed markets. The Journal encourages the applications of economic and sociological theories to analyze and explain accounting issues within the legal and institutional framework, and to explore accounting issues under different capital markets accurately and succinctly. The published research articles of the Journal will enable scholars to extract relevant issues about accounting, corporate finance, auditing and corporate governance related to the capital markets and institutional environment.
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