Impact of macroeconomic policy uncertainty on opportunistic insider trading  

作　　者：Chun Cai Ruixue Bao Peng Wang Huiyan Yang 

机构地区：[1]School of Accounting,Southwestern University of Finance and Economics,The Center for China’s Governmental Auditing Research,China

出　　处：《China Journal of Accounting Research》2022年第4期89-109,共21页中国会计学刊（英文版）

摘　　要：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 to2018,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.

关 键 词：Macroeconomic Policy UNCERTAINTY Insider Trading OPPORTUNISM 

分 类 号：F120[经济管理—世界经济] F832.51