Research on the Impact of Digital Transformation on Executives'Opportunistic Stock Selling
The deep integration of digital technology into physical enterprises will disrupt and reshape the behavioral logic of corporate executives.Starting from the perspective of executives'opportunistic stock selling,this study empirically exam-ines the impact and mechanism of digital transformation on the opportunistic stock selling of senior executives using relevant data from A-share listed companies on the Shanghai and Shenzhen Stock Exchanges.The results indicate that digital trans-formation has a significant positive impact on executives'opportunistic stock sell-ing,which shows that digital transformation improves the amount and frequency of executives'opportunistic stock selling.The mechanism test found that the main path for digital transformation to promote executives'opportunistic stock selling is to aggravate information asymmetry and boost investor sentiment;Further,institu-tional investors,analysts and news media all play a positive role in governance,and the effect of digital transformation exacerbating the opportunistic stock selling of executives will be weakened with the increase of institutional investors'sharehold-ing ratio,analyst attention and media attention.The research conclusions are helpful to comprehensively and objectively understand the economic effects of enterprises'digital transformation and provide useful policy recommendations for effectively preventing the chaos of senior executives'reduction in the era of digital economy,and thus promoting the high-quality development of the capital market.Enterprises should strengthen the construction of internal and external governance mechanisms while promoting digital transformation;The government regulatory authorities should strengthen the supervision of information disclosure related to enterprise digital transformation,reasonably guide investor sentiment and the governance en-thusiasm of external stakeholders;Investors should also continuously improve their financial literacy and avoid irrational behavior of blindly pursuing hot topics.
Digital TransformationOpportunistic Stock SellingInformation A-symmetryInvestor Sentiment
国家科技期刊平台
NSTL
万方数据
