The opportunistic behavior of corporate executives in the process of reducing their holdings based on information advantage has attracted extensive attention from all walks of life;ESG information,as an important channel for stakeholders to obtain non-financial information,provides more incremental and forward-looking information to the market.In this context,panel data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2022 are selected as samples for empirical analysis to explore the impact of corporate ESG performance on executives'opportunistic reduction of holdings,as well as the moderating effect of investor sentiment and media reports on the relationship between the two.The study finds that corporate ESG performance has a significant contribution to executives'opportunistic reduction of holdings,and both investor sentiment and media reports can strengthen the contribution of corporate ESG performance to executives'opportunistic reduction of holdings.Heterogeneity analysis reveals that corporate ESG performance has a more significant role in promoting executives'opportunistic reduction of holdings in non-state-owned firms,firms in growth and decline periods.
关键词
ESG表现/高管机会主义减持/投资者情绪/媒体报道
Key words
Corporate ESG Performance/executives'opportunistic reduction of holdings/investor sentiment/media coverage
万方数据