Enterprise ESG Performance and Executives'Opportunistic Stock Selling:Inhibition or Promotion?
Using relevant data from A-share listed companies in Shanghai and Shenzhen,this study empirically examines the impact of enterprise ESG performance on executives'opportunistic stock selling.The results show that good ESG performance can significantly inhibit opportunistic stock selling by executives.It is manifested in the fact that the amount and frequenay of opportunistic stock selling by executives are fewer,and this conclusion still holds true after a series of endogeneity and robustness tests.The mechanism test shows that ESG performance inhibits executives'opportunistic stock selling mainly by improving corporate information transparency,weakening principle-agent conflicts and reducing stock mispricing.Heterogeneity analysis shows that the inhibitory effect of enterprise ESG performance on executives'opportunistic stock selling is more significant in non-state-owned enterprises,enterprises with lower institutional investor shareholding ratios,and enterprises located in areas with poor legal environments.The expanded analysis finds that ESG performance alleviates the risk of stock price crash by restraining executives'opportunistic stock selling.
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