In recent years,the phenomenon of goodwill bubbles caused by M&A activities has attracted widespread attention from practitioners and academics.From the perspective of insider sales,using A-share listed companies from 2007 to 2021 as the research subjects,this paper examines the impact of excess goodwill on insider sales and its influencing mechanism.The paper finds that excess goodwill exacerbates insider sales.Furthermore,the mechanism test shows that excess goodwill affects insider sales by increasing analysts'optimistic bias and corporate operating risk.The heterogeneity analysis finds that the impact of excess goodwill on exacerbating insider sales is more pronounced in companies with lower information transparency,lower institutional ownership,and more severe insider myopia.In addition,excess goodwill exacerbates full-scale insider sales.Moreover,the probability and amount of accrued goodwill impairment significantly increase after insider sales.This study has important implications for further standardizing and improving the goodwill information disclosure system and protecting the interests of minority shareholders.
万方数据
维普
