Anmerkungen:
In: Journal of Accounting & Economics (JAE), Vol. 57, Issue 2-3, pp.149-175, 2014
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 2014 erstellt
Beschreibung:
A firm's investment in corporate social responsibility (CSR) builds a positive image of caring for social good and imposes additional costs on executives' informed trading, which is widely perceived self-serving. We thus expect executives of CSR-conscious firms to be more likely to refrain from informed trading. We find that executives of CSR-conscious firms profit significantly less from insider trades and are less likely to trade prior to future news than executives of non-CSR-conscious firms. The negative association between CSR and insider trading profits is more pronounced when executives' personal interests are more aligned with the interests of the firm