作者：Gao, Feng; Lisic, Ling Lei; Zhang, Ivy Xiying
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; George Mason University; University of Minnesota System; University of Minnesota Twin Cities
摘要：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 firm...
