Climate policy uncertainty and executives' opportunistic stock selling

Haibo Sun, Xiaoman Xu and Zhonglu Liu

Finance Research Letters, 2025, vol. 83, issue C

Abstract: This study empirically tests how climate policy uncertainty influences opportunistic stock selling by executives, using data from Chinese A-share listed companies between 2007 and 2022. The results indicate that climate policy uncertainty increases the incidences of executives' opportunistic stock-selling behavior, with increases in both the number and value of stocks being sold. The mechanism analysis reveals that important influencing channels include corporate default rates, level of corporate risk-taking, and information disclosure quality.

Keywords: Climate policy uncertainty; Executive opportunistic stock selling; Default rates; Risk-taking; Information disclosure (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:83:y:2025:i:c:s154461232500964x

DOI: 10.1016/j.frl.2025.107706

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