caa a22 4500 605484392 CHVBK 20210128100436.0 cr unu---uuuuu 210128e20150901xx s 000 0 eng 10.1007/s10551-014-2113-z doi (NATIONALLICENCE)springer-10.1007/s10551-014-2113-z Corporate Social Responsibility and Insider Trading [Elektronische Daten] [Jinhua Cui, Hoje Jo, Yan Li] This study examines the impact of corporate social responsibility (CSR) activities on insider trading. While opponents of insider trading claim that the buying or selling of a security by insiders who have access to non-public information is illegal, proponents argue that insider trading improves economic efficiency and fairness when corporate insiders buy and sell stock in their own companies. Based on extensive U.S. data of insider trading and CSR engagement, we find that both the number of insider transactions and the volume of insider trading are positively associated with CSR activities.We also find that legal insider transactions are positively related to CSR engagement even after controlling for potential endogeneitybias and various firm characteristics. Furthermore, our evidence suggests that firms perceive adjustment to CSR dimension of product as being efficient, while adjustment to diversity and environmental CSR as being inefficient. Our results of bad and illegal insider trading proxies are consistent with the interpretation that firms with high CSR ratings do not attempt to engage in unethical or bad insider trading in a significant fashion. Combined together, we consider our empirical evidence supportive of the fairness and efficiency explanation, but not the unfairness and inefficiency hypothesis. Springer Science+Business Media Dordrecht, 2014 Corporate social responsibility nationallicence Insider trading nationallicence Insider transactions nationallicence Efficiency improvement nationallicence Cui Jinhua School of Business, Korea University, Seoul, Korea aut Jo Hoje Leavey School of Business, Santa Clara University, 500 El Camino Real, 95053-0388, Santa Clara, CA, USA aut Li Yan World Bank Singapore, Singapore, Singapore aut Journal of Business Ethics Springer Netherlands 130/4(2015-09-01), 869-887 0167-4544 130:4<869 2015 130 10551 https://doi.org/10.1007/s10551-014-2113-z text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s10551-014-2113-z text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Cui Jinhua School of Business, Korea University, Seoul, Korea aut NATIONALLICENCE 700 1- Jo Hoje Leavey School of Business, Santa Clara University, 500 El Camino Real, 95053-0388, Santa Clara, CA, USA aut NATIONALLICENCE 700 1- Li Yan World Bank Singapore, Singapore, Singapore aut NATIONALLICENCE 773 0- Journal of Business Ethics Springer Netherlands 130/4(2015-09-01), 869-887 0167-4544 130:4<869 2015 130 10551