Do CSR ethics dominate weak shareholder protection? The case of corporate insider trading in Europe
研究了欧洲十国中企业社会责任对内部交易盈利的约束作用，发现大陆法系国家在股东保护薄弱时，这种约束显著减弱，揭示了伦理治理与法律环境的复杂互动。
Corporate social responsibility (CSR) theoretically builds a positive brand for social and environmental commitment with ethical constraints imposed on corporate insider trading. We use a sample of ten European countries, clustered by French, German and Nordic sub-code law and U.K. common law to show high variability in the ethical influence of CSR components in constraining insider profitability. Moreover, in Continental Europe, the negative association between CSR commitment and insider profits, becomes significantly weaker when there is insufficient legislative protection afforded to minority shareholders. Results are robust to changes in CSR quality, trading around annual accounting reports, and when CSR commitment and insider control factors are adjusted. We reveal a complex intersection between innate predatory corporate trading, nurtured ethical governance and customised country legislative codes that provides a contrast to prior studies enacted under protective shareholder legislation in the U.S.