The macroeconomic policy environment affects the internal governance of microenterprises, which may provide opportunities for management to benefit from stock sales while decreasing its motivation to manipulate stock transactions. Using a sample of Chinese A-share listed companies from 2007 to...

In this article, we examine the effects of economic policy uncertainty (EPU) on insider trading. Two hypotheses predict that EPU is positively related to insider trading volume and profitability: (1) the private benefits hypothesis, which states that insiders exploit their information advantage...