Long-Term Institutional Investors and Managerial Disclosure Opportunism

The sample data comes from the China Stock Market and Accounting Research database which is widely used in studies of China’s capital market and listed firms. We start from 41,577 observations for 4,243 A-share firms in Shanghai and Shenzhen Stock Exchanges from 2004 to 2020. The initial sample year 2004 is the time when the insurance companies are allowed to directly engage in equity investment. We exclude 849 observations in the financial industry and 3,038 observations with missing values for key variables. After the above filtering, the final sample consists of 37,960 firm-year observations for 3,773 unique firms. Sample size changes in the channel and cross-sectional analysis due to the missing value of conditional variables.