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.本研究样本数据取自中国股票市场与会计研究数据库（China Stock Market and Accounting Research, CSMAR），该数据库是中国资本市场与上市公司研究领域的常用数据源。初始样本覆盖2004至2020年间沪、深证券交易所的4243家A股上市公司，共计41577个公司-年度观测值。样本起始年份2004年，正是中国允许保险公司直接开展股权投资的政策节点。本研究剔除了金融行业的849个观测值，以及关键变量存在缺失的3038个观测值。经上述筛选后，最终样本共包含3773家不同上市公司的37960个公司-年度观测值。由于条件变量存在缺失，渠道分析与横截面分析中的样本量会发生相应变动。