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Managerial aggressiveness, internal green governance, and asset pricing efficiency

Author

Listed:
  • Liu, Jialin
  • Shi, Xinyi
  • Li, Shujie
  • Yu, Zaishui

Abstract

Based on a sample of China’s A-share listed companies from 2009 to 2023, this study empirically examines the impact of managerial aggressiveness on asset pricing efficiency and its underlying mechanisms. The findings reveal that managerial aggressiveness significantly enhances asset pricing efficiency, a conclusion that remains robust after a series of rigorous tests. Heterogeneity analysis indicates that this positive effect is more pronounced in non-capital-intensive firms and those facing lower climate risks. Tests for moderating effects demonstrate that information disclosure quality positively moderates the relationship between managerial aggressiveness and asset pricing efficiency, suggesting that a superior information environment amplifies the signaling effect of managerial traits. Furthermore, mediation mechanism analysis reveals that managerial aggressiveness indirectly influences asset pricing efficiency through two distinct channels: enhancing internal green governance and strengthening internal control quality. This study provides new empirical evidence on how firms can improve capital market efficiency by optimizing internal governance mechanisms.

Suggested Citation

  • Liu, Jialin & Shi, Xinyi & Li, Shujie & Yu, Zaishui, 2026. "Managerial aggressiveness, internal green governance, and asset pricing efficiency," Finance Research Letters, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:finlet:v:90:y:2026:i:c:s1544612325025905
    DOI: 10.1016/j.frl.2025.109341
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    Keywords

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    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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