Stock price reactions to GLBT nondiscrimination policies
研究企业针对同性恋、双性恋和跨性别员工的非歧视政策对股票价格的影响，发现政策更进步的企业股价表现更好。
Abstract This study examines workplace issues of gay, lesbian, bisexual, and transgender (GLBT) employees. Specifically, we analyze the effect of firm GLBT nondiscrimination policies on that firm's stock market value. Corporate equality index (CEI) is used as a proxy for how firms manage GLBT issues. Results reveal that changes in firms' standardized CEI scores are positively associated with changes in firms' standardized stock price trend during the following year. Our findings suggest that the stock prices of firms with more progressive GLBT nondiscrimination policies relative to competing firms in the same industry outperform otherwise equivalent firms with lower CEI scores. © 2010 Wiley Periodicals, Inc.