Corporate sexual equality and firm performance
研究了美国上市公司2002-2006年间对待LGBT员工、消费者和投资者的性平等政策与公司绩效的关系，发现性平等程度高的公司股票回报和市值更高，且劳动力生产率是中介渠道。
Research summary: P revious studies have mixed findings on the relation between corporate socially responsible policies and firm performance. This paper focuses on a specific type of corporate social responsibility—corporate sexual equality, measuring how a firm treats its lesbian, gay, bisexual, and transgender ( LGBT ) employees, consumers, and investors—and examines whether and how it relates to firm performance. Using a longitudinal dataset of public firms in the U . S . during the period of 2002–2006, we demonstrate that firms with a higher degree of corporate sexual equality have higher stock returns and higher market valuation. We also identify one of the mediating channels, the labor market channel, that brings higher productivity to firms that embrace sexual equality . Managerial summary: C orporate sexual equality measures how a company treats its lesbian, gay, bisexual, and transgender ( LGBT ) employees, consumers, and investors. It is an important dimension of corporate social responsibility policies and diversity management. Using a longitudinal dataset of public firms in the U . S . during the period of 2002–2006, we demonstrate that firms with a higher degree of corporate sexual equality have higher stock returns, higher market valuation, and higher labor productivity. Our findings suggest that discriminatory hiring behaviors based on sexual orientation hurt employers and shareholders financially and that implementing corporate sexual equality policies can enhance firms' financial performance, generating competitive advantages in labor markets and mutual benefits between employers and employees . Copyright © 2016 John Wiley & Sons, Ltd.