Corporate sexual orientation equality and dividend payout
研究发现企业推行LGBT友好政策与更高的股利支付率正相关，支持了股利支付缓解代理成本的观点，对研究企业社会责任与财务决策关系的学者有参考价值。
We examine the effect of a firm’s Lesbian, Gay, Bisexual, and Transgender (LGBT)-friendly policies on its dividend payout and find a significantly positive association. We propose two alternate arguments to explain this association. The disbursement of higher dividends could potentially alleviate the perception of agency costs arising from better treatment of LGBT employees. Alternatively, firms could pay higher dividends (i.e. deplete cash) to increase their bargaining power with labor. Our results support the agency argument. Our findings are robust to alternative models and measures.