The role of social capital on corporate social anti-activism and firm stock price: Evidence from DEI program elimination
研究美国大公司宣布取消DEI计划（社会反行动主义）后，所在地社会资本越高，股票回报越低，且该效应随社会资本增加而增强。
This study empirically investigates the impact of social capital on firm stock price following the adoption of corporate social anti-activism (CSAA). Using CSAA announcements from large, U.S.-based firms and social capital data, we find that firms located in regions with higher levels of social capital experience lower stock returns compared to those in areas with lower social capital. We observe that as social capital rises the effect becomes more pronounced. Our results are robust to alternative and newer measures of social capital. Overall, our study suggests that for firms that adopt CSAA, social capital has implications for financial markets.