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CORPORATE SEXUAL EQUALITY AND FIRM PERFORMANCE

机译:企业性平等和企业绩效

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Research summary: Previous 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.
机译:研究摘要:先前的研究对企业社会责任政策与企业绩效之间的关系有不同的发现。本文着眼于一种特定类型的企业社会责任,即企业性别平等,衡量企业如何对待其女同性恋,男同性恋,双性恋和变性者(LGBT)的雇员,消费者和投资者,并研究其是否与企业绩效以及如何与企业绩效相关。使用2002年至2006年期间美国上市公司的纵向数据集,我们证明了公司性别平等程度较高的公司具有更高的股票收益率和更高的市场估值。我们还确定了中介渠道之一,即劳动力市场渠道,该渠道为拥抱性平等的公司带来了更高的生产率。

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