 Chief Executive Officer power and Corporate Sexual Orientation EqualityJennifer Brodmann, Ashrafee Hossain, Abdullah Al Masum () and Meghna Singhvi Journal of Behavioral and Experimental Finance, 2021, vol. 31, issue C Abstract: We examine the role of Chief Executive Officer (CEO) power in Corporate Sexual Orientation Equality (CSOE), measured by corporate support for employees with alternate sexual orientations (i.e., Lesbian, Gay, Bisexual, Transgender, and Queer – LGBTQ). We find that CEO power is an obstacle to promoting CSOE. Our finding is robust to different model specifications and a battery of endogeneity checks. In the cross-section, we find that the negative association between CEO power and CSOE is more (less) pronounced for firms with weaker (stronger) external monitoring, with a lower (higher) level of transparency, and those located in a more (less) religious county. We also find evidence that the financial market appreciates it when powerful CEOs are less engaged in possibly controversial promotional activities, such as LGBTQ-friendliness. Keywords: Corporate Sexual Orientation Equality; CEO power; Corporate governance (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:beexfi:v:31:y:2021:i:c:s2214635021000873 DOI: 10.1016/j.jbef.2021.100543 Access Statistics for this article Journal of Behavioral and Experimental Finance is currently edited by Michael Dowling and Jürgen Huber More articles in Journal of Behavioral and Experimental Finance from Elsevier |
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