Public Concern About Immigration and Customer Complaints Against Minority Financial Advisors

Kelvin K. F. Law () and Luo Zuo ()
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Kelvin K. F. Law: Nanyang Business School, Nanyang Technological University, Singapore 639798
Luo Zuo: SC Johnson College of Business, Cornell University, Ithaca, New York 14853

Management Science, 2022, vol. 68, issue 11, 8464-8482

Abstract: We examine the relation between public concern about immigration and customer complaints against minority financial advisors in the United States. We find that minority advisors are more likely to receive complaints in periods of high public concern about immigration than in other periods, relative to their white colleagues from the same firm, at the same office location, and at the same point in time. This result holds for both complaints with merit and dismissed complaints and is more pronounced in counties where residents likely hold stronger anti-immigration views. We also find that minority advisors are more likely to face regulatory actions or leave their firms after customer allegations in periods of high public concern about immigration than in other periods. Overall, our study provides descriptive evidence of a positive relation between public concern about immigration and customer dissatisfaction with minority advisors.

Keywords: immigration concern; minority advisor; customer complaint (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:68:y:2022:i:11:p:8464-8482

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