Determinants of LGBTQ+ Corporate Policies

Tanja Artiga Gonzalez, Paul Calluzzo, G Nathan Dong and Georg Granic

The Review of Corporate Finance Studies, 2022, vol. 11, issue 3, 644-693

Abstract: We study the determinants of firms’ LGBTQ+ policies and their relation to general CSR policies. Common factors explain LGBTQ+ policies related to firms’ primary stakeholders and those aimed at public LGBTQ+ efforts: younger firms, those with more financial resources, more educated workforces, catering to retail customers, and located in liberal areas have more LGBTQ+-friendly policies. LGBTQ+ initiatives encounter less societal agreement than CSR initiatives. Illustrating the distinctiveness of LGBTQ+ issues in the CSR space, we find that firms’ LGBTQ+ friendliness only weakly correlates with overall CSR performance. Lastly, we show that firms’ LGBTQ+ policies respond to pressure from shareholder proposals. (JEL G32, G34, G38)

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:oup:rcorpf:v:11:y:2022:i:3:p:644-693.

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