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LGBTQ-friendly employee policies and corporate innovation

Author

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  • Fatmy, Veda
  • Sihvonen, Jukka
  • Vähämaa, Sami

Abstract

This paper examines the association between LGBTQ-friendly employee policies and corporate innovation. Using data on large U.S. firms, we document that LGBTQ friendliness has a positive influence on innovation intensity and quality. Specifically, our results demonstrate that LGBTQ-friendly firms produce more patents, have more patent citations, and are associated with higher innovation quality as measured by patent originality, generality, and internationality. Furthermore, our empirical findings indicate that LGBTQ friendliness is positively associated with the firm-level concentration of innovative talent. Overall, our results are consistent with the view that diversity management policies may lead to competitive advantages for the firm.

Suggested Citation

  • Fatmy, Veda & Sihvonen, Jukka & Vähämaa, Sami, 2025. "LGBTQ-friendly employee policies and corporate innovation," International Review of Financial Analysis, Elsevier, vol. 105(C).
    • Handle: RePEc:eee:finana:v:105:y:2025:i:c:s1057521925005010
    DOI: 10.1016/j.irfa.2025.104414
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    Keywords

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    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other
    • J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
    • J70 - Labor and Demographic Economics - - Labor Discrimination - - - General
    • J83 - Labor and Demographic Economics - - Labor Standards - - - Workers' Rights
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • M50 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Personnel Economics - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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