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Corporate social anti-activism and firm stock price: Evidence from DEI program elimination

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  • Evans, Robert D.
  • Nochebuena-Evans, Leiza

Abstract

Corporate social activism (CSA) has become a mainstay for U.S.-based firms seeking to curry favor with consumers and investors. Despite studies showing improvements to a wide range of firm metrics as a result of the adoption and implementation of these programs, recent changes in the U.S. social and political environments have moved some firms to adopt a corporate social anti-activist (CSAA) stance, rejecting or eliminating firm participation in such programs. Our study empirically investigates the impact of the adoption of a CSAA stance, through the elimination of participation in DEI programs, on firm stock price. Findings suggest that firm adoption of CSAA leads to short-term improvements in shareholder wealth.

Suggested Citation

  • Evans, Robert D. & Nochebuena-Evans, Leiza, 2025. "Corporate social anti-activism and firm stock price: Evidence from DEI program elimination," Finance Research Letters, Elsevier, vol. 76(C).
    • Handle: RePEc:eee:finlet:v:76:y:2025:i:c:s1544612325002326
    DOI: 10.1016/j.frl.2025.106968
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