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Determinants of LGBTQ+ Corporate Policies

Author

Listed:
  • Tanja Artiga González
  • Paul Calluzzo
  • G Nathan Dong
  • Georg D Granic

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)

Suggested Citation

  • Tanja Artiga González & Paul Calluzzo & G Nathan Dong & Georg D Granic, 2022. "Determinants of LGBTQ+ Corporate Policies," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 11(3), pages 644-693.
    • Handle: RePEc:oup:rcorpf:v:11:y:2022:i:3:p:644-693.
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    More about this item

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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