Purpose

The goal of this study is to examine the association between managers' sexually-oriented behavior in publicly traded firms and subsequent stock market reactions. Both sexual harassment and nonharassing sexually-oriented behavior (i.e. workplace romance) are associated with negative shareholder reactions. The authors also examine factors that may alter the stock market reaction and those that may reduce the risk of lawsuit in sexual harassment cases.

Design/methodology/approach

Information about incidents of sexually-oriented behavior was collected from media reports and content coded. An event study with a stock market reaction was used to measure the impact of disclosed sexually-oriented behaviors. Logistic regression was used to assess the relationship between incident characteristics and sexual harassment lawsuits.

Findings

Disclosure of managers' sexually-oriented behavior is associated with a negative stock market reaction. Interestingly, the reaction was not more severe for sexual harassment disclosures compared to nonharassing behavior (i.e. workplace romance). Results also suggest that terminating a manager prior to disclosure of an event is negatively related to a harassment lawsuit.

Originality/value

The authors report this as the first study to focus on the stock market reaction of sexually-oriented harassing and nonharassing behavior of managers. This work complements research that documents the negative impact of sexual harassment on individuals by demonstrating these behaviors are associated with loss and risk at an organizational level.

中文翻译：

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管理者的性取向行为与公司业绩：将媒体报道与股市反应和法律风险联系起来

目的

本研究的目的是检验上市公司经理的性取向行为与随后的股市反应之间的关联。性骚扰和非骚扰性的性行为（即职场恋情）都与股东的负面反应有关。作者还研究了可能改变股市反应的因素以及可能降低性骚扰案件诉讼风险的因素。

设计/方法/方法

有关性取向行为事件的信息是从媒体报道和编码内容中收集的。一项具有股票市场反应的事件研究被用来衡量公开的性取向行为的影响。Logistic回归用于评估事件特征与性骚扰诉讼之间的关系。

发现

披露经理的性取向行为与负面的股市反应有关。有趣的是，与非骚扰行为（即职场恋情）相比，性骚扰披露的反应并没有更严重。结果还表明，在事件披露之前解雇经理与骚扰诉讼呈负相关。

原创性/价值

作者报告称，这是第一项关注经理性骚扰和非骚扰行为对股市反应的研究。这项工作通过证明这些行为与组织层面的损失和风险相关，从而补充了记录性骚扰对个人的负面影响的研究。