This paper examines the association between LGBT-friendly corporate policies and firm performance. Using data on US firms from 2003 to 2016, we document that LGBT friendliness is positively associated with firm performance. Specifically, we find strong evidence that more LGBT-friendly firms have higher profitability and higher stock market valuations. Our results further demonstrate that the positive effect of progressive LGBT policies on firm performance is more pronounced for firms located in more liberal states. Overall, our empirical findings provide support for the view that socially progressive corporate policies and diversity management may create value for the firm.

中文翻译：

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女同性恋和男同性恋的友好会得到回报吗？重新审视 LGBT 政策和公司业绩

本文研究了对 LGBT 友好的公司政策与公司绩效之间的关联。使用 2003 年至 2016 年美国公司的数据，我们证明 LGBT 友好度与公司业绩呈正相关。具体来说，我们发现强有力的证据表明，更多对 LGBT 友好的公司具有更高的盈利能力和更高的股市估值。我们的结果进一步表明，进步的 LGBT 政策对公司绩效的积极影响对于位于更自由国家的公司更为明显。总体而言，我们的实证研究结果支持社会进步的公司政策和多元化管理可能为公司创造价值的观点。