The authors investigated investor reactions to the appointment of Black executives. The results indicate that investors respond: (1) more negatively to the announcement of Black CEO appointments than to White CEO appointments, (2) more negatively to the announcement of the Black top management team (TMT) appointments than to White TMT appointments, (3) more negatively to the announcement of Black CEO appointments than to Black TMT appointments, and (4) more negatively to the announcement of Black CEO appointments who are promoted from outside the firm than to the announcement of Black CEO appointments who are promoted from inside the firm. Moreover, the post-hoc analysis revealed that investors react more negatively to the TMT appointment of Black executives than to the TMT appointment of Latino or Asian executives. Our results show the negative association between the appointment of Black executives and investors' reactions, and we hope it sparks future research examining causal factors and their potential solutions.

中文翻译：

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检查投资者对任命黑人高管和首席执行官的反应

作者调查了投资者对任命黑人高管的反应。结果表明，投资者的反应是：（1）对黑人 CEO 任命的宣布比白人 CEO 任命更消极，（2）对黑人高管团队（TMT）任命的宣布比白人 TMT 任命更消极，（ 3) 对宣布黑人 CEO 任命比对黑人 TMT 任命更消极，(4) 对宣布从公司外部提拔的黑人 CEO 任命比宣布从内部提拔的黑人 CEO 任命更消极该公司。此外，事后分析显示，与 TMT 任命拉丁裔或亚洲高管相比，投资者对黑人高管的 TMT 任命反应更消极。