Journal of Behavioral and Experimental Finance ( IF 8.222 ) Pub Date : 2021-07-07 , DOI: 10.1016/j.jbef.2021.100543 Jennifer Brodmann , Ashrafee Hossain , Abdullah Al Masum , Meghna Singhvi
We examine the role of Chief Executive Officer (CEO) power in Corporate Sexual Orientation Equality (CSOE), measured by corporate support for employees with alternate sexual orientations (i.e., Lesbian, Gay, Bisexual, Transgender, and Queer – LGBTQ). We find that CEO power is an obstacle to promoting CSOE. Our finding is robust to different model specifications and a battery of endogeneity checks. In the cross-section, we find that the negative association between CEO power and CSOE is more (less) pronounced for firms with weaker (stronger) external monitoring, with a lower (higher) level of transparency, and those located in a more (less) religious county. We also find evidence that the financial market appreciates it when powerful CEOs are less engaged in possibly controversial promotional activities, such as LGBTQ-friendliness.
中文翻译:
首席执行官权力与企业性取向平等
我们研究了首席执行官 (CEO) 权力在企业性取向平等 (CSOE) 中的作用,衡量标准是企业对具有不同性取向(即女同性恋、男同性恋、双性恋、跨性别和酷儿 – LGBTQ)的员工的支持。我们发现 CEO 权力是促进 CSOE 的障碍。我们的发现对不同的模型规格和一系列内生性检查都是稳健的。在横截面中,我们发现,对于外部监控较弱(较强)、透明度较低(较高)的公司以及位于更多(少)宗教县。我们还发现有证据表明,当强大的 CEO 较少参与可能引起争议的促销活动(例如对 LGBTQ 友好)时,金融市场会对此表示赞赏。