The Review of Corporate Finance Studies Vol. 11 No. 3 2022

Determinants of LGBTQ+ Corporate Policies

Tanja Artiga González¹; Paul Calluzzo²; G Nathan Dong³; Georg D. Granic⁴

¹ School of Business and Economics, VU University Amsterdam , the Netherlands · ² Smith School of Business, Queen’s University , Canada · ³ Carroll School of Management, Boston College , USA · ⁴ Erasmus School of Economics, Erasmus University Rotterdam , the Netherlands

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.

DOI

10.1093/rcfs/cfac014

Volume

11

Issue

3

Pages

644-693

Language

en

Sources

bibtex:phds-export.bib openalex crossref

Cite

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