Determinants of LGBTQ+ Corporate Policies

Tanja Artiga Gonzalez; Paul Calluzzo; G. Nathan Dong; Georg Granic

doi:10.1093/rcfs/cfac014

Determinants of LGBTQ+ Corporate Policies

Tanja Artiga Gonzalez, Paul Calluzzo^*, G. Nathan Dong, Georg Granic

^*Corresponding author for this work

Applied Economics

Research output: Contribution to journal › Article › Academic › peer-review

3 Citations (Scopus)

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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. (JEL G32, G34, G38) Received February 12, 2021; editorial decision February 1, 2022 by Editor Camelia Kuhnen.

Original language	English
Pages (from-to)	644-693
Number of pages	50
Journal	Review of Corporate Finance Studies
Volume	11
Issue number	3
DOIs	https://doi.org/10.1093/rcfs/cfac014
Publication status	Published - 1 Aug 2022

Bibliographical note

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© 2022 The Author(s). Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved.

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Determinants of LGBTQ+ Corporate Policies

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