Determinants of LGBTQ+ Corporate Policies

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

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review

2 Citations (Scopus)
52 Downloads (Pure)


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 languageEnglish
Pages (from-to)644-693
Number of pages50
JournalReview of Corporate Finance Studies
Issue number3
Publication statusPublished - 1 Aug 2022

Bibliographical note

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


Dive into the research topics of 'Determinants of LGBTQ+ Corporate Policies'. Together they form a unique fingerprint.

Cite this