The relationship between LGBT executives and firms’ value and financial performance
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Outros Autores: | , , , , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10071/23787 |
Resumo: | Drawing on resource-based theory, we analyze the relationship between having LGBT executives in a firm’s leadership positions and its value and financial performance. The existence of LGBT executives is considered to be associated with employee and customer goodwill towards LGBT-friendly policies and practices and to lead to human capital and reputational benefits. Our findings suggest that there is a positive effect of the presence of LBGT executives on a firm’s value, both directly and indirectly, through its effect on the firm’s financial performance. We interpret this as suggesting that besides the direct effect of the existence of LGBT executives on a firm’s value, an indirect effect also exists, mediated through financial performance, presumably through the effect that this has on employee and customer goodwill towards LGBT-friendly policies and practices. As far as we are aware, our study is the first to examine the impacts of the presence of LGBT executives, as well as distinguish between its direct and indirect effects on firm value. |
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The relationship between LGBT executives and firms’ value and financial performanceFinancial performanceLGBTMarket valueResource-based theorySexual orientation and identitySimultaneous equationsDrawing on resource-based theory, we analyze the relationship between having LGBT executives in a firm’s leadership positions and its value and financial performance. The existence of LGBT executives is considered to be associated with employee and customer goodwill towards LGBT-friendly policies and practices and to lead to human capital and reputational benefits. Our findings suggest that there is a positive effect of the presence of LBGT executives on a firm’s value, both directly and indirectly, through its effect on the firm’s financial performance. We interpret this as suggesting that besides the direct effect of the existence of LGBT executives on a firm’s value, an indirect effect also exists, mediated through financial performance, presumably through the effect that this has on employee and customer goodwill towards LGBT-friendly policies and practices. As far as we are aware, our study is the first to examine the impacts of the presence of LGBT executives, as well as distinguish between its direct and indirect effects on firm value.MDPI2021-12-17T10:03:56Z2021-01-01T00:00:00Z20212021-12-17T10:02:58Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10071/23787eng1911-806610.3390/jrfm14120596Lourenço, I.Di Marco, D.Branco, M.Lopes, A. I.Sarquis, R.Soliman, M. T.info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-25T17:46:49ZPortal AgregadorONG |
dc.title.none.fl_str_mv |
The relationship between LGBT executives and firms’ value and financial performance |
title |
The relationship between LGBT executives and firms’ value and financial performance |
spellingShingle |
The relationship between LGBT executives and firms’ value and financial performance Lourenço, I. Financial performance LGBT Market value Resource-based theory Sexual orientation and identity Simultaneous equations |
title_short |
The relationship between LGBT executives and firms’ value and financial performance |
title_full |
The relationship between LGBT executives and firms’ value and financial performance |
title_fullStr |
The relationship between LGBT executives and firms’ value and financial performance |
title_full_unstemmed |
The relationship between LGBT executives and firms’ value and financial performance |
title_sort |
The relationship between LGBT executives and firms’ value and financial performance |
author |
Lourenço, I. |
author_facet |
Lourenço, I. Di Marco, D. Branco, M. Lopes, A. I. Sarquis, R. Soliman, M. T. |
author_role |
author |
author2 |
Di Marco, D. Branco, M. Lopes, A. I. Sarquis, R. Soliman, M. T. |
author2_role |
author author author author author |
dc.contributor.author.fl_str_mv |
Lourenço, I. Di Marco, D. Branco, M. Lopes, A. I. Sarquis, R. Soliman, M. T. |
dc.subject.por.fl_str_mv |
Financial performance LGBT Market value Resource-based theory Sexual orientation and identity Simultaneous equations |
topic |
Financial performance LGBT Market value Resource-based theory Sexual orientation and identity Simultaneous equations |
description |
Drawing on resource-based theory, we analyze the relationship between having LGBT executives in a firm’s leadership positions and its value and financial performance. The existence of LGBT executives is considered to be associated with employee and customer goodwill towards LGBT-friendly policies and practices and to lead to human capital and reputational benefits. Our findings suggest that there is a positive effect of the presence of LBGT executives on a firm’s value, both directly and indirectly, through its effect on the firm’s financial performance. We interpret this as suggesting that besides the direct effect of the existence of LGBT executives on a firm’s value, an indirect effect also exists, mediated through financial performance, presumably through the effect that this has on employee and customer goodwill towards LGBT-friendly policies and practices. As far as we are aware, our study is the first to examine the impacts of the presence of LGBT executives, as well as distinguish between its direct and indirect effects on firm value. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-12-17T10:03:56Z 2021-01-01T00:00:00Z 2021 2021-12-17T10:02:58Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10071/23787 |
url |
http://hdl.handle.net/10071/23787 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
1911-8066 10.3390/jrfm14120596 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
MDPI |
publisher.none.fl_str_mv |
MDPI |
dc.source.none.fl_str_mv |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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