{"title":"LGBTQ+董事的知名度如何影响公司价值？环境、社会和治理绩效的中介作用","authors":"Ryan Federo, Ruth V. Aguilera","doi":"10.1002/hrm.22283","DOIUrl":null,"url":null,"abstract":"<div>\n \n <p>Board directors who identify as lesbian, gay, bisexual, transgender, queer, and other identities (LGBTQ+) are now more visible at the corporate apex, as the attainment of diversity, equity, and inclusion at the upper echelons is a goal for many organizations, researchers, and policymakers worldwide. The visibility of LGBTQ+ directors implies the shift toward truly diverse boards that demonstrate commitment to the provision of equal career opportunities and empowerment for all types of individuals. However, we still lack knowledge regarding the relationship between LGBTQ+ board representation and firm outcomes. Drawing on upper echelons and signaling theories, we examine a sample of Fortune 500 companies to identify how LGBTQ+ directors influence their firm values. Our OLS regressions on an unbalanced panel dataset of 441 firms in 2021–2022 reveal that the visibility of LGBTQ+ directors is positively associated with enterprise value, and this relationship is mediated by environmental, social, and governance performance, which can be attributed to corporate social performance. Our research contributes to the literature by showing how the visibility of LGBTQ+ status in the boardroom can matter on firms.</p>\n </div>","PeriodicalId":48310,"journal":{"name":"Human Resource Management","volume":"64 3","pages":"731-752"},"PeriodicalIF":6.0000,"publicationDate":"2025-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"How Does the Visibility of LGBTQ+ Directors Influence Firm Value? The Mediating Role of Environmental, Social, and Governance Performance\",\"authors\":\"Ryan Federo, Ruth V. Aguilera\",\"doi\":\"10.1002/hrm.22283\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div>\\n \\n <p>Board directors who identify as lesbian, gay, bisexual, transgender, queer, and other identities (LGBTQ+) are now more visible at the corporate apex, as the attainment of diversity, equity, and inclusion at the upper echelons is a goal for many organizations, researchers, and policymakers worldwide. The visibility of LGBTQ+ directors implies the shift toward truly diverse boards that demonstrate commitment to the provision of equal career opportunities and empowerment for all types of individuals. However, we still lack knowledge regarding the relationship between LGBTQ+ board representation and firm outcomes. Drawing on upper echelons and signaling theories, we examine a sample of Fortune 500 companies to identify how LGBTQ+ directors influence their firm values. Our OLS regressions on an unbalanced panel dataset of 441 firms in 2021–2022 reveal that the visibility of LGBTQ+ directors is positively associated with enterprise value, and this relationship is mediated by environmental, social, and governance performance, which can be attributed to corporate social performance. Our research contributes to the literature by showing how the visibility of LGBTQ+ status in the boardroom can matter on firms.</p>\\n </div>\",\"PeriodicalId\":48310,\"journal\":{\"name\":\"Human Resource Management\",\"volume\":\"64 3\",\"pages\":\"731-752\"},\"PeriodicalIF\":6.0000,\"publicationDate\":\"2025-01-05\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Human Resource Management\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1002/hrm.22283\",\"RegionNum\":2,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"MANAGEMENT\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Human Resource Management","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1002/hrm.22283","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"MANAGEMENT","Score":null,"Total":0}
How Does the Visibility of LGBTQ+ Directors Influence Firm Value? The Mediating Role of Environmental, Social, and Governance Performance
Board directors who identify as lesbian, gay, bisexual, transgender, queer, and other identities (LGBTQ+) are now more visible at the corporate apex, as the attainment of diversity, equity, and inclusion at the upper echelons is a goal for many organizations, researchers, and policymakers worldwide. The visibility of LGBTQ+ directors implies the shift toward truly diverse boards that demonstrate commitment to the provision of equal career opportunities and empowerment for all types of individuals. However, we still lack knowledge regarding the relationship between LGBTQ+ board representation and firm outcomes. Drawing on upper echelons and signaling theories, we examine a sample of Fortune 500 companies to identify how LGBTQ+ directors influence their firm values. Our OLS regressions on an unbalanced panel dataset of 441 firms in 2021–2022 reveal that the visibility of LGBTQ+ directors is positively associated with enterprise value, and this relationship is mediated by environmental, social, and governance performance, which can be attributed to corporate social performance. Our research contributes to the literature by showing how the visibility of LGBTQ+ status in the boardroom can matter on firms.
期刊介绍：
Covering the broad spectrum of contemporary human resource management, this journal provides academics and practicing managers with the latest concepts, tools, and information for effective problem solving and decision making in this field. Broad in scope, it explores issues of societal, organizational, and individual relevance. Journal articles discuss new theories, new techniques, case studies, models, and research trends of particular significance to practicing HR managers
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
