{"title":"董事会会议室种族多样性:来自“黑人的命也是命”抗议活动的证据","authors":"Anete Pajuste, Maksims Dzabarovs, Romans Madesovs","doi":"10.1111/corg.12497","DOIUrl":null,"url":null,"abstract":"<div>\n \n \n <section>\n \n <h3> Research Question/Issue</h3>\n \n <p>This paper provides evidence that the Black Lives Matter (BLM) protests that followed the killing of George Floyd on May 25, 2020, brought immediate changes to the US corporate boards.</p>\n </section>\n \n <section>\n \n <h3> Research Findings/Insights</h3>\n \n <p>Using a sample of S&P 500 index companies, we find that companies with higher representation of Black directors are associated with higher stock returns during the mass BLM protests. Within 1 year after the BLM protests, 10.7% of the sample firms hired at least one Black director (compared to having no Black representation on the board before the protests), and 31% of the newly appointed directors were Black. We find that companies typically add new diverse directors by increasing the board size, but there is no evidence of negative value effect or decreasing director quality.</p>\n </section>\n \n <section>\n \n <h3> Theoretical/Academic Implications</h3>\n \n <p>We have observed increased disclosures of racial equity topics in the proxy statements, as well as significant increase of Black director representation in the boards. In the meantime, we do not find any valuation or stock performance effects related to boardroom racial diversity 1 year after the BLM protests.</p>\n </section>\n \n <section>\n \n <h3> Practitioner/Policy Implications</h3>\n \n <p>Mass protests play an important role in shaping corporate governance responses. The finding that racial diversity can be increased at an unprecedented speed without loss in value is consistent with the view that a boost in boardroom diversity is possible under strong multichannel pressure from investors, consumers, employees, and regulators.</p>\n </section>\n </div>","PeriodicalId":48209,"journal":{"name":"Corporate Governance-An International Review","volume":null,"pages":null},"PeriodicalIF":4.6000,"publicationDate":"2022-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Boardroom racial diversity: Evidence from the Black Lives Matter protests\",\"authors\":\"Anete Pajuste, Maksims Dzabarovs, Romans Madesovs\",\"doi\":\"10.1111/corg.12497\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div>\\n \\n \\n <section>\\n \\n <h3> Research Question/Issue</h3>\\n \\n <p>This paper provides evidence that the Black Lives Matter (BLM) protests that followed the killing of George Floyd on May 25, 2020, brought immediate changes to the US corporate boards.</p>\\n </section>\\n \\n <section>\\n \\n <h3> Research Findings/Insights</h3>\\n \\n <p>Using a sample of S&P 500 index companies, we find that companies with higher representation of Black directors are associated with higher stock returns during the mass BLM protests. Within 1 year after the BLM protests, 10.7% of the sample firms hired at least one Black director (compared to having no Black representation on the board before the protests), and 31% of the newly appointed directors were Black. We find that companies typically add new diverse directors by increasing the board size, but there is no evidence of negative value effect or decreasing director quality.</p>\\n </section>\\n \\n <section>\\n \\n <h3> Theoretical/Academic Implications</h3>\\n \\n <p>We have observed increased disclosures of racial equity topics in the proxy statements, as well as significant increase of Black director representation in the boards. In the meantime, we do not find any valuation or stock performance effects related to boardroom racial diversity 1 year after the BLM protests.</p>\\n </section>\\n \\n <section>\\n \\n <h3> Practitioner/Policy Implications</h3>\\n \\n <p>Mass protests play an important role in shaping corporate governance responses. The finding that racial diversity can be increased at an unprecedented speed without loss in value is consistent with the view that a boost in boardroom diversity is possible under strong multichannel pressure from investors, consumers, employees, and regulators.</p>\\n </section>\\n </div>\",\"PeriodicalId\":48209,\"journal\":{\"name\":\"Corporate Governance-An International Review\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":4.6000,\"publicationDate\":\"2022-11-29\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Corporate Governance-An International Review\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/corg.12497\",\"RegionNum\":3,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Corporate Governance-An International Review","FirstCategoryId":"91","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/corg.12497","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
Boardroom racial diversity: Evidence from the Black Lives Matter protests
Research Question/Issue
This paper provides evidence that the Black Lives Matter (BLM) protests that followed the killing of George Floyd on May 25, 2020, brought immediate changes to the US corporate boards.
Research Findings/Insights
Using a sample of S&P 500 index companies, we find that companies with higher representation of Black directors are associated with higher stock returns during the mass BLM protests. Within 1 year after the BLM protests, 10.7% of the sample firms hired at least one Black director (compared to having no Black representation on the board before the protests), and 31% of the newly appointed directors were Black. We find that companies typically add new diverse directors by increasing the board size, but there is no evidence of negative value effect or decreasing director quality.
Theoretical/Academic Implications
We have observed increased disclosures of racial equity topics in the proxy statements, as well as significant increase of Black director representation in the boards. In the meantime, we do not find any valuation or stock performance effects related to boardroom racial diversity 1 year after the BLM protests.
Practitioner/Policy Implications
Mass protests play an important role in shaping corporate governance responses. The finding that racial diversity can be increased at an unprecedented speed without loss in value is consistent with the view that a boost in boardroom diversity is possible under strong multichannel pressure from investors, consumers, employees, and regulators.
期刊介绍:
The mission of Corporate Governance: An International Review is to publish cutting-edge international business research on the phenomena of comparative corporate governance throughout the global economy. Our ultimate goal is a rigorous and relevant global theory of corporate governance. We define corporate governance broadly as the exercise of power over corporate entities so as to increase the value provided to the organization"s various stakeholders, as well as making those stakeholders accountable for acting responsibly with regard to the protection, generation, and distribution of wealth invested in the firm. Because of this broad conceptualization, a wide variety of academic disciplines can contribute to our understanding.