Corporate Socio-political Activism and Retail Investors: Evidence from the Black Lives Matter Campaign
Allbwn ymchwil: Cyfraniad at gyfnodolyn › Erthygl › adolygiad gan gymheiriaid
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This study investigates retail investor responses to corporate engagement in corporate socio-political activism (CSA). Using manually collected evidence of companies’ support for the Black Lives Matter (BLM) campaign, we find that speaking up in support of BLM attracts retail investor attention. However, it influences their investment decisions only if speaking up is backed up by a monetary donation to BLM-related causes on the same day. This effect is observed for companies that have black directors on their board and companies headquartered in Democrat-leaning states. There is no corresponding increase in firm value. Our results suggest that retail investor preferences for companies that engage in CSA are likely guided by moral sentiment.
Allweddeiriau
| Iaith wreiddiol | Saesneg |
|---|---|
| Rhif yr erthygl | 102417 |
| Cyfnodolyn | Journal of Corporate Finance |
| Cyfrol | 80 |
| Dyddiad ar-lein cynnar | 13 Ebr 2023 |
| Dynodwyr Gwrthrych Digidol (DOIs) | |
| Statws | Cyhoeddwyd - Meh 2023 |
Cyhoeddiadau (1)
- Cyhoeddwyd
Corporate Support for Black Lives Matter: Determinants and Effects on Retail Investors
Allbwn ymchwil: Papur gweithio › Papur Gwaith
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