Labor investment inefficiency and LGBTQ+-friendliness
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We study the effect of firms’ LGBTQ+-friendliness on their labor investment efficiency and find that an improvement in firms’ LGBTQ+-friendliness leads to greater labor investment inefficiencies, and that more LGBTQ+-friendly firms tend to underinvest in labor. However, we show that this relationship diminishes over time as societal and legal support for LGBTQ+ equal rights increases. A variety of firm and societal characteristics moderate the negative link between corporate LGBTQ+-friendliness and labor investment efficiency.
| Original language | English |
|---|---|
| Journal | International Review of Financial Analysis |
| Publication status | Accepted/In press - 14 Jul 2024 |