Sexism, Culture, and Firm Value: Evidence from the Harvey Weinstein Scandal and the #MeToo Movement

IF 4.9 2区 管理学 Q1 BUSINESS, FINANCE Journal of Accounting Research Pub Date : 2024-09-04 DOI:10.1111/1475-679x.12573
KARL V. LINS, LUKAS ROTH, HENRI SERVAES, ANE TAMAYO
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Abstract

During the revelation of the Harvey Weinstein scandal and the reemergence of the #MeToo movement, firms with a nonsexist corporate culture, proxied by having women among the five highest-paid executives, earn excess returns of 1.3% relative to firms without female top executives. These returns are driven by changes in investor preferences toward firms with a nonsexist culture. Institutional ownership increases in firms with a nonsexist culture after the Weinstein/#MeToo events, particularly for investors with larger holdings and investors with a lower ESG focus ex ante. Firms without female top executives improve gender diversity after these events, particularly in more sexist states and in industries with few women executives. Our evidence attests to the value of having a nonsexist corporate culture and indicates that changes in societal norms toward women are permeating into capital markets and corporations.
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性别歧视、文化和公司价值:来自哈维-韦恩斯坦丑闻和 #MeToo 运动的证据
在哈维-温斯坦(Harvey Weinstein)丑闻曝光和 #MeToo 运动再次兴起期间,拥有非性别歧视企业文化的公司(以五位薪酬最高的高管中有女性为代表),相对于没有女性高管的公司,获得了 1.3% 的超额回报。这些回报是由投资者对具有非性别歧视企业文化的偏好变化所驱动的。韦恩斯坦/#MeToo 事件发生后,拥有非性别歧视文化的公司的机构所有权增加,尤其是对于持股规模较大的投资者和事前对环境、社会和公司治理关注度较低的投资者而言。在这些事件发生后,没有女性高管的公司提高了性别多样性,尤其是在性别歧视较严重的国家和女性高管较少的行业。我们的证据证明了拥有非性别歧视企业文化的价值,并表明社会对女性规范的改变正在渗透到资本市场和企业中。
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来源期刊
Journal of Accounting Research
Journal of Accounting Research BUSINESS, FINANCE-
CiteScore
7.80
自引率
6.80%
发文量
53
期刊介绍: The Journal of Accounting Research is a general-interest accounting journal. It publishes original research in all areas of accounting and related fields that utilizes tools from basic disciplines such as economics, statistics, psychology, and sociology. This research typically uses analytical, empirical archival, experimental, and field study methods and addresses economic questions, external and internal, in accounting, auditing, disclosure, financial reporting, taxation, and information as well as related fields such as corporate finance, investments, capital markets, law, contracting, and information economics.
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