{"title":"Corporate social anti-activism and firm stock price: Evidence from DEI program elimination","authors":"Robert D. Evans Jr. , Leiza Nochebuena-Evans","doi":"10.1016/j.frl.2025.106968","DOIUrl":null,"url":null,"abstract":"<div><div>Corporate social activism (CSA) has become a mainstay for U.S.-based firms seeking to curry favor with consumers and investors. Despite studies showing improvements to a wide range of firm metrics as a result of the adoption and implementation of these programs, recent changes in the U.S. social and political environments have moved some firms to adopt a corporate social anti-activist (CSAA) stance, rejecting or eliminating firm participation in such programs. Our study empirically investigates the impact of the adoption of a CSAA stance, through the elimination of participation in DEI programs, on firm stock price. Findings suggest that firm adoption of CSAA leads to short-term improvements in shareholder wealth.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"76 ","pages":"Article 106968"},"PeriodicalIF":7.4000,"publicationDate":"2025-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325002326","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
Corporate social activism (CSA) has become a mainstay for U.S.-based firms seeking to curry favor with consumers and investors. Despite studies showing improvements to a wide range of firm metrics as a result of the adoption and implementation of these programs, recent changes in the U.S. social and political environments have moved some firms to adopt a corporate social anti-activist (CSAA) stance, rejecting or eliminating firm participation in such programs. Our study empirically investigates the impact of the adoption of a CSAA stance, through the elimination of participation in DEI programs, on firm stock price. Findings suggest that firm adoption of CSAA leads to short-term improvements in shareholder wealth.
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